The Value of Business Events

The value of business events is key to understand. Meetings & Incentive Travel Magazine web site (28th June 2019) reports of that “the UK’s first-ever tourism sector deal is set to deliver a new government strategy to grow the number of business events and conferences in the UK.   The deal includes an International Business Events Action Plan that outlines the government’s aims for the sector.”

The report also says that ‘other commitments’ in the Tourism Sector Deal include:

• More than 130,000 new hotel rooms are set to be built across the UK, with 75 per cent being built outside of London.

• £250,000 to improve broadband connectivity in conference centres across the UK for business visitors.

• Pilot of up to five new Tourism Zones to drive visitor numbers across the country.  Zones will receive Government support for growing their local visitor economy, through initiatives like targeted support for product and promotion development, mentoring support to businesses and digital skills training.

• 10,000 employees in the sector to benefit from new mentorship schemes.

• A new government strategy to grow the number of business events and conferences, helping to drive off-season visitors.

Developed in partnership with the British Tourist Authority and Industry, the sector deal forms part of the UK Government’s Modern Industrial Strategy supporting the continued growth of the tourism sector, ensuring the UK remains globally competitive as a top tourist destination.”

The meeting of minds

This is good news in terms of the UK economy and employment opportunities. It is also a sign of the continued international recognition of the value of business events. Meetings, conferences and incentive travel are all growing in popularity.  Business leaders see the effectiveness of live events in harnessing knowledge and sharing experiences, to encourage commitment and loyalty.  Employees, channel partners, investors and suppliers all have a vested interest in successful partnerships.  There is no substitute for personal interaction when you want to motivate and engage people, and increase understanding through dialogue.

Preparing and planning

Preparation and planning for important business meetings and other events is critical to their success.  Our corporate clients invest in live events with specific outcomes in mind.  Delivering those results depends on agreeing some basic principles right from the start of the process.  They include:

  • Set clear and realistic financial and practicable objectives for the event
  • Make sure that key stakeholders have been consulted about the agenda
  • Reflect and acknowledge the perceptions of the target audience
  • Communicate the purpose of the event during the lead-in time
  • Create and openly share the agenda for the meeting
  • Provide accessible channels for questions before and feedback after the event
  • Work with a dedicated team (possibly an agency) to ensure all details are covered
  • Use Event ROI methodology to assess the impact of the event.

Create purpose

Explain the purpose and rationale for the event. Involve all appropriate departments in the company. This will avoid the spread of speculation and negative comments. False perceptions affect inter-departmental co-operation and trust and are often the cause of invisible barriers to optimum efficiency. Meetings and other business events are sometimes seen as “jollies” by co-workers and jealousy can be a destructive sentiment.

Share successful outcomes across the organisation. Promote a positive impression of what was achieved to maintain mutual respect and support.

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