"A whole new mind" to the MICE business

If you are in the MICE sector, you need to rethink what business you are in and who your competitors are. P@SSPORT reports on what Mr Richard Ireland, Singapore-based CEO of Terrapinn, has to say as he urges players to approach the industry with "A Whole New Mind".

If you are in what is now called the MICE (Meetings, Incentive Travel, Conferences & Exhibitions) sector, what business would you consider yourself to be in? Are you in information, entertainment, fraternity, social networking, marketing services, business facilitation, education or even show business?

This was the question posed by Mr Richard Ireland, CEO, Terrapinn, during a lunch discussion organised by SAECOS (Singapore Association of Exhibition & Conference Organisers) that was held in November 2007.

Citing the book "A Whole New Mind" by Daniel Pink which introduced "Why right-brainers will rule the future", he said: "Pink's idea is that in the world of Asia, Automation and Abundance, right brain individuals and organisations will rule."

And what this means is that in the midst of intense competition for products and services, "successful people and organisations will come through the right brain world of high concept and high creativity".

He elaborated: "High concept is the ability to detect patterns and opportunities and to combine seemingly unrelated ideas into invention. This is very relevant for the MICE industry."

New ideas and concepts will be the differentiator

He remarked that the industry cannot avoid the fact that buying and selling patterns change over time or the fact that different mediums compete ferociously with the traditional event platform.

"New and interesting concepts in the MICE industry will create the greatest opportunities moving forward. For me, good infrastructure, venues and connectivity are a given, but it is the new ideas and concepts that will bring the various industries to converge and do business."

For example, he said the industry needs to innovate with structure, format, networking sessions, price and length of each event.

He also added that companies are looking for new and interesting ways to interact with their customers and hence organisers and suppliers need to help facilitate this process.

"Who are we currently competing with?"

He further asked: "Who are we currently competing with - is it Facebook, MySpace, Disney, Yahoo, INSEAD, or Reuters?

"Do we compete with these companies for customers and what can we learn from these companies?"

He said: "In an increasingly competitive environment, success will be determined by our ability to differentiate ourselves by creating memorable experiences for our customers. None of us here want to compete on price as there will always be a cheaper event, cheaper location, or cheaper supplier. And remember, a lower price does not equal a higher ROI.

"The latest statistics from China show an average price per square metre of US$125 - with venues in the main cities charging similar prices as Singapore venues. Competing on price alone will make it very difficult to make money."

Service is the challenge

For Singapore, Mr Ireland said that one of the greatest challenges is in the level of customer service provided. "Ask people about service in Thailand and they will say that it's somewhat charming. Ask about service in Japan and they will say that the Japanese are very polite. But ask about service in Singapore and the response would be it's average and inconsistent.

"If we are going to have five-star infrastructure, five-star venues and five-star pricing, it must be supported by five-star customer service."

Read related story