Lessons learnt from 2020 to survive 2021 and beyond.
We caught up with seven inspiring women at the PCMA Convening Leaders 2021 conference held at Marina Bay Sands, Singapore, to find out what it takes to for businesses in the events ecosystem to last and drive forward in a post-COVID era.
With no sign travel restrictions lifting in 2021, Khoo Cheng Hoon, Managing Director at Meeting Matters International stresses the importance of re-examining business event strategies. “In the past, events have a predictable pattern. Now, it must be monitored closely. It is no longer a time where a structured, straight jacket formula can be applied year after year.”
Khoo also emphasises the need to be profitable, especially during these tough times. “People are getting spoiled with all the free virtual learning online. The demand for greater and more immersive experiences has exploded overnight. There is a need to balance cost and time efficiency. When you deliver a virtual or hybrid event, it is costlier. There are relearning and reskilling involved, so all these are costs.”
Data-driven events have also gain prominence in recent times. While the data derived from digital marketing is interesting, it is the insights from data that adds value.
As Diana Sani, Senior Account Director of Chab Events explains, “In a conventional event planning aspect, you don’t really pay attention to data analytics. In a virtual environment, it is critical and beneficial when you are looking at forward planning and trying to pitch for that potential sponsorship angle.”
So, just how important is it for the business events industry to survive and thrive? Nancy Tan, Managing Director of ACE: Daytons Direct tells us that the industry helps build a diverse and strong economy, with innovation, job retention and job creation at the forefront. “It affects the entire meetings, incentive, convention and exhibitions (MICE) ecosystem!”
Check out more snippets from our conversations at PCMA Convening Leaders 2021 in the video below.
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