How about an career in event management ?
Televisionpoint.com Correspondent | Mumbai
The inception of the event management industry in India can be traced back to the time when, following liberalisation of the economy, multinationals started entrenching themselves in India.
As a result, organisations across a spectrum of service and product categories had to contend with escalating competition in the market. The underlying challenge, hence, was to differentiate one's product or service.
In the last five to 10 years, the event management sector has experienced incremental growth with most firms witnessing turnover increases of almost 100 per cent. Today, the most common events in the country include corporate events, on-ground marketing events, retail activations and road shows and promotions.
And while large format shows are also gaining ground, they generally have copyrights attached to them and are mostly owned by international firms.
Industry Overview
Events provide a basis for two-way communication and are probably the most effective platform in terms of customer feedback. In other words, events are instrumental in gathering valuable consumer insight that can be the foundation for marketing campaigns and brand building initiatives. Similarly, on-ground events held at retail zones help augment last minute purchase decisions and can be leveraged to increase sales for a brand.
But, the industry isn't without its set of problems. To begin with, standard procedures in terms of billings are not yet developed. There is no fixed index to determine effectiveness of an event management exercise. Moreover, the taxation norms in this sector accrue to the overall entertainment industry and are fairly steep.
To address these issues, and more, the Event and Entertainment Management Association (EEMA) was formed six months ago by five event management firms. Individual members of EEMA are now concentrating on specific issues to bring about the required changes.
Demand and Supply
Event management, like most others, has been adversely affected by the global economic slowdown. However, to an extent, it has helped it as well. This is because although organisations are constricting their overall communication expenditures, they are increasing their budget for below-the-line communication.
In other words, direct marketing or experiential marketing, which is a key function of event management firms, is getting more mileage on account of being more cost-effective.
Skills
There are essentially four functions within event management firms — business development and client servicing; creative conceptualisation and development; operations and production, and logistics and supervision.
This is one industry that does not require a formal postgraduate degree. Although an MBA could stand one in good stead, it is not mandatory. An accommodating nature, patience, resourcefulness, confidence and good communication skills are much-needed attributes. Also, a keen business sense, ability to spot opportunities and networking ability is essential.
Money Matters
The starting salaries for fresher's can vary between Rs 10,000 to 15,000 per-month. However, within a short span of two to three years, depending on one's ability, this can increase exponentially. So, the incremental growth prospects in terms of salaries are very high in this sector. Besides, there is also a provision for earning commissions through business development.
The inception of the event management industry in India can be traced back to the time when, following liberalisation of the economy, multinationals started entrenching themselves in India.
As a result, organisations across a spectrum of service and product categories had to contend with escalating competition in the market. The underlying challenge, hence, was to differentiate one's product or service.
In the last five to 10 years, the event management sector has experienced incremental growth with most firms witnessing turnover increases of almost 100 per cent. Today, the most common events in the country include corporate events, on-ground marketing events, retail activations and road shows and promotions.
And while large format shows are also gaining ground, they generally have copyrights attached to them and are mostly owned by international firms.
Industry Overview
Events provide a basis for two-way communication and are probably the most effective platform in terms of customer feedback. In other words, events are instrumental in gathering valuable consumer insight that can be the foundation for marketing campaigns and brand building initiatives. Similarly, on-ground events held at retail zones help augment last minute purchase decisions and can be leveraged to increase sales for a brand.
But, the industry isn't without its set of problems. To begin with, standard procedures in terms of billings are not yet developed. There is no fixed index to determine effectiveness of an event management exercise. Moreover, the taxation norms in this sector accrue to the overall entertainment industry and are fairly steep.
To address these issues, and more, the Event and Entertainment Management Association (EEMA) was formed six months ago by five event management firms. Individual members of EEMA are now concentrating on specific issues to bring about the required changes.
Demand and Supply
Event management, like most others, has been adversely affected by the global economic slowdown. However, to an extent, it has helped it as well. This is because although organisations are constricting their overall communication expenditures, they are increasing their budget for below-the-line communication.
In other words, direct marketing or experiential marketing, which is a key function of event management firms, is getting more mileage on account of being more cost-effective.
Skills
There are essentially four functions within event management firms — business development and client servicing; creative conceptualisation and development; operations and production, and logistics and supervision.
This is one industry that does not require a formal postgraduate degree. Although an MBA could stand one in good stead, it is not mandatory. An accommodating nature, patience, resourcefulness, confidence and good communication skills are much-needed attributes. Also, a keen business sense, ability to spot opportunities and networking ability is essential.
Money Matters
The starting salaries for fresher's can vary between Rs 10,000 to 15,000 per-month. However, within a short span of two to three years, depending on one's ability, this can increase exponentially. So, the incremental growth prospects in terms of salaries are very high in this sector. Besides, there is also a provision for earning commissions through business development.
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