To elaborate on the changes in the MICE industry post pandemic, industry experts at the recently concluded ET MICE & Wedding Tourism Summit & Awards deliberated on ways to work together closely with each other and apply experiential learning models.
Such models revolve around turning the existing marketing and promotional strategies into a robust, sustainable business model that can deliver the expected and desired results. During the inaugural panel discussion of the first ET MICE & Wedding Tourism Summit & Awards, industry experts discussed the changing scenarios and trends in the MICE industry and how it is becoming more experiential while planning and executing trips from the buyer and supplier side. The speakers also spoke about their expectations from travel service providers.
The panel moderated by Nitin Sachdeva, Member, International Board of Directors, SITE Global also stressed upon the procurement and budgeting issues and challenges faced by corporates and travel service providers while finalising a deal.
Sharing his views, Dr Sanjay Pai, Vice President & Head – Corporate Travel & Facility Mgt Director Aviation, L&T said that the MICE industry has changed a lot in last 20 years. “With advent of innovation, the industry has brought in a lot of new elements, which is connecting communities more effectively. It is a joint effort of the supply and demand side to make MICE travel successful. The corporate managers play a key role from the supply side because if they fail, we fail. The prime focus is on the needs of senior leadership, who are travelling and expecting something from the TMC, because they are supposed to deliver as subject matter specialists,” he said.
Shift in dynamics
Gaurav Nagwekar, Group Travel Head, Reliance Industries explained about shifting dynamics of choosing a destination for MICE. “There has been a shift in priority from choosing an unconventional destination rather than an orthodox destination. There has been a complete paradigm shift in how we choose a destination for MICE. Today, both agencies and corporates are now jointly working to figure out innovative ideas and scout best suited destination. Whether it’s culture, food, its uniqueness, and very importantly, what brand value the destination will get,” he said.
Sharing their expert perspective on each of the element of MICE industry, veteran leaders – Roshan Abbas, Ricky Bindra and Sabbas Josesh shared an in-dept sectoral overview covering events, corporate travel, and wedding industry with their keynote address at the recently concluded ET MICE & Wedding Tourism Summit & Awards in New Delhi.
He also talked about aspects which impact decision-making for corporates. “Personalisaiton is very important. I think, events today are getting more and more personalised. Again, the agencies and corporates are jointly working to try and understand the pulse of the individual in terms of what personalisation does the individual needs. Again, as a consequence, the question comes back at what brand value will it produce? After Covid, organisations have started investing on insurance as they want to be doubly sure, and their agency and partners provide them with actual transparency in terms of cost and knowledge,” he mentioned. Nagwekar also pointed focus on sustainability, which is increasingly becoming a very talked about subject. “It’s a big-ticket item today as anywhere and everywhere people are talking about it. Corporate organizations are supporting the cause and adapting to eco-friendly activities while ensuring that use of local resources while planning any event. It also gives a sense of pride to the organisation,” he added.
Focus on wellness
According to Vasudha Sondhi, Managing Director, Outbound Marketing, MICE industry in the post Covid-era has indeed changed but somethings remain pretty much the same pertaining to business. She added that demand for more interactive activities has gone up for MICE post pandemic as more sustainable practices are shaping up.
Realising the focus on wellness for corporates, Sondhi explained that it has become a very important part of MICE for them post Covid. “It’s not just yoga and meditation but spa treatments and other wellness activities that have been in demand. Multination companies have now integrated wellness incentive into their spends for corporate wellness. They have a certain fixed amount which they can spend for wellness. They do spend the amount three to four times a year in India and also internationally for wellness,” she said.
While, Viekas K Khokha, CHRO, Dhanuka Agritech mentioned that team building exercises are one of the prime reasons for corporates while taking a call on MICE trips. “We have strong expectations from the suppliers to organise team building exercises on tour and build a team culture. Budgets are always flexible to that extent that a trip can provide better experience. When I am spending X amount of money, I am spending that into my people and we expect better experience for our workforce,” he mentioned.
Industry experts gathered at the 1st edition of ET MICE & Wedding Tourism Summit & Awards to discuss the potential of India’s events and MICE industry. The panel, comprising experts from different fields, stressed the need for effective marketing, a positive perception of India as a MICE destination and comprehensive policies. Collaboration, technology, and government support were identified as key factors for growth.
