Major Challenges in the Coming Future
In order to survive and continue to be “a critical engine of economic development”, the industry will have to tackle ten challenges:
Evolving a distinct identity of its own — The industry must create its own persona distinct from travel and tourism.
Establishing universal economic impact models — The industry has to offer good value for money; stakeholders need proof of economic benefits.
Proving relevance and value — Show that meetings are not the (economic) problem, but are a vital part of the solution.
Thinking and acting strategically — Assess the needs, anticipate coming challenges, and face them with appropriate measures.
Nurturing agility and flexibility — Venues need to be open-minded about their meeting spaces and public spaces.
Personalizing and deepening the learning experience — Keep in mind adult-learning principles, and engage with the audience year-round.
Experimenting with business models and revenue streams — Think of events as launch pads for continual revenue generation.
Adopting value-chain thinking — Foster collaboration among all stakeholders, suppliers, and planners.
Acquiring, retaining and developing talent, and embracing diversity — Meetings industry careers must be seen as stimulating and rewarding to attract the next generation.
Developing tomorrow’s leaders and managers — Leaders in the next decade will be successful through innovation and experimentation.
Political/economic influence of Asia