THE MARKET FOR EVENTS AND EVENT

STAKEHOLDERSEINTROEVMM. ALDANA

THE EVENT MARKET• THE EVENT MARKET CAN BE A

CONSISTENT SOURCE OF REVENUE FOR HOSPITALITY BUSINESSES SUCH AS:• HOTELS, • RESTAURANTS, • CATERING FACILITIES, • ENTERTAINMENT, • AND LEISURE VENUES.

EVOLUTION OF EVENTS• IN THE PAST DECADE, THERE HAS BEEN A RISE OF EVENT VENUES IN THE

PHILIPPINES.• IN THE 1950S AND 1960S, PARTIES WERE USUALLY HELD AT HOME OR IN BIG

RESTAURANTS.• IN THE 1970S AND 1980S, DELUXE HOTELS AND THEIR BALLROOMS AND

FUNCTION ROOMS BECAME THE VENUES OF CHOICE.• THIS TREND WENT ON WELL INTO THE 1990S, WHICH ALSO SAW THE RISE OF

RESORT VENUES.

EVOLUTION OF EVENTS

• IN THE CURRENT DECADE, EVENT VENUES CAME TO FORE – CONVENTION CENTERS, EXHIBITION CENTERS, GARDENS, BANQUET HALLS, AIR-CONDITIONED TENTS AND EVEN WAREHOUSES BUILT SPECIFICALLY FOR MEETINGS, PARTIES, AND EVENTS.

GROWING MARKET

• THE GROWING MARKET FOR EVENTS ALSO MEANS A GROWING NUMBER OF PROSPECTS AND TARGETS.• BASED ON THE MAIN PURPOSE OF EVENTS, CELEBRATE, COMMUNE,

CONVENE AND COMMERCE; THE MARKET FOR EVENTS MAY BE SEGMENTED INTO INDIVIDUALS, FAMILIES, AND ORGANIZATIONS.

CLASSIFICATION• EVENTS MAY ALSO BE CLASSIFIED

INTO:• SOCIAL• CORPORATE EVENTS

SOCIAL EVENTS• ARE TYPICALLY GATHERINGS OF

FAMILIES AND FRIENDS

CORPORATE EVENTS• ARE THOSE HOSTED BY COMPANIES

OR ORGANIZATIONS IN PURSUIT OF ORGANIZATIONAL OBJECTIVES

CLASSIFICATION

• EVENT ORGANIZERS MAY SPECIALIZE IN EITHER SOCIAL OR CORPORATE EVENTS. (OR BOTH)

DIFFERENT EVENT MARKETS

INDIVIDUALS AND FAMILIES• INDIVIDUAL AND FAMILIES ARE THE TYPICAL PROSPECTS FOR LIFE-CYCLE

EVENTS.• THESE DAYS, THE GAMUT OF EVENTS IN ONE’S LIFE RUNS FROM BASKET TO

CASKET.

INDIVIDUALS AND FAMILIES• HOLD PARTIES TO CELEBRATE, AND TO COMMUNE AND REKINDLE

RELATIONSHIPS.• ASIDE FROM LIFE-CYCLE EVENTS, THERE ARE FAMILY REUNIONS AND

GATHERINGS TO WELCOME FAMILY MEMBERS ARRIVING ABROAD (BIENVENIDA) AND SEND OFFS FOR THOSE WHO LEAVING THE COUNTRY (DESPEDIDA).• THERE ARE BLOWOUTS TO CELEBRATE BIG AND SMALL ACHIEVEMENTS.• EVEN WAKES AND FUNERALS ARE NOW WELL COORDINATED.

INDIVIDUALS AND FAMILIES• FREQUENCY OF EVENTS FOR THIS SEGMENT COULD BE ERRATIC, BUT FOR

THOSE IN THE EVENTS INDUSTRY, THIS MEANS A STEADY FLOW OF BUSINESS THROUGHOUT THE YEAR.• CELEBRATIONS OF LIFE’S MILESTONES AND FAMILY GATHERINGS ARE

APPARENTLY TRIGGERED BY THE NEED TO BE WITH FAMILY AND LOVED ONES, THE NEED FOR AFFIRMATION AND RECOGNITION, AND THE NEED TO CREATE MEMORIES TO CHERISH.

INDIVIDUALS AND FAMILIES• THEY ARE USUALLY LESS FORMAL IN DECISION MAKING WHEN IT COMES TO

EVENTS.• THERE IS NO FORMAL ORGANIZATION OR STRUCTURE WHEN IT COMES TO

COMMUNICATION AND DECISION MAKING.• THE ROLE OF THE EVENT MANAGER THEREFORE IS TO UNDERSTANDS EACH

ROLE AND FIND A WAY TO GET ALL MEMBERS TO AGREE ON A COMMON EVENT PLAN.

