‘Our aim is to be the travel management company of choice for meetings & events’
Upbeat about the prospects of MICE travel, Manpreet Bindra, FCM India Meetings & Events President, is keen to leverage technology solutions for capitalising on the growing demand for high-quality and personalised event experiences. Talking to Disha Shah Ghosh, he sheds light on the industry forecast and their business expansion.
Q. What is the market size for managed travel in India today?
A: The global MICE market size, in terms of revenue, is expected to grow at a compound annual growth rate of 6.6 per cent from 2022 to 2030 to reach USD 1563.3 billion by 2030. The revenue of the organised events industry in India was estimated to be more than 100 billion Indian rupees in the financial year 2021, and it employs 60 million Indians directly and indirectly.
Q. How do you leverage technology solutions for a seamless business travel experience?
A. Technology is an enabler to enhance the customer experience and ease of business:
a. Hybrid event platforms for managing diverse participation needs accommodating both in-person and online attendees seamlessly.
b. A dedicated event app for schedules and interactive features also creates a very personalised experience.
c. We also incorporate augmented reality (AR) and virtual reality (VR) experiences for immersive and interactive events whenever needed.
d. Implementing gamification elements within the event also increases engagement and participation. This could involve quizzes or scavenger hunts, all facilitated through technology.
e. Onboarding of technology for Strategic Meeting Management
f. Event Management technology for registrations and management
g. Event budget management and financial reporting platforms
These tech solutions not only elevate attendee experiences, but also showcase our commitment to cutting-edge event management solutions.
Q. What kind of investment are you making for new customer acquisition and securing new events?
A. Our approach for new customer acquisition and securing events for MICE is holistic – combining digital marketing strategies such as social media outreach, search engine optimisation, relationship-building, maintaining partnerships with key stakeholders across industries and tourism boards, valuable content creation, and technological innovation for immersive event experiences to create a well-rounded and effective strategy. We are also investing in our people by upgrading our sales and account managers in meetings and events space.
Q. What is your action plan for expansion beyond India?
A. We believe the meetings, events, and event travel markets are ripe for disruption worldwide. FCM Meetings & Events is expanding globally to be well-positioned to capitalise on the growing demand for high-quality and personalised event experiences that have seen an exponential bounce back.
It’s clear the demand for in-person connection continues to increase, with recent data showing conferences and events being one of the top two reasons for travel among both SME owners and decision-makers. The passion and engagement we’re seeing are very encouraging, and this is something that has been and continues to be felt globally.
We have a talented and diverse FCM M&E leadership team in key markets across the globe who are genuinely thrilled at the opportunity to elevate our MICE offering across our prospective and existing client base.
Our recent announcement is a significant milestone for FCM M&E, a business that already has a strong footprint across several countries on multiple continents, and the company is committed to providing its customers with unique and memorable experiences – while staying true to the wider FCTG ‘glocal’ philosophy.
Q. What is the division of business vs. events to your India business?
A. In India, more than 20 per cent of our business comes from Meetings & Events. Our aim is to be the travel management company of choice for meetings, events, and event travel.