Values don’t
change
Liz Taylor, MD at Taylor Lynn Corporation, looks back
at how the industry has changed over the last 25 years
he only real certainty in
business is uncertainty. I
am a glass half full person
and for me, uncertainty is
opportunity. Despite the challenges,
the event sector, and agencies
within it, have evolved into
exceptional companies within a
multi-billion-pound global industry. I
admit to a slightly nostalgic moment
here. My company celebrates its
25th anniversary this year and over
that time, the rollercoaster of
change has transformed my
business world.
A chance meeting at
Manchester’s Midland Hotel, brazen
ambition and a creative spirit led to
me setting up my first event
business. When I began my journey,
my company was fairly exclusive in
the North of England, with most
fledgling event companies based in
London. This had its pros and cons.
Convincing a company to
recognise what I could bring to their
business was a big challenge: I was
not just a party planner. I realised
that the key to securing business
was becoming a preferred supplier
at every venue possible, so I
networked until my feet hurt. During
that time, I surrounded myself with
loyal suppliers, delivering a
first-class service and unique
product. I decided from the start
never to compromise my product by
being cheap, to dig in my heels yet
remain fair and honourable.
While agency numbers have
exploded across the country, from
large-scale convention producers to
SMEs, what has been consistent is
the need for flexibility. An agency
model needs to reflect the demands
of the market and have enough
scope to develop quickly.
During the bank crisis of the 90s,
the market changed almost
overnight. We shifted much of our
work into the private sector where
budgets were still strong. We had to
develop our corporate offering into
creating innovative, smaller, and
more cost-effective solutions.
Sticking with our clients though until
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the market, and budgets
Column
rose once again. Agencies
that wouldn’t evolve, were too
slow to change, or couldn’t tap into other markets
are no longer with us.
Economy, recessions, the rise of social media:
all have made a significant impact on the way
agencies plan events and operate their
businesses. One of the biggest changes has
been the growth of in-house event planners. This
is two-fold: firstly, venue ‘booking takers’ have
transformed into great event planners, offering a
more comprehensive service to clients. For me,
they are an ally. We work with them to offer a
more detailed event production service without
minimising their role in making the event a
success.
Secondly, many corporate companies have
expanded marketing teams to include event
planners. Twenty-five years ago, my main contact
for a business event was the boss’s PA. While
these unsung heroes of business are still hugely
important, many businesses employ an in-house
planner. They often view the agency as a threat to
their role and so the relationship can be tricky.
For me, the challenge 25 years ago was to
convince companies why they need my services,
where I can add value and be an asset to the
event success. This hasn’t changed. We now
work closely to help in-house planners see where
our expertise, contacts and ideas can work
alongside theirs. We are better as bedfellows.
My motto is that it’s important to stick to what
your agency does best. For TLC, I still stand by
value and quality, not price as core values. The
future is uncertain though; especially if you don’t
have the confidence and flexibility to ride the
impending storm and make the most of
opportunities.
Brexit will certainly bring new challenges
working overseas, supplier issues, the value of
currency and more. Corporate markets may
struggle once again, and the high-net worth
individuals in the private sector talk of Brexit
relocation. But there is optimism too: our industry
is more dynamic and exciting than ever.
Technology helps me push back the boundaries
of what is possible. Young, inspiring talent
bringing fresh ideas into
the mix. The growth of
competitors helping us
all to raise the bar. So,
while the future is once
again both certain and
uncertain, it is also
brilliantly, fantastically
bright. Sunglasses may
be needed.