PRESS RELEASE - "Smart Strategies" Key to Tackling Inevitable Surprises: Convention 2020 Launches Pathfinder Report at IMEX 2010 and Lays out Six Critical Strategic Imperatives

Clear positioning, future focused boards, strategic innovation, leveraging data, business model experimentation and top talent now critical to shaping the industry’s future.

At IMEX 10 in Frankfurt today, Fast Future Research launched a ‘Pathfinder Report’ on the key strategic challenges and choices facing the industry over the next decade. The Pathfinder Report provides a glimpse of the content of the full phase 1 report to be released in July 2010 as part of the groundbreaking Convention 2020 study on the future of meetings, venues and destinations.

The founding sponsors for the study are ICCA – The International Congress and Convention Association, IMEX the leading industry trade show and Fast Future Research. The platinum sponsors for the study are The Queen Elizabeth II (QEIICC) Conference Centre London, Visit London, Melbourne Convention and Exhibition Centre, Qatar National Convention Centre, Seoul Tourism Organisation, Athens Convention Bureau, Congrex and BestCities Global Alliance (Cape Town, Copenhagen, Dubai, Edinburgh, Melbourne, San Juan, Singapore and Vancouver). Kenes are the first gold sponsor. The Technology partners are Meetings:Review and TrendWiki.

The report draws on a wide range of expert interviews and workshops, desk research, an online survey and a project wiki to identify drivers of change and emerging strategic challenges.

The research identifies case studies highlighting both the incremental and transformational changes already being undertaken by different players across the industry, and highlights the need for greater clarity and consistency of strategic thought and action. A number of strategic imperatives are identified including the need to:

• Choose a clear strategic position whether it be strategic innovator, fast follower or low cost no frills provider and then ensure every action and decision is consistent with that strategy e.g. being brave enough to say ‘no’ to business that doesn’t fit your capabilities
• Develop the board into an outward looking and future focused entity that is helping to shape and challenge longer term strategy
• Acknowledge that to compete effectively with the expensively marketed alternatives on offer to our customers ranging from video conferencing to advertising, we have to outthink the competition rather than trying to outspend them
• Develop a clear set of strategies to manage our technology, exploit the data generated through our events and create ‘reusable knowledge’ that is of lasting value long after the event
• Demonstrate a willingness to experiment with business models and create new revenue streams to anticipate and address future client demands for greater financial innovation and risk sharing from their event partners
• Develop and recruit top level talent that can truly understand how client’s business strategies are evolving and develop equally strategic and innovative responses

Carina Bauer CEO of IMEX said “The report lays out a clear roadmap of critical decisions and choices that will help ‘future proof’ businesses across the sector. The strategic issues highlighted identify key factors industry players must address to ensure they can compete effectively in the decade ahead. We need to become as good at strategic thinking as we are at operational delivery.”

Martin Sirk CEO of ICCA said “Laid out like this, the research makes very clear the sheer scale of the challenges and opportunities that confront us. The message is simple, we can continue to tackle all these issues individually or make life easier for ourselves by learning how to think and act strategically. We have to develop the capacity to anticipate the ‘inevitable surprises’ coming our way.”

Rohit Talwar the project director and CEO of Fast Future said “Many in the industry have tended to focus more on operational delivery, short term results and responding to issues as they arise rather than thinking about the shape of future challenges. This makes it very susceptible to external events. The learning from other sectors and businesses that performed better in the downturn and recovered faster is that they devote time and effort to understanding the drivers of change and develop strategies which anticipate those changes.”

The full report is to be published in July 2010. It will examine critical factors that have shaped the industry over the last decade, examine current issues on the agenda, describe key global drivers of change shaping the external world and customer behaviours, and highlight emerging industry and external trends that could impact the sector. It concludes with a roadmap of key strategic challenges and choices facing business leaders and decision makers in the sector.

The Pathfinder Report will be available for download from 10.00 (GMT) on Tuesday May 25th 2010 from www.convention2020.meetingsreview.com/Phase1Report. Delegates can also sign up to receive regular project newsletters & updates.

Ends

Report Details

The Full report to be published in July 2010 will address the following key themes:

• Looking Back - A review of key trends, issues and developments that have shaped the industry landscape over the last decade
• Taking Stock - A summary of current leadership priorities
• The Big Picture - An overview of critical global drivers of change that are shaping the world we operate in
• The Near Horizon - External trends and ‘weak signals’ likely to grow in importance in the next three years
• The Next Big Thing – Emerging industry levels trends and developments whose prominence could increase rapidly
• Lurking in the Labs - A timeline of key science and technology developments that might impact the sector by 2020
• Place your bets - Key strategic challenges and choices facing business leaders and decision makers in the sector.

Notes for Editors

Convention 2020 is a strategic foresight study. The research programme is designed to take a wide ranging and forward looking perspective on the future of live events, venues and meeting destinations. The objectives are to:

• Help the industry value chain prepare for the future
• Provide key insights on how live meetings could evolve by 2020
• Help meeting owners, managers and designers think about the future customer experience
• Help venues and destinations think about the implications for their strategy
• Suggest emerging strategies, approaches and business models for events, venues and destinations
• Use a highly participative ‘open’ research process to educate and inspire participants

Fast Future Research is a global research and consulting firm that specialises in studying the future of meetings, travel and the leisure industries.

ICCA is one of the world’s leading trade associations for the meetings industry, with 900 member companies and organisations in over 80 countries worldwide and covering all supplier sectors.

IMEX is the leading global trade show for the meetings and events industry which takes place each May in Frankfurt, and organiser of the new IMEX Americas event which will be launched in Las Vegas in October 2011.

For further details please contact: Rohit Talwar CEO Fast Future Research Phone +44 20 8830 0766 Mobile +44 7973 405145 Fax +44 20 8830 4777 Email: rohit@fastfuture.com

Background

The founding sponsors for the study are ICCA, IMEX, Fast Future Research. The platinum sponsors are The QEII Conference Centre London, Visit London, Melbourne Convention Centre, Qatar Convention Centre, The Best Cities Alliance and Seoul Tourism Organisation. Kenes are a gold sponsor.

Rohit Talwar is a global futurist and award winning professional speaker. He was profiled as one of the top ten global future thinkers by the UK's Independent Newspaper and is in great demand as a keynote speaker for corporate events, governments and association conferences around the world. He specialises in studying the future of the meetings and events industry. He is currently leading the Convention 2020 study.

Rohit has presented to audiences in over 40 countries worldwide, worked with a wide range of clients across the meetings industry and presented to leadership audiences for ICCA, IMEX, Visit London, ASAE, MPI, PCMA, ISES, MIA, Eventia, BACD, ACE, Confex, Kellen Euroconference, AEO, EITBTM, GIBTM and a range of other global industry events.