The Experiential Events Space in India: Key Challenges

Customized event packages as well as equipment with transparent pricing, instant booking information, etc. are the need of the hour

By Shank K Vasudev

Pixabay

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The Indian event management industry is transitioning towards immersive innovation. This has given rise to experiential events wherein guests are presented with opportunities to engage and participate. Such events not only invoke but actively engage the senses of touch, sight, taste, smell, and hearing – either in the form of an innovative layout, aura/feel, food, or other forms of entertainment.

Experiential events are organized on both small as well as large scales. For instance, several cities across the country organize slam poetry and music events in clubs and restaurants encouraging several people to participate in them. While several brands may adopt this strategy for marketing purposes, various Indian families are also beginning to organize experiential events during weddings, anniversaries, birthdays etc.

The scales have thus tipped towards personalization and engagement to provide a memorable experience for all those who attend. Theme-based events are gaining popularity with the right blend of creativity and high-quality catering, decoration, music, and equipment. In addition, the guests seek sharable content so that they can post celebratory posts, stories, and life stories on social media platforms. Creating innovative and engaging experiences, where each event is different from the next, is however easier said than done. The major challenges incurred by the industry are highlighted below.

Budgetary Constraints

There is a discord between the extravagant and grand expectations of clients and their tight budget allocations. It is therefore extremely challenging for event companies to meet their vision considering they must keep in mind a financial cushion for unforeseen client expenditures and demands.

Lack of Infrastructure

High-quality event venues are concentrated around the prime metropolitan cities leaving little scope for organizing something similar in other areas that lack such infrastructure. The challenge is further exacerbated due to the lack of reliable technology, equipment, and transport providers making the organization of large-scale events a laborious process.

Legal Limitations

From a legal perspective, the industry is still at a relatively nascent stage due to the prevalence of several contradictory laws and regulations. In addition, event organizers need to seek permissions from numerous concerned authorities in terms of venue, food and refreshments, equipment etc. This becomes worse while addressing the event demands of foreign clients as their laws may be contrary to ours.

Vendors and Event Planning

There is an immense dearth of dependable and high-quality vendors. The lack of professionalism on their part is astonishing as bypassing agencies for other clients is common. Their quest for making a greater profit at the cost of accountability hurts the entire sector in the process.

Understanding the various challenges of the Indian event management industry, there is a need for ventures that help in simplifying the complicated and challenging process. Customized event packages as well as equipment with transparent pricing, instant booking information, etc. are the need of the hour.

It is an excellent plan to engage an online event equipment booking platform for any event. A digital platform can give valuation transparency and easy access in contrast to the other wherein event packages and equipment are booked online in a matter of minutes. Such a customised approach is instrumental in planning and organising an event with success.

In Conclusion

The current challenges in the experiential event space in the country are apparent. However, those industry players who understand the importance of personalization and engagement will eventually stay ahead of their counterparts. Platforms offering such transparency in terms of pricing can transform the disorganization of the industry into vivid functionality.

Shank K Vasudev

Founder of TossHead

Related Topics

Technology

Five Important Trends in Big Data Analytics

Over the last few years, with the rapid growth of data, pipeline, AI/ML, and analytics, DataOps has become a noteworthy piece of day-to-day business

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Entrepreneurs

Vedant Lamba: A Sneakerhead Turned Entrepreneur

His startup The Mainstreet Marketplace has served about 30,000 customers till now through products and more than 3 million people through content

Career

60 Second Business Tips: 3 Ways to Boost Confidence

Business development consultant Terry Rice on silencing self-doubt.

News and Trends

Abhinay Maths Raises Undisclosed Funding From Classplus

The funding will be used for business expansion and branding to accelerate the company's growth and further increase its reach to more students in tier 2 and 3 cities