CONVENTION 2020 launched its Pathfinder Report at Imex 2010 and laid out six critical strategic imperatives.
Clear positioning, future-focused boards, strategic innovation, leveraging data, business model experimentation and top talent were said to be critical to shaping the industry’s future.
Fast Future Research launched the report on the key strategic challenges and choices facing the industry over the next decade.
The report, on the future of meetings, venues and destinations, draws on a wide range of expert interviews and workshops, desk research, an online survey and a project wiki to identify drivers of change and emerging strategic challenges and the research identifies case studies highlighting both the incremental and transformational changes already being undertaken across the industry and the need for greater clarity and consistency of strategic thought and action.
A number of strategic imperatives are identified including the need to:
• Choose a clear strategic position whether it be strategic innovator, fast follower or low cost, no frills provider and then ensure every action and decision is consistent with that strategy.
• Develop the board into an outward looking and future focused entity that is helping to shape and challenge longer-term strategy
• Acknowledge that to compete effectively with the expensively marketed alternatives, it is necessary to outthink the competition rather than trying to outspend them
• Develop a clear set of strategies to manage technology, exploit the data generated through events and create ‘reusable knowledge’
• Demonstrate a willingness to experiment with business models and create new revenue streams to anticipate and address future client demands for greater financial innovation and risk sharing from event partners and
• Develop and recruit top level talent that can truly understand how clients’ business strategies are evolving and develop equally strategic and innovative responses.
Carina Bauer CEO of Imex said: “The report lays out a clear roadmap of critical decisions and choices that will help ‘future proof’ businesses across the sector. The strategic issues highlighted identify key factors industry players must address to ensure they can compete effectively in the decade ahead. We need to become as good at strategic thinking as we are at operational delivery.”
The full report will examine critical factors that have shaped the industry over the last decade, examine current issues on the agenda, describe key global drivers of change shaping the external world and customer behaviours and highlight emerging industry and external trends that could impact the sector.