imex america - las vegas october 9 th – 11 th 2012 rohit talwar ceo - fast future research ...
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Imex America - Las Vegas
October 9th – 11th 2012
Rohit Talwar CEO - Fast Future Research
www.fastfuture.com [email protected] Twitter @fastfuture
The Power of 10 Study• Commemorate 10th anniversary of IMEX in Frankfurt
• Explore the future of the global industry over the next decade
• Identify key developments over the last ten years
• Interviews with over 100 industry leaders and future thinkers
• Desk research
• Student essay competition
• Global survey - 765 respondents, 68 countries, six continents
• Sponsors - the Imex Group, Fast Future Research, the German Convention Bureau (GCB), Messe Frankfurt, CPO Hanser and the Frankfurt Tourist Office.
Which region are you based in?
Africa
Asia
Australasia
Europe
Middle East
North America
South America
0% 10% 20% 30% 40% 50% 60%
3%
10%
5%
51%
2%
27%
3%
What's your country of residence?
USA UK Germany Australia India0%
5%
10%
15%
20%
25%22%
12%
9%
5% 5%
What key developments have had the greatest impact in shaping the meetings industry globally
over the last decade?
Global Financial Crisis (GFC) and economic uncertainty 2007-
12
The internet – changing buyer-supplier relationships
Rising delegate expectations – use of time, quality,
content, ROI
The internet – transforming pre- and post-event
engagement
65%
51% 51%
52%
The World in 2022
What external trends and developments could have the greatest impact on the sector globally over the next decade?
Shorter / faster business cycles
Improved quality and cost of technology alternatives to live
meetings
Global economic uncertainty / instability
Growing Asian political / economic influence
49%71%
47% 46%
‘Future Proofed’ Organisations Work on 3 Horizons in Parallel
4-10+ Years
Creating the Future
1-3 Years
Drive for Growth
1-12 Months
Operational Excellence
To reduce vulnerability to economic cycles, the industry must demonstrate tangible return on investment for event owners, delegates, sponsors, exhibitors and other key stakeholders
91%670 respondents Strongly
AgreeAgree Slightly
AgreeSlightly Disagree
Disagree Strongly Disagree
0%
10%
20%
30%
40%
50%
60%
The biggest challenge for the business events sector over the next decade is proving it is a vital contributor to economic development
and the knowledge economy and not just a branch of tourism
533 respondents
78%Strongly
AgreeAgree Slightly
AgreeSlightly Disagree
Disagree Strongly Disagree
0%5%
10%15%20%25%30%35%40%45%
Event Revenues – What key revenue generation tactics will be used by associations and commercial event owners?
Learning from sectors like sport on
attracting sponsors and exhibitors
The event as a year round revenue
generation platform
Premium pricing options within an even
45% 45%
44%
Cost Control – What key tactics will event owners adopt to reduce financial risks?
Closing unprofitable meetings
Running shorter events
Co-location of events to share cost
64%
Risk and reward sharing
49%
48% 35%
76% ROI
59% Personalisation
51% Interactive Learning
Future Delegate
Expectations
Desired Future
Innovations
Design of the Learning
Experience
59% Build Delegate Insight
55% Deepen Dialogue
52% Tailored Speeches
Event Design
Priorities
48% Pre/Post-Engagement
48% 15-20 Min ‘TED’ Talks
41% Delegate Led Content
The Future Event Experience – Key Priorities of Survey Respondents
61% Cost Reduction
54% Quality & Novelty
43% Shorter Lead Times
Corporate Events – What will the key drivers be in the design of corporate events over the next decade?
56%Experimentation with new formats to
accelerate learning, creativity and change
55%
Use of events to build brand identity and develop ‘sticky’
customer and partner relationships
47%
Multiple goals e.g. motivation, education, external relationship
building and PR
Association Events – What will the key drivers be in the design of association events over the next decade?
Event as a platform to bring new ideas to
members
Merger of events
51%
49%Experimentation with new pricing
models
43%Personalisation of the delegate experience
50%
Knowledge Management – What key tactics will be adopted to maximise the value of knowledge exchange through events?
