The Biggest Shift in the Events Management Industry the Philippines Should WatchTuesday, February 07, 2017
Rohit Talwar, CEO of United Kingdom–based Fast Future Research in an interview conducted by BizBash said, “We have to stop thinking of our events as one-offs and start to see them as platforms for year-round engagement—the focal point of an ongoing experience. For event owners, we have to look at ways of monetizing the event beyond physical attendance—packaging and reselling event audio, video, and presentation content to those who were unable to attend. The standard event business model of one-price-fits-all will need to evolve, with options such as premium pricing and per-session pricing coming in.”
This powerful shift is something that will not only redound in Europe and North America but also in Asia.
As more and more changes and disruptions are taking place there is a need for the event management industry to go in this direction. For two reasons, add more value to the public and maximize the profit (On the Future Now: Making Sense of Our Always On, Always Connected World).
We now enter the Age of Attention Economy, where the content has grown increasingly abundant and immediately available, attention becomes the limiting factor in the consumption of information.
In this Attention Economy, the event management industry must be able to fight and prove that it is worthy of the limited attention of the consumers. In conferences, it must provide a worthwhile content because information is now accessible everywhere. Therefore, conferences and event owners must work hard to create content that is a must experience to its target audience.
After the creation, it must implement and extend the value and mileage it can get out of it. While trying to accomplish this, it must keep in mind the satisfaction of the public.
The biggest shift in the event management industry is a hard pill to swallow, but we have no choice but to take it. It is something new to us. It is something that does not guarantee an immediate positive results, it may even spell a major disaster for us.
I remember a scene in the Matrix the Movie where Neo was having a difficult moment in his decision-making, whether to take the blue pill or red pill offered by Morpheus. In Morpheus words, “ This is your last chance. After this, there is no turning back. You take the blue pill – the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.”
We know what happened to Neo, I am not saying the same fate awaits us. But by all means we must take the red pill and use our adaptive abilities to control and manage the change and shifts that are taking place.