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What is MICE?
No, we’re not talking about Tom’s best friend Jerry. MICE is actually an acronym that stands for Meetings, Incentives, Conferences, and Exhibitions. It is a term well-known by those in the hospitality and tourism industry as it makes up a large proportion of the venue’s revenue.
The MICE industry is essentially business tourism - it involves organising and running planned corporate events that bring together professionals from different parts of the country and the world. It aims to facilitate networking for the professionals, as well as encourage the exchange of creative ideas, and continued learning.
What does MICE stand for?
Let’s take a look at what each of the letters stand for.
Meetings
Meetings are typically one-day events, of a smaller scale, held primarily in hotel conference rooms or at convention centres. It is the most common type of MICE event. Basic catering is usually provided and the aim of the event is usually for knowledge exchange, conflict resolution, solution workshopping, business negotiation, or goal-setting or planning for the organisation.
Incentives
Incentives are, as its name suggests, an incentive or reward for the company’s staff or affiliates. It can range from an all-inclusive weekend trip to a resort or cruise, to a full-week overseas trip. They are usually offered to show appreciation or recognition of staff’s good performance and to boost staff morale. Incentives would include larger-scale planning for accommodation, meals, excursions, activities, transportation, etc.
Conferences
Conferences are larger-scale events that often last more than a day. It usually involves a group of presenters/experts and a large group of attendees - often from different companies, and possibly from different parts of the world as well. The purpose of the conference could vary from sharing knowledge, such as a healthcare convention sharing updates in research, expert panel discussions, business presentations, keynote speeches, and workshops. Due to their larger scale, it requires more planning, cost, and effort to plan and execute the event.
Exhibitions
Exhibitions are usually the biggest in scale amongst MICE events and can host thousands of attendees and exhibitors from around the world. They can last for a few days or even up to a few weeks. These are typically held within convention centers.
Exhibitions can be either business to business (B2B) in nature or business to consumer (B2C). It could be industry-specific where companies attend as exhibitors to display and promote their company’s products and services, and where industry professionals attend to learn about new products and services and network with existing or potential partners or clients. It could also be entertainment and profit-based, such as Comic-Con, or open to the general public such as trade shows like the IT Fair or Pet Expo.
Why are MICE events important?
The global Singapore MICE Market is estimated to be valued at US$ 3.82 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insight. It can account for more than 50% of the property’s revenue. MICE travellers tend to spend more than leisure travellers, and they tend to travel during the shoulder or off peak seasons of the year.
With an event in the area, there will be an increase in demand for the surrounding accommodation. Hotels can then choose to either charge a premium for their rooms, or offer a discounted price to companies who book a large number of rooms for their staff. They can also earn from revenue rental costs, events planning and execution fees, and food and beverage packages.
Not just the venue itself, but the entire hospitality industry will stand to benefit as well. With an increased number of visitors, the demand for retail, transportation, food and beverage, and tourist attractions would also increase.
How has COVID-19 impacted the MICE industry?
After the COVID-19 pandemic, there was a shift from physical events to virtual events. Companies had to quickly learn to be competent in using applications such as Zoom, Google Meet, Microsoft Teams, Skype, and WebEx, to hold their meetings and events.
Event companies had to also pivot to organise and execute virtual events. Services could range from providing professional equipment and set-up to livestream the event (such as product launches, exhibitions, courses), to organising interactive segments such as live polling and live chat, and even to organising virtual games and team building for companies.
As we now live with COVID-19 as an endemic disease, events have started to shift back to physical events, with some organisations opting for hybrid events as well. Hybrid events would include an online portion and then a face-to-face portion. In the context of a course, there might be an eLearning component, before the learners meet in person to complete the practical part of the course.
Is Singapore well-positioned for MICE events?
Singapore has long been the choice destination for many international companies to hold their MICE events at. We are well-positioned geographically, with us being within a reasonable travelling distance for many countries. We have world-class facilities and services, as well as, according to a recent Time Out Index survey in 2021, a reputation as the cleanest city in the world. Entertainment is aplenty here - with varied places of interests in our multicultural society and a no lack of good food, ranging from pocket-friendly but nonetheless delicious hawker meals, to Michelin-starred restaurants. Singapore is also internationalised, with a business-friendly environment. We have many free-trade agreements and an attractive tax system.
Singapore Tourism Board has tried to bolster this strategic position further by launching an enhanced version of the In Singapore Incentives and Rewards (INSPIRE) Global 2.0 programme. This programme offers qualified MICE groups nearly 80 complimentary ready-made experiences across various categories, including dining, retail, team-building activities, attractions, and tours. There is also the Singapore MICE Advantage Programme (SMAP) that provides discounted airline tickets, ride-hailing services, SIM cards, and additional privileges and perks for organisers.
With our outstanding track records for previous MICE events and with more support from the government, Singapore is set to strengthen its position as one of the top choice destinations in the MICE industry.
What are the key components of a successful MICE event?
With all that being said, how do we ensure that our MICE event is successful?
a) Having a professional event planner managing the event
Tap on the expertise of professional event planners and enjoy a stress-free planning and execution of the event. Event companies have a wealth of experience in organising such events and they would be able to guide you through the process smoothly.
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b) Having objectives that are specific and well-defined
Just like you need SMART goals for goal-setting, an event needs to have a clear objective of what it plans to achieve to guide the direction of the planning and to have appropriate outcome measures of the success of the event.
c) Having effective budget management
Let’s be realistic and admit that every event has a budget, even though we would wish otherwise. Being effective with managing the budget would mean that careful allocation of spending to each need of the event would be required. Choosing an event company that would endeavour to keep within the budget, instead of overspending, is key here.
d) Having effective communication
This includes relaying your company’s expectations of the event to the event organiser, or the event organisers conveying what they realistically can or cannot achieve within the budget, as well as effective communication to the potential attendees of the event such as details of the event.
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e) Having a detailed and organised plan
Planning a MICE event can be a daunting task with the sheer amount of details to plan. This can include selecting an appropriate location to hold the event, deciding on the caterer, arranging the accommodation, arranging the transportation, setting a comprehensive yet realistic budget to include all the anticipated expenses, selecting the right speakers, marketing the event, deciding on the technology to use for the event, deciding the look of the event, and many more. Hence, having an experienced event planner is key to breezing through this process.
f) Having a post-event evaluation
Post-event, it would be important to gather some data to evaluate the success of the event against the set objectives at the start of the planning process. This could help improve future MICE events held by the company. Post-event evaluation can be in the form of attendees’ feedback, engagement metrics, or sales.
Final Words
In conclusion, the MICE industry remains a pivotal segment within the hospitality and tourism sectors, driving significant economic impact and fostering global professional connections. Despite challenges like the COVID-19 pandemic, the industry has adapted with innovative solutions such as virtual and hybrid events. Singapore continues to solidify its position as a premier MICE destination, offering unparalleled facilities, government support, and a vibrant cultural landscape. By leveraging professional event planners, clear objectives, effective budget management, and thorough planning, businesses can ensure their MICE events are successful and impactful. As the world continues to navigate the evolving landscape of business tourism, the MICE industry is poised for continued growth and innovation.
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