INDIVIDUALS AND FAMILIES• SOURCES OF BUSINESS FOR THIS SEGMENT WOULD BE THE LOCAL REGISTRY,

CHURCHES, BRIDAL FAIRS, WEDDING SUPPLIERS, REFERRALS AND PREVIOUS CLIENTS.• A SAVVY EVENT MANAGER LOOKS AT EACH SOCIAL EVENT AS AN

INVESTMENT ON A FUTURE SOCIAL EVENT FOR THE SAME FAMILY.

•BEING ABLE TO SATISFY THE CLIENT IS THE KEY, AND RELATIONSHIP BUILDING IS VERY IMPORTANT.

ORGANIZATIONS• TYPICAL PROSPECTS FOR EVENTS TO CONVENE AND FOR COMMERCE,

COMMONLY REFERRED TO AS CORPORATE EVENTS.• THEY COMPOSE THE MARKET FOR MEETINGS, SEMINARS, CONFERENCES,

CONVENTIONS, PRODUCT LAUNCHES, BAZAARS, SELLING EVENTS, SALES PROMOTION ACTIVITIES, OFFICE PARTIES, INCENTIVE TRIPS, AND RECREATIONAL ACTIVITIES.

ORGANIZATIONS• THE SEGMENT IS FURTHER DIVIDED INTO COMPANIES AND BUSINESS

ESTABLISHMENTS, AND ASSOCIATIONS AND ORGANIZATIONS.• COMPANIES AND BUSINESS ESTABLISHMENTS MAY HAVE EVENTS AS PART OF

THEIR OPERATING CALENDAR (ANNUAL MEETINGS OR QUARTERLY SALES RALLIES) OR IN RESPONSE TO THE DEMAND FOR THEIR PRODUCTS (PRODUCT LAUNCH AND PROMOTIONAL ACTIVITIES)• FOR COMPANIES, EVENTS ARE A MEANS TO HELP ACHIEVE CORPORATE

OBJECTIVES, TO SUPPORT CORPORATE FUNCTIONS (TRAINING, PEOPLE MANAGEMENT, OR MARKETING) OR TO SOLVE BUSINESS PROBLEMS.

ORGANIZATIONS

• COMPANY MEETINGS ARE SMALLER IN ATTENDANCE COMPARED TO ASSOCIATIONS, BUT ARE LIKELY TO BE MORE FREQUENT.• MORE OFTEN, THE COMPANY FOOTS THE BILL FOR THE EVENT.

ORGANIZATIONS• ASSOCIATIONS ARE ORGANIZATIONS OF PEOPLE THAT HAVE A COMMON INTEREST OR

PURPOSE.• CAN BE CATEGORIZED INTO:• TRADE ASSOCIATIONS – MADE UP OF INDIVIDUALS AND CORPORATIONS THAT OPERATE WITHIN

AN INDUSTRY, OR BOUND BY SIMILAR BUSINESS CONCERNS• PROFESSIONAL ASSOCIATIONS – FORMED BY INDIVIDUALS IN A COMMON OR AFFILIATED

PROFESSION. MANY PROFESSIONAL ASSOCIATIONS HOLD REGULAR MEETINGS OR EVENTS AS PART OF THEIR CONTINUING EDUCATION.• NON-PROFIT ORGANIZATIONS – INCLUDE SOCIAL, MILITARY, EDUCATIONAL, RELIGIOUS, AND

FRATERNAL GROUPS (SMERF)

ORGANIZATIONS• EVENTS FOR COMPANIES AND ORGANIZATIONS ARE STAGED FOR VARIOUS

REASONS – TO SHARE IDEAS, TO EDUCATE, TO SELL OR MARKET A PRODUCT, TO PROVIDE INFORMATION, TO MOTIVATE PEOPLE, TO STRENGTHEN CORPORATE IMAGE, AND TO MAKE PEOPLE AWARE, AMONG OTHERS.• A COMMON OBJECTIVE FOR COMPANIES (AND MEASURE OF SUCCESS) IS

RETURN ON INVESTMENT – TO GET SOMETHING (NOT NECESSARILY MONETARY TERMS) OUT OF THIS EVENT.• REASONS ARE MORE RATIONAL AND IN CLEARLY-STATED TERMS.

