Snapshot of the Event Industry
At Mo Works we have made a commitment to undertaking extensive market research to ensure we understand the industries we work with and can tailor our services to meet the specific needs of our clients. As part of this commitment, we recently worked in collaboration with the event industry as this industry is an integral part of the work that we do. We have really enjoyed working with MICE (Meetings, Incentives, Conferences, and Exhibitions) as we share a common passion for re-inventing and refreshing ideas, and we discovered some fascinating information about the event industry that we would like to share with you.
Events Industry is Thriving We are firstly very proud to report that Victoria boasts a very healthy and thriving events industry. The state reaps the rewards of events that can be worth around $1.2 billion annually, not to mention the business events sector which is estimated to contribute a further $1.2 billion. Aside from the financial rewards, the State of Victoria also benefits from non-economic contributions that are made by the events industry. These include the priceless gifts of regional development, infrastructure provision, branding, and social cohesion and participation.
Ongoing Development Even though the events industry is going strong, there is still a need to remain engaged with the development of the industry to ensure it continues to thrive into the future. One of the key focus areas is ensuring that events continue to engage and excite consumers. This can be done by:
- Continually taking a fresh approach
- Remaining competitive
- Effectively promoting events
- Supporting ongoing investment and innovation
There are a few specific things that we can do as members of this industry to support this ongoing development. These include:
- Undertaking international competitor analysis
- Re-inventing and/or refreshing events every couple of years
- Carrying out regular attendee market research
- Ensuring that events fit with changing destinations
2020 Goals To keep on track with development, the event industry has outlined a few goals that they will endeavour to achieve by 2020. By this time, Victoria’s tourism and events industry aim to be:
- Internationally competitive
- Increasingly significant
- Acknowledged contributor to the State
As an agency that is happily based in Melbourne but maintains an international outlook, at Mo Works we believe that we can play a large role in meeting Victoria’s tourism and events industry’s 2020 goals. We are dedicated to making a splash in the global market which will assist the events industry to become internationally competitive, and we continually challenge ourselves to reach new heights for innovation and profitability for our clients.
It’s a Team Effort We all contribute in some way to the events industry in Victoria, and here at Mo Works we have played our part this year by planning two Behance events. But whether you are event planners like us, venue holders or attendees, we all have a role to play in securing a bright future for the industry in the years to come.