High Cost Might Affect Events Management in 2019
Wednesday, November 07, 2018
The high cost of staging
events because of the current economic condition of the Philippines might
affect events management in 2019.
The unchanged inflation rate
of 6.7% this October 2018, and the forecast of experts that this condition will
continue if no dramatic actions are taken by the government will have an
telling impact on the event management industry.
Add the fact that the peso
currency recorded a 7% slump this year. Companies across the board will display
a changed of direction and approach in using events in their marketing
communication strategies. A direction marked by conservatism and caution.
Creative Events Management
The situation forces event
management companies in the Philippines to offer more and cut cost in order to
attract the reluctant clients.
Creative solutions are now
in demand in order to survive this quagmire.
Event management companies
in the country must look at the cost of staging an event and re-adjust and
recalibrate those that are taking much of the budget.
Even the size of the event
will undergo examination. Is it wise to downsize the event and focus on the
right attendees that needed to be in the event?
Event managers must
contemplate these two critical questions.
Alternative Venue
Venue cost for local event
management companies is one of the big pies in event management budget. The
challenge is to find affordable one, yet the objective of the event is not
sacrificed.
The collab spaces are poised
to benefit from this adjustment.
Conscious Navigation
As of now, we cannot quantify the impact on the event
management industry of the rising cost because of inflation and currency slump
that the country is experiencing.
But the clarion call is clear, navigate consciously and
adjust our strategies in order to survive and thrive in this difficult
situation.
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