“Evolution and revolution of our industry services and business models is a one-way street”, according to MCI Group’s COO Asia-Pacific, Oscar Cerezales. As the chair of this year’s Singapore MICE Forum organizing committee, Cerezales spoke the language of change and motivated attendees to think out of the box.
The two-day conference held from July 27th, was designed to compel delegates to re-imagine by engaging them through different session formats: debates to spark verbal sparring; taking contrary viewpoints, and essentially throwing out the old to bring the new. In the opening address for day 2, Cerezales opened the “Pandora’s box” to address the need to engage customers emotionally, not just transactionally. Under this framework, MICE professionals can begin to build upon the layers of holistic and economic value to make meetings and events key components of the marketing mix.
He addressed the investment priorities from a chief marketing officer’s perspective, pointing out the fact that events and marketing have a healthy share of 30%. This makes it worth the while of MICE professionals to look at how they are helping marketing teams secure new customers. Cerezales highlighted that “83% of marketing goals are on increasing sales. What we need to think about is how we can make it easy for them to track ROI in events and add to the evolution of our products and services.
Looking at industry players competing for the same market and focusing on beating the competition, he argued that the goal for securing a brighter feature should be to create new uncontested markets and to make the competition irrelevant. With this in mind, the higher aim should revolve around drawing the attention of venture capitalists -a first step towards revolutionising the current business models-, something that is still lacking as the top three industry sectors that have received funding are in software development, biotechnology and media & entertainment. “The MICE industry is not on the radar of these venture capitalists”.
Read the original full article here and learn more on the important takeaways of “skills”, “outcomes” and “disruption” as described by key industry professionals.
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