The Evolution of the Indian Event Industry
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The Indian Event industry has grown by leaps and bounds over the last few years. It has witnessed a fundamental transformation from being merely a platform to showcase and host celebrations, to a completely integrated element in the marketing and advertising sphere. Here are some of the decisive factors that have contributed significantly to the evolution of the industry as a whole:
Changing Perceptions of Events among Marketers
Events are a valuable tool to marketers as they offer a level of prestige, grandeur, and tangibility that no other platform can match. Large portions of marketing budgets are being allocated to events in the form of product launches, exhibitions, and award ceremonies to name a few. This is in sharp contrast to two decades ago, when events were largely viewed as an end in itself, rather than a platform that marketers could use to engage with audiences directly.
Increasing Variety and Number of Events
In recent years, events have transcended their limits to include several diverse functions from corporate events to reality shows, and social gatherings to product launches. The industry has done much to encourage such a diverse array of events, thereby pushing the envelope of what is deemed possible. While in the past, large events were few and far between, today they are a daily occurrence spanning the genres of music, sports, entertainment, lifestyle, technology, social work, and fashion, in addition to more traditional celebrations like weddings and industry award ceremonies.
The evolution of technology, industry standards of excellence, and growing experience have led to a customisable and client centric mind-set among all major event companies. The industry is slowly evolving from the practical approach of careful planning, efficiency, and timely delivery to also include sentimental approach of thoughtfulness and catering to the needs of guests by incorporating the client’s unique requirements to the best of their abilities.
Customer satisfaction is the key to success when hosting any event. Not only can customer satisfaction lead to customer loyalty, but also identify unhappy customers, reduce negative reviews, and potentially increase revenue. It is essential for maintaining a long-term relationship with consumers and sets the business apart from its competitors. It is essentially for this reason that many event management companies focus on meeting the client’s expectation, through flawless and timely execution, at a basic level, and then going beyond the brief to create novel properties which surpasses the client’s imagination. The push towards a very customer centric mind-set in the industry can be largely attributed to increased competition.
Increased Scope of Work
When compared to the past, the roles in the event industry today have grown to encapsulate a far wider and more multi-faceted set of functions. Organisers must plan the event strategy keeping in mind market trends and pro-actively design pre-event promotional activities to give momentum to the launch.
The event industry today is characterised by innovation and fresh ideas, with experimentation being the rule rather than the exception. This is because fun, fresh, exciting, and unconventional events tend to drive audience engagement substantially more than mundane, or basic ones. This is in sharp contrast to the industry of yesteryear, which was usually far more conservative with the kind of events that were organised.
As the industry continues to expand, completion continues to increase, and technology continues to become more easily accessible, it is not far-fetched to believe that the event industry in India will continue to stay on course of its current trajectory. Innovation, customer satisfaction, and versatility will continue to shape the industry in the years to come.