The Importance of Business Tourism

What is MICE?

Business Tourism Business Events MICE (Meetings, Incentives, Conferences, Events)

The Importance of Business Tourism

• Benefits way beyond Tourism
• Business Events Sydney report lists a total of 19 benefits in 6 distinct categories
• Knowledge exchange
• Networking
• Education
• Fundraising
• Destination reputation
• Media coverage

BUSINESS EVENT OUTCOMES
Knowledge Expansion Growing local knowledge Knowledge improving education Knowledge improving professional practice	Fundraising & Future Research Capacity Fundraising opportunities Greater access to government and/or private sector funding sources
Networking, Relationships & Collaboration Access to networking opportunities for local practitioners and researchers Networking fosters creation of long term relationships Networking as a catalyst for knowledge expansion, research development & research collaborations Research collaborations lead to development of new product & technologies	Raising Awareness & Profiling Generating awareness of sector specific issues Raising awareness of broader societal issues Profiling local organizations, associations and/or centres A catalyst for government support
Educational Outcomes Opportunities for local postgraduate research students Increased attractiveness of education sector	Showcasing & Destination Reputation Showcasing local talent Enhancing Sydney’s reputation as a global leader Enhancing Sydney’s reputation as a business events destination

Meetings & Incentives: Differences

	MEETING	INCENTIVE
Budget	Fixed	Varies
Attendance	By invitation	Qualification
Number of Participants	Known (unknown for some meetings)	Unknown (in most cases)
Objectives	Soft	Hard
Results	Vague	Specific & Quantifiable

Size of market

Why?

• Size of market
• Come year round / mainly off season
• Value sensitive / not price
• Use multiple services
• Future business leisure + business

PLAYERS

PLAYERS

PLAYERS

What is a DMC ?

A DMC is a specialist service organisation offering unique local knowledge, expertise, creativity and above all, unrivalled strategic understanding of the global meetings, incentives, conferences and events industry

What is a PCO?

A PCO is a company, which specialises in the management of congresses. The company will act as a consultant to the organising committee or headquarter organisation, enacting its decisions and assisting to fulfil their objectives, whilst utilising the experience and knowledge it has gained over many years in organising events

What is Incentive Travel?

Incentive travel is a global management tool that uses an exceptional travel experience to motivate and /or recognise participants for increased levels of performance in support of organisational goals

DMC /Hotel

DMC

HOTEL

AGENCY



DMC

HOTEL

PCO

ASSOCIATION

ASSOCIATION INTERNAL EVENT PLANNER

THE MARKET

Resurgent



RESURGENT

Value

• US - $240 billion

- EIBTM 2014 trends report

Budget

• 48% increase / substantial

- SITE Foundation

• 47% increase

- IRF Pulse Survey

• 92% (top 50 agencies) increase / substantial

- C&IT UK

Just over 1m “business” visitors in 2013

Growing Sector

• Just over 1m “business” visitors in 2013

(200,000 C&M, Incentives?, Exhibitions?)

MICE

• Meeting - €1150
• Incentive - €1350
• Conference - €1400
• Exhibition - €550