7 Challenges You May Face If You Are In The Experiential Events Space In India With evolved mannerism of the Indian society the scope of events business has also increased many folds and here we try to cover the modern aspects of it
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Entertainment as a concept is ever evolving, but creating unique experiences around it is where most of the innovation lies. Being at the forefront of the experiential events industry, the Indian event management sector has rapidly emerged as one of the most lucrative industries of tomorrow. From the entertainment segment to weddings, corporate events, and exhibitions, the Indian Event Management industry has completely redefined the entire perception and experience of events as a whole. Utilising cutting-edge technology and conceptual innovation, the industry is currently experiencing an estimated growth rate of 25 per cent annually. However, this rapid transformational growth also comes with its fair share of challenges, the chief among which, are enumerated below:
While most clients would like their events to be as grand and lavish as possible, living up to their visions becomes a major challenge when there is a tight budget. The ever-changing and increasingly restrictive regulations in place also require event management agencies to pre-emptively ensure that there is a cushion in the financial planning for the event, for any unforeseen expenditures and demands that the client might have.
Lack Of Supporting Infrastructure
The infrastructural capabilities of the Indian events sector still leave a lot to be desired. There is a severe lack of proper event venues, with most major ones that meet the standards being concentrated around the prime metropolitan cities. This is further exacerbated by the scarcity of reliable technology service providers, equipment providers, transport networks, and the like, which makes organising large scale events a particularly challenging ordeal.
Despite the revolutionary growth that the Indian events industry has seen recently, from a legal purview, the country is still relatively new to it. There exist a number of contradictory laws and regulations, and event organisers have to seek permissions from multiple concerned authorities, not only for the venue, but even for the food and refreshments served, the kind of equipment used, and the like. For foreign clients looking to organise an event here, it becomes even worse, as laws in their countries might be contradictory to ours.
The last decade has seen the Indian events industry evolve rapidly from its nascent stage to create a closer bond between its consumers and brands, delivering truly entertaining and memorable experience that leaves them enthralled. However, this makes constant innovation an absolute need, as customers are always looking for new and exciting experiences. As a result, event management industries need to keep redefining the way that events are conducted, and break conventional barriers to appeal to the changing customer expectations.
While the technological advancements of today have contributed significantly to making organising events easier, it has also created a new challenge for it. Staying up to date with the latest in cutting edge technology trends is possible only for the events with huge budgets and expertise in the domain. This has created a niche market which is largely impenetrable for smaller event organisers looking to scale up, even impacting their ability to find and retain clients.
Monitoring Vendors And The Event Planning Process
Yet another challenge for the sector is finding a team of trusted vendors, who know the industry well, can perform autonomously, and whose integrity is uncompromisable. Many vendors who are contacted directly by clients bypass the agencies in favour of making a greater profit, which, in turn, hurts the sector as a whole.
Lack Of Qualified And Skilled Talent
Finally, with the event management sector being a comparatively new member of the Indian industry, finding the right talent often proves to be a major challenge. While this can be a hurdle for any industry, the events sector is hit hard because of the uphill battle that it is already fighting, owing to the multitude of other factors in play.
Taking into consideration the aforementioned challenges, the Indian events industry still faces a long struggle ahead of it. However, the increased interest of foreign clients, along with the evolving Indian mind-sets paint quite a bright future for it, aided by government support, transformational sector-wise development, and an innovative approach.