Event-management companies are those organisations that take on the project of managing a particular event of their client from the beginning to end. A relatively new breed of companies in the Indian corporate line, these companies are however, getting increasingly important with the rise in corporate and personal events needing professionals to manage them.
With the Indian economy opening up and throwing open its doors to global MNCs, there has been a sea change in the way large corporate houses do business. Bigger is increasingly becoming better, and who better to manage their ambitious public-relations events than professionals who have the expertise and resources of making every announcement, event big. Their scope includes these broad heads:
• Corporate: High-level meetings, conferences, exhibitions, product launches, seminars or even employee outdoor activities of mega companies. • Social:Family functions particularly weddings, birthday celebrations, house-warming rituals etc. • Celebrity Circuit:Celebrity shows, international artists shows, road shows, competitions and social-causes shows. • Sports: Every kind of popular sport whether cricket or Formula One race. • Cultural: This includes events which are cultural or are heritage, art based.
Areas of expertise:
Almost every big event-management company boasts of a complete bouquet of expertise all assimilated under one roof so that the client need not worry about any aspect of the event. They specialise in:
• Organisational skills, co-ordinating across service areas. • Technical knowledge of the event in question, so that all nitty-gritties are addressed. • Public Relations expertise in order to get maximum participation and eyeballs. • Marketing and Advertising. • Logistics planning. • Catering and decor planning. • Knowledge of laws relating to permits and licenses in different states. • Human Resource planning for both the managerial and ground staff. • Risk assessment and management. • Budgeting of monetary and non-monetary resources. • Knowledge of associated media like television and print.
Still a largely un-organised sector, reports and studies are few. However, the structure of the event management market in India is slowly changing from an unorganized framework towards an organized market. • The market for event management in India is expected to witness growth of 25% p.a. and reach INR 23 billion by 2012. • The number of event management companies is under 5000 presently.
The key drivers in the growth of event management companies in India are:
• Growth in consumer spending and disposable income. • Increase in below the line promotion among establishments. • Rising need of organised and structured event. • Rise in the number of institutions offering course/specialization in event management.
However, some of the pertinent issues faced by entrepreneurs desirous of in setting up a event-management venture are:
• Lengthy procedure for import of equipment. • High levels of entertainment tax imposed by the state/central governments.
Clearly the key trends and drivers for growth point towards a successful horizon for the event management companies in India