Knowledge portals to capture generated content
Detailed briefing of speakers
Use of events to create new knowledge networks
Use of events to connect online and offline knowledge communities
55% 49%
48%48%
Technology - Which technology developments do you expect to have the biggest impact on live events over the next
decade?
Mobile apps to connect, interact and share
knowledge
Free Wi-Fi Streaming video to remote audiences
65%
71%
56%
Social Media – What are the key ways you expect social media to be used in business events over the next decade?
Pre-event targeting, marketing, communication
Provide instant delegate feedback on sessions
Use of social review sites to raise the event profile and attract
delegates
Encourage community engagement before, during and after the event
63% 60%
55%55%
In a decade, the most important roles for live events will be the event designer, learning architect and digital strategist
404 respondents
57%Strongly
AgreeAgree Slightly
AgreeSlightly Disagree
Disagree Strongly Disagree
0%5%
10%15%20%25%30%35%40%45%
Venues – What are the critical development priorities for meeting venues over the next decade?
Stay up to date with new and emerging technologies
Develop flexible service offerings
Increase the flexibility of meeting spaces
Identify new markets e.g.
emerging industry sectors, professions
and associations
55%55%
52%
42%
Hotels – Over the next decade, what are the critical priorities for hotels serving the meetings sector?
Increasing the flexibility of meeting spaces and
public areas
Ensuring block room booking prices are
competitive
Offer competitive technology solutions
Developing new business models
61%51%
49%
46%
CVBs – What are the key priorities for convention bureaus over the next decade?
Adopt a multi-channel approach to promoting
the destination
Increase the quality and range of support offered
to event owners and meeting planners
Create tools and services to assist delegates when visiting the destination
55% 52% 52%
Event Agencies – Over the next decade, what are the key priorities for the agencies involved in different aspects of event delivery?
Provide strong proof of return on investment
Launch innovative new products and services
Aligning with the client’s longer term strategy
57% 52%
49%Develop and retain top talent
51%
What are the key priorities for those providing professional support to the industry over the next decade?
Introduce challenging ideas and approaches
Help the industry enhance its entire ‘value
chain’
Help the industry find strategic solutions
61% 52%
48%Help professionalize
capability and practice
46%
Industry Development – What do you see as the key priorities for the development of the live business events industry as a
whole over the next decade?
Increase the level and quality of strategic thinking and long term
planning
Positioning the industry as an engine of economic development
Professionalizing the industry
54% 53%
48%Proving the long term and broader
economic impact of meetings
52%
Associations – What are the critical priorities for meetings industry associations at a national, regional and global level?
Position the industry as a key enabler of the knowledge
economy
Drive up levels of quality and professionalism across the
industry
Scan future trends and developments
Evolve from ‘platforms for information’ to ‘platforms for
interaction’
57% 52%
47% 44%
The most successful meetings industry associations over the next decade will be those that are highly effective in driving member
adoption of long term thinking, encouraging innovation and introducing new business models
79%402 respondents Strongly
AgreeAgree Slightly
AgreeSlightly Disagree
Disagree Strongly Disagree
0%5%
10%15%20%25%30%35%40%45%50%
Meetings Industry Scenarios
Management Focus
Pockets of Hope
Opportunity Fulfilled
TreadmillComfort in
Chaos
Slow and
Incremental
Change Appetite
Long Term Strategic Development
Rapid and
Transformational
Short Term Operational Delivery
1. Evolving a Distinctive Industry Persona
2. Establishing Universal Economic Impact Models
3. Proving Relevance and Value
4. Thinking and Acting Strategically
5. Nurturing Agility and Flexibility
6. Personalizing and Deepening the Learning Experience
7. Experimenting with Business Models and Revenue Streams
8. Adopting Value Chain Thinking
9. Acquiring, Retaining and Developing Talent and Embracing Diversity
10. Developing Tomorrow’s Leaders and Managers