A review of its business has resulted in Fourth Wall Events’ director, Jeremy Garling, believing event management companies in their present form have had their day.
“And I own one. Well I did until I realised that, for the first time in my 20 years directing and delivering events, the `event management business’ as we know it, is over,” Garling says.
He quickly clarifies, however, that events generally are “more important to business now than ever before and have continued to hold ground as a place of meaningful interaction”.
What he does say has changed is that companies are looking for event agencies who will work beyond traditional parameters.
“They want creative solutions that focus on broader business objectives, maximising the experience to achieve much greater outcomes,” Garling says.
“Managing an event will always be an important element in any project, however, good management does not breathe new life into business; creation and innovation does.”
Fourth Wall Events’ research has resulted in the company now branding itself as a “Collection of Creators”.
“We have handpicked the best people to create an infinite, flexible, independent collective of specialists to break through limitations and map out a new future with our clients,” he said.
“We discover where our clients need to be and take them there. We become part of their business; we build their `destination’, and then we question everything through our trademarked approaches to formulate the answer.”
The new strategy was implemented by Fourth Wall Events earlier this year for the Australian Academy of Cinema and Television Arts Awards held at The Star Events Centre.
“Our model delivered the project for significantly less, yet our approach created a better in-room experience and a better broadcast experience. By all accounts it was incredibly successful and we have now entered into a three-year partnership with the AACTA for this event.” m
More meetings = revenue growth: study
A study by Crown Plaza Hotels & Resorts has found businesses could be missing out on nearly a quarter of additional revenue because they are not investing in face to face meetings.
The report surveyed more than 2000 business men and women across five major markets – the UK, US, United Arab Emirates (UAE), China and India – to better understand how business professionals are using both virtual and face-to-face meetings and the possible economic impact.
The survey found:
- Nearly half (47 per cent) of business men and woman surveyed believe they had lost a contract or client simply because they didn’t have enough face-to-face meetings, which resulted in the estimated yearly revenue loss of 24 per cent.
- 81 per cent of business men and women said that face-to-face meetings are better for building long-term trust and ensuring strong client relationships.
- However, nearly two thirds (63 per cent) reported that the number of virtual meetings they attended has increased in the past five to 10 years further demonstrating that the value of face-to-face meetings is being overlooked in favour of cost and time-saving technologies, such as video conferencing.
Commenting on the study’s findings, business psychologist, Hazel Carter-Showell, said: “Although developments in technology allow business men and women to make achievements in meetings that would have been impossible a few years back, meeting face-to-face continues to bring significant benefits that are much harder to obtain through virtual channels.” m