Business Opportunities in the Event’s Industry

the-role-of-hybrid-events-in-the-future-of-the-events-industry

Author and Contributor

Ana Cristina Rivas Ruiz’Castilla

The events industry is a very dynamic and evolving business that is on the rise. I’ve always liked wedding planning specifically and what goes around planning such an emotional and mile stone event; hence when I decided to study Sports/Events/Entertainment Management I discovered a new world in this industry.

Now that I am almost done with my Business Development Masters I’ve been able to really see how tied these two fields are. There is so much opportunity for BD in the events industry because there are different sectors that use event management such as sports, entertainment, social affairs, political, business, social just to mention a few. It is such a dynamic industry because of all the specializations and world each one holds in it self. I’ve had the opportunity to do a three-month internship and work for one year at a private social and corporate event firm in Miami, FL and of doing an internship in the renowned hotel chain Crowne Plaza in El Salvador. Both these experiences exposed me to the difference between planning and executing events for a small private firm, which manages several events per month and an international hotel who manages several events on a daily basis. I managed both social and corporate events, which is completely fascinating. What I like the most about the planning and execution of such events, especially social ones is the creativity that one can use. It is fascinating how even though you meet several clients per day for wedding planning, no one experience is the same. Every couple is different, have different needs and budgets; which makes this business always exciting. Furthermore, trends such as ‘green’ and ‘destination events’ have a very interesting impact on this business. People are not only eating healthier and becoming more environmentally conscious regarding recycling and buying environmentally friendly household products. This trend has given a huge opportunity for business development in the events industry. Many event-planning companies such as Paragon Events have instituted a new division in their services to use this trend in their favor. Paragon Events has their division called ‘EcoVents’ (http://paragon-events.com/eco-events/), which offer their clients events planned and executed with the environment on mind. It’s incredible how this is not just a new revenue generator but also a way to incorporate new technology to the events industry. Making use of tablets, screens and computers instead of paper and pen, having online and mobile registration, etc. is changing the game plan from the monotone corporate or business meetings in the past. As I mentioned before, destination events, especially destination weddings are on the rise and they are revolutionizing the industry because there is such a demand for wedding planners to plan and execute in foreign countries. As globalization makes every day business more and more international, with business deals being done all around the world, this industry is experiencing the same. Destination Wedding Travel Group, who specialize in destination weddings say their business has had a 30% increase since last year,2014, (prweb.com, 2015) This gives us a very clear picture of how trends as ‘destination weddings’ are leaving its contribution to this evolving industry. This industry will continue growing, as more people demand more sophisticated and innovative events, in both social and business settings.

References

Paragon Events, (2014). Eco-Events – Paragon Events. [online] Available at: http://paragon-events.com/eco-events/ [Accessed 26 Apr. 2015].

PRWeb, (2015). Destination Wedding Market Diversifies, Experiences Significant Growth in 2015. [online] Available at: http://www.prweb.com/releases/2015/04/prweb12631374.htm [Accessed 26 Apr. 2015].

Photo source: http://blog.inxpo.com/casting-calls/bid/75590/The-Role-of-Hybrid-Events-in-The-Future-of-The-Events-Industry

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