This is the best time for the Event Management Industry of India, as the demand for big, lavish and sophisticated yet thriving events are reaching the sky. The advancement in technology is being the next reason for the clients growing expectations. Let it be big rocking concerts, full of cutting edge animation technologies or grand corporate event, people want everything as “cool” as it could be to roll as much of the eye balls of the guests as they can.
All this is the big effort of the Event Management Companies in India who are taking it as a challenge and planning the next event as amazingly as they can. These Event Management Companies today, are re-imagining experiences while at the same time redefining perceptions. This is the reason; the Indian Event Management Industry has evolved and growing rapidly both in size and stature.
But to make an event successful is not as easy as it looks. The Event Industry of India is also facing some issues which they will have to tackle with a great strategy. Let it be Cultural Events, Sports Events, Entertainment Events, Wedding cum Celebration Events or Brand Activation Events, all are needed to pay extra efforts.
Some of the issues the Event Management Industry has to tackle can be described as follow:
Different types of direct and indirect taxes
There are some or the other issues occurring every day; and only known to the particular industry alone. Even, Event Management Industry does not differ from the same truth. There is a challenge of direct and indirect taxes the industry has to face. The increase in service taxes is creating issues for the companies.
The Legal Boundations
Well, it is not as easy as it is shown in a Hindi movie named, “Band, Baja, Baaraat”, where the central characters of the movie are shown to open their own venture, i.e. Event Management Company without completing any legal procedure! Though on the part of the movie, it was inspirational for many and widened the scope of self-employment in India.
But there are so many Legal Boundations on the Event Management companies. While hosting an event, a company needs to get permission from several concerned authorities, which proves to be a major issue to tackle.
While planning an event, a company needs to have skilled manpower. Having the perfect fit for every single task is what the company seek on the top of everything to make the event grand, better or lavish. But yes, this problem has a solution and that is to host learning programs for such people. But still it is a time consuming task. That is why not having talented manpower is becoming a great issue to be tackled by the Event Management Industry.
When it comes to hosting an event, it is immediately followed by a sponsorship. Being a sponsor led industry, Event Management Companies have to be on the hunt of a sponsor every single day. The challenge increases its vastness for the Event Management Companies situated in non-metro cities.
Lacking supporting infrastructures
It is not at all easy to get the ball in the court. The Event Management Companies cannot be fortunate enough to get everything perfect. Finding the perfect venue with the correct technologies available and the transportation issues are some of the obstacles they have to jump on while planning an event.
Different ROI Measurement Standards
The Return on investment (ROI) cannot be measured properly every time. The brands are there to sponsor only when they can see a great ROI. But as every event is different, the ROI on it will be different too.
Down of Other Media
Television, radio and print media are the media of old days. Though there is a vast impact of these on the people a lot, still the dawn of new media has made these old media types fade away a bit. New media like social media is creating its own space in the industry. Brands have also started to opt for these, making it a big concern issue for the Event Management Industry.
Everyday increasing rental cost of place
The Event Management companies have to face a lot of trouble when it comes to decide the perfect venue for their event. But, then comes the real issue, the everyday increasing rental cost of the places. It is not easy at all to compromise on the part of the venue, because everything depends on the perfect venue. But the increasing rental costs seems to ruine it all for them.
But it does not mean that these issues will prove to be the real hurdle in the way of the Event Management Industry. As the history shows, when difficulty arrives the human brain runs fast and think the other way round. The same is expected from the Event Management Companies, that despite these issues they will perform better and turn over the scenario of the industry in the coming days.