Pre 2008, the UK conference and event market was unquestionably booming. However, with the black cloud of recession came huge uncertainty.  What was dubbed the ‘credit crunch’ also brought more negotiation on rates; reduced spend on catering; organisers opting for room-only rather than day delegate packages; and increased use of in-house facilities.

However, it would seem there is a split in opinion about the direction the industry is taking and the important issues that need to be tackled, and it’s not all doom and gloom. In fact, business tourism accounted for almost a quarter of total inbound tourism in Britain in 2010 (Visit Britain, 2011).

Going green

Sustainable Balance is a consultancy specialising in supporting those in the events industry to integrate sustainability into their business practices. Amy Hutchins, Co-founder & Partner of Sustainable Balance, gave us her views on the challenges the industry faces in 2012:

"One of the key challenges for the events industry in 2012 is building in sustainability.  Despite the economic downturn, sustainability has remained on the business agenda and no doubt will increase in importance.

“So what has sustainability got to do with technology I hear you ask? Quite a lot in fact – as using technology can make you more efficient and cost-effective as a business. Whether this is using technology that manages your logistics to minimise the number of journeys and the need to move equipment around to new applications that allow a paperless conference to be held... The possibilities are there for the taking now and need to be exploited. Technology and greening events can go hand in hand to meet some of the key challenges of the event industry.”

The above response highlights a focus on environmentally-friendly business practice despite economic restraints imposed by the recent recession. Whilst purse-strings may need to be tightened, abandoning your business ethics and long-term objectives will not support future success, and will make it difficult to differentiate your company in an increasingly competitive market. In addition, new standards brought in by the British Standards Institution in 2007 provide a framework to which events must adhere to in order to manage the overall environmental, social and economic impact of any given event. Companies need to look at the bigger picture, investing in technology that helps support a robust and reliable business plan.

Survival of the fittest

However, with the financial crisis came a new focus. Whilst sustainability still sits high on the agenda, perhaps understandably, survival is now the number one focus for a lot of companies.

Saville Audio Visual is the UK’s largest supplier of audio, visual, multimedia and videoconferencing technology, with a broad client base across the events industry. Chris Lawson, Conference & Event Manager for Saville Audio Visual had the following to say about the industry:

“I think everyone accepts the landscape has changed for the perceivable future. In the corporate financial services sector in particular, many are too scared to commit what little budget they have to an event until the very last minute. Lead times therefore have been drastically cut which obviously can affect the integrity of events and push up costs, not only to the client, but to us as suppliers, meaning margins are squeezed and blood pressures raised.

“To survive you must adapt and be as fluid to new ideas and ways of working. Smarter not harder! Strive for efficiency in all your processes from booking to logistics.”

With adaptation and process efficiency comes investment. However, too many view it as expenditure, as opposed to investment. Short-sighted savings will not make money in the long-term but rather damage your brand image and company reputation.

Events companies must leverage opportunities, which are set to bring in considerable economic benefits for the UK, such as London 2012, and the Glasgow Commonwealth Games. To do so you must stand apart from your competitors. This is where your website can help you - make sure people are finding your company online for keyphrases that are descriptive of your company’s offerings, though efficient SEM (search engine marketing) and differentiation. Additionally, making sure you provide engaging landing pages will encourage customers to take further action.

Monday’s blog will continue on this theme, looking at the remaining challenges of technology, changing consumer behaviour, and the employment market, and providing our recommendations on how to turn these into opportunities.

Have your say here or follow the discussion on LinkedIn…  

...Read Part 2 of the research here.







References:
Visit Britain (2011), Inbound Tourism Facts - Updated July 2011, Available at: http://www.visitbritain.org/insightsandstatistics/inboundtourismfacts/index.asp

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