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embrace a digital mindset , but there ’ s immense pushback across the industry .
“ The events industry has lamented the scourge of technology as an evil force that will supplant face-to-face events for more than two decades . In some ways , especially following Covid-19 , technology will replace some in-person engagement , but the biggest opportunities for industry growth and client engagement are based in a digital future - just like in every other sector .”
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“ The insurance market is broken ” Another key change which the Protocol predicts for the industry going forwards is the sharing of risk between all parties involved in events . Minimising risk is crucial when unpredictable factors in the world at large could prevent an event from running at the eleventh hour .
The Protocol suggests risk should be spread across all sectors , including buyers , suppliers and vendors . Organisers and insurers should work together to redefine the language of contracts to include concepts such as attrition and minimums , and to create flexible contract models based on external factors .
“ The event insurance market is broken ,” says the Protocol . “ Our industry needs to collaborate to find creative ways to fix it , to help us spread the risk appropriately . We need to engage with the carriers and / or consider creative solutions like self insurance .
“ Transparent and flexible negotiations will help deliver realistic solutions for all parties . It is time to get real about the flow of money in our industry . Are the right parties paying for the right things in a sustainable way ? How much more can we expect exhibitors / sponsors to pay to offset event costs or registration ? How transparent , really , is the commission model across our industry — is it sustainable ?”
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Innovative business models One of the final key points which the Kaohsiung Protocol examines is that of new business models for the meetings industry . Will the association model survive without innovation in governance , relevance , delivery , access and outcomes ? Will current destination and venue / supplier models survive in a more digitally enabled , sustainabilityfocused event industry ?
Tiered subscriptions and pay-to-play business models are among those suggested as ways forward , as is improving e-commerce capabilities in order to sell content and products . Leveraging digital tools to expand networks will be crucial in the coming years , and provides an untapped pool of potential members and attendees .
Value can be customised for different audience segments , with content and education delivered for a variety of partners . Dynamic pricing and personalised programming will each play a role . Aligning event development with community and economic development will also be key to earning public sector and / or community support .
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Above : Minimising and sharing risk is crucial , the Protocol states |
The path forward There are plenty of new tools and trends that will be important for business in the coming years , but ICCA says there are three overarching themes which will encapsulate all of them . Advocacy , collaboration and innovation will be needed to revive the industry .
On the topic of advocacy , the Protocol says : “ While we have perfected our direct and indirect impact , we have not been able to develop standards of measuring the true legacy of business events worldwide . We must take this opportunity to develop those standards of measurement that all destinations can use , thereby enabling us to speak with one voice around the globe .”
And all of these new business models and delivery methods could give the meetings industry a chance to rebuild back , better : “ What would we fix or do differently ? How are we really going to innovate to address the emerging themes coming out of Covid-19 and our collective ‘ pause ’? Will we , should we , just ‘ snap back ’ to business as usual or can it be ‘ better business events ’ as our impact , legacy and value to all stakeholders ?”
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