This past November, Meeting Professionals International (MPI) released its October Business Barometer revealing some startling numbers regarding short lead times and flat budgets – sentiments echoed early this year in the Meetings & Conventions Magazine (M&C).
According to a recent article in M&C, Active Network’s Business Solutions Group is reporting an increase in the number of smaller meetings taking place across North America. Based on data collected through its own online RFP system and published in a 4-year study, Active Network notes that more one-day meetings with fewer attendees are taking place.
M&C editor Michael Shapiro also points out that project lead-time has decreased over that 4-year time frame – a trend confirmed in the MPI Business Barometer.
MPI’s bi-monthly report reveals some telling trends in the events industry. Some to note include:
- Shorter lead times
- More technological innovation
- Flat budgets
The common theme it seems is that common mantra ‘do more with less’. Though this makes for a challenge, it also forces creativity and innovation in the workplace; something we know planners never shy away from.
As explained by anonymous contributors to the study, planners cite delayed budget approval for their last minute meetings measuring lead-time in weeks instead of months. This caught our attention at EventMobi due to the fact that planners might feel short lead-time restricts them from opportunities to innovate forcing them to stay safe and follow the same old print process.
But what if we look at it from another angle?
Short lead-time means printing is going to be rushed and costly. Using a digital alternative is not only cost-effective, it’s necessary. Innovative, affordable technology like EventMobi allows you to create your own custom mobile app in a day, which means short lead times don’t have to hinder creativity and the adoption of new technology.
With an increasing number of smaller meetings taking place every year and the new reality of shorter lead times, planners need tools they can use to move quickly and efficiently in order get the job done and still deliver that ‘wow’ factor.