ORGANIZATIONS• COMPARED TO CORPORATIONS, ASSOCIATIONS AND ORGANIZATIONS HAVE

FEWER EVENTS, BUT WITH A HUGE NUMBER OF PARTICIPANTS EVEN AS ATTENDANCE IS VOLUNTARY.• BUDGETS ARE TIGHTER HOWEVER, AS MOST ASSOCIATIONS CHARGE

ATTENDEES FOR THEIR SHARE IN THE EXPENSES, AND IN SOME CASES, TO ALLOW SOME PROFITS FOR THE ASSOCIATION.

ORGANIZATIONS

• ORGANIZATIONS USUALLY GIVE THE RESPONSIBILITY TO AN EVENT COMMITTEE.• THE EVENT MANAGER MUST BE ABLE TO DISTINGUISH WHO IN THE

ORGANIZATION ARE PART OF THE FINAL DECISION MAKING, PARTICULARLY FOR FINALIZING CONTRACTS AND MAKING PURCHASES.

ORGANIZATIONS• EVENT MANAGERS WILL COME TO REALIZE THAT DECISIONS MADE BY THE

ORGANIZATIONS ARE INFLUENCED BY SEVERAL FACTORS:• EXTERNAL BUSINESS ENVIRONMENT – ECONOMIC CONDITIONS, CUSTOMER

DEMOGRAPHICS, NATURAL ENVIRONMENT, COMPETITION, TECHNOLOGY, GOVERNMENT AND INDUSTRY REGULATIONS.• INTERNAL ORGANIZATION – THE ORGANIZATION’S OBJECTIVES, POLICIES,

SYSTEMS• INTERPERSONAL FACTORS - AUTHORITY, STATUS, RELATIONSHIPS OF DECISION

MAKERS• THE INDIVIDUAL DECISION-MAKER – JOB POSITION, AGE, EDUCATION, PERSONAL

PREFERENCES

ORGANIZATIONS

• LEADS FOR BOTH ORGANIZATIONAL SEGMENTS MAY BE TAKEN FROM THE LOCAL TELEPHONE DIRECTORY, CHAMBER OF COMMERCE, LOCAL BUSINESS REGISTRY, NEWSPAPERS, TRADE SHOWS, REFERRALS, AND PREVIOUS EVENTS.

LEADS AND INQUIRIES

LEADS AND INQUIRIES• IN THE EVENT BUSINESS, BUILDING CONTACTS IS ESSENTIAL.• TAKE EVERY OPPORTUNITY TO SPOT POTENTIAL CLIENTS. CLIENTS MAY BE

RELATIVES, FRIENDS, OR REFERRALS OF FRIENDS.• IT IS NECESSARY FOR AN EVENT MANAGER TO TAKE NOTE OF IMPORTANT

INFORMATION REGARDING AN INQUIRY FOR A SPECIFIC EVENT OR THE POTENTIAL FOR A FUTURE EVENT.

LEAD FORMS

LEAD FORMS

LEADS AND INQUIRIES

• CONTINUOUS LEAD GENERATION IS ESSENTIAL FOR AN EVENT COMPANY. EVEN IF A POTENTIAL CLIENT DOES NOT PUSH THROUGH HIS/HER BOOKING, KEEP LEAD FORMS AND USE THEM FOR FUTURE MARKETING ACTIVITIES LIKE EMAIL BLASTS OR SALES CALLS.• ALWAYS MAINTAIN A GOOD LIST OF POTENTIAL CLIENTS.

LEADS AND INQUIRIES

• SALES BLITZES ARE A GOOD SOURCE OF LEADS.• SCHEDULE A BLITZ OF COMPANIES AND ASSOCIATIONS WITHIN A SPECIFIC

GEOGRAPHIC AREA TO GATHER INFORMATION ABOUT THE ORGANIZATION AND THEIR EVENT NEEDS.

EVENT STAKEHOLDERS

EVENT STAKEHOLDERS

• ARE INDIVIDUALS AND GROUPS WHO HAVE SOME FORM OF INTEREST IN THE EVENT.• SUCH INTEREST MAY BE FINANCIAL, EMOTIONAL, POLITICAL, SOCIAL OR ANY

OTHER FORM OF PERSONAL INVOLVEMENT IN THE EVENT.

THE HOST• THIS IS THE PERSON OR GROUP WHO IS GIVING THE EVENT. • A HOST MAY BE THE ORIGINATOR OR CHAMPION OF THE IDEA TO GATHER PEOPLE

TOGETHER FOR A PARTICULAR OCCASION; THE MAIN CELEBRATOR, OR THE ONE FINANCING ALL THE EXPENSES FOR THE EVENT.• FOR THE MANAGER, THE HOST IS THE CLIENT – THE PERSON OR GROUP FROM WHOM HE

OR SHE WILL GET DIRECTIONS.• THE HOST IS ALSO A PARTNER WITH WHOM THE EVENT MANAGER WORKS TO ENSURE A

SUCCESSFUL EVENT. THE HOST’S EXPECTATIONS MUST BE CLEARLY UNDERSTOOD AND VERY WELL MANAGED

THE GUESTS

• THESE ARE THE PEOPLE ATTENDING THE EVENT.• ALSO KNOWN AS AUDIENCE, PARTICIPANTS, ATTENDEES, OR VISITORS.• THE EVENT WAS CREATED TO PLEASE THESE GROUPS; THEREFORE, IT IS

THEIR NEEDS THAT MUST BE UNDERSTOOD AND SATISFIED.

THE GUESTS• GUESTS MAY BE PASSIVE; THEY JUST GO WITH THE FLOW OF ACTIVITIES,

WATCHING, OBSERVING, TAKING IT ALL IN.• GUESTS MAY BE ACTIVE; THEY ARE MADE PART OF THE EXPERIENCE OF THE

WHOLE EVENT.• THE MANAGER MUST HAVE A VERY VIVID PICTURE OF WHO THE GUESTS

WOULD BE OR WHO WOULD BE THEIR AUDIENCE, SO AS TO SUIT THE EVENT TO THEIR NEEDS.• THE GUESTS ARE ALSO CLIENTS IN THE SENSE THAT THEY ARE OUT TO GET

THEIR INVESTMENT’S WORTH FROM THE EVENT – BE IT MONEY OR TIME.

THE EVENT COMMITTEE

• THE GROUP INVOLVED IN THE PLANNING AND EXECUTION OF AN EVENT.• THIS CAN BE AN AD HOC GROUP FROM THE HOST ORGANIZATION, A TEAM OF

VOLUNTEERS, THE HOST’S STAFF, PLUS THE EVENT MANAGER’S OWN TEAM.• TOGETHER, THIS GROUP, IS TASKED WITH PUTTING TOGETHER ALL THE

ELEMENTS THAT WILL MAKE THE EVENT A SUCCESS.

THE FINANCIER

• IS THE MONEY MAN – THE ONE WHO FOOTS THE BILL.• HE/SHE MAY OR MAY NOT BE INVOLVED IN THE PLANNING AND EXECUTION

OF THE EVENT, BUT HE/SHE IS OUT TO MAKE SURE THAT HE/SHE GETS A REASONABLE RETURN ON HIS/HER INVESTMENT.

THE SUPPLIERS

• THE EVENT MANAGER WORKS WITH OTHER COMPANIES THAT WILL BRING THE EVENT CONCEPT INTO A REALITY.• THESE COMPANIES ALSO STAKE THEIR TIME, RESOURCES AND REPUTATIONS

ON THE EVENT.• THEY ARE THE MANAGER’S PARTNERS TO ENSURE A WINNING EVENT.

THE EXTERNALS• ARE ENTITIES THAT ARE EXTERNAL TO THE HOST OR THE EVENT MANAGER,

BUT HAVE FINANCIAL, EMOTIONAL, POLITICAL, SOCIAL OR PERSONAL INTEREST IN THE EVENT.• GOVERNMENT REGULATORY AGENCIES, THE MEDIA, THE LOCAL

GOVERNMENT, THE COMMUNITY, CORPORATE SHAREHOLDERS, MIGHT HAVE THEIR OWN STAKE AT THE EVENT. IT IS THE JOB OF THE EVENT MANAGER TO MAKE SURE THAT ALL CONCERNS ARE DULY ADDRESSED.

CONCLUSION• WITH ALL THE STAKEHOLDERS IN MIND, THE EVENT MANAGER MUST BE ABLE

TO IDENTIFY THESE CONCERNS, AND STRIKE A BALANCE THAT WOULD ENSURE THE BEST RETURN ON EACH.• AN EVENT MANAGER EFFECTIVELY AND EFFICIENTLY ENVISIONS, EXECUTES,

AND EVALUATES UNIQUE HAPPENINGS THAT BRING PEOPLE TOGETHER – PEOPLE WHO ARE MEANT TO ENJOY THE HAPPENING, PEOPLE WHO CREATE THE HAPPENING, PEOPLE WHO PROVIDE RESOURCES FOR THE HAPPENING, AND PEOPLE WHO IN ONE WAY OR ANOTHER, BENEFIT FROM THE HAPPENING.