M.I.C.E Stands for Meetings, incentives, conferences & Exhibitions/ Events. It represents the niche hospitality market that is being adopted increasingly in the corporate world due to its ability to inspire employees by providing accommodating environments and tailor-made services.
M.I.C.E is one of the fastest growing segments in the travel sector which is generating millions of dollars in revenue every year. Typical target customers of M.I.C.E include IT Companies, Banking, Retail, Pharmaceuticals, Hospitality, F&B Companies, etc.
The latest Convention Industry Council Report claimed that 85% of meetings in the U.S.A are conducted at venues with lodging, generating more than 275 million room night tariffs annually. M.I.C.E travel is much higher than Leisure travel.
M.I.C.E has been an essential part of the tourism business for decades.
Meetings
Meetings are typically held in hotels, conference rooms, or at convention centers. They are single events that bring together a group and professionals to address a key challenge or set goals for organizations.
Incentives
Incentives are travel rewards a company may provide in return for excellent professional performance from individual employees, groups, or partners. A few days in resorts, hotels at your company’s expense.
Conferences
Conferences take meetings to the next level and are designed for large corporate groups & to share knowledge for a few days. They also include guest speakers and the general public as well.
Exhibitions
Exhibitions are essentially trade shows where organizations promote their products and services to the public. They are highly focused on employees to network, boost their business, and build long-lasting professional relationships.
Required Skills for M.I.C.E Tourism
Management is based on interpersonal, creative, organizational, and technical skills. Innovative creativity is needed to design original event concepts, select the right venues, and market effectively. Soft skills such as patience, empathy, teamwork, and problem-solving are vital if, for example, a large traveling party from a culturally- specific region is to be greeted with an appropriate welcome drink.
The Niche hospitality market has seen hotels having to create jobs for innovative meeting planners and professional conference service staff. In some cases, recruiting in-house can prove difficult if all competencies are to be met, hence the rise in Destination Management Companies (DMC) that have started to spring up worldwide.
A DMC aims to offer the full range of logistics services in their specialist destinations: meet & greet, transfers & transportation, hotel accommodation, restaurant, activities, excursions, conference venues, theme events, and Gala Dinners. They are often able to provide preferential rates based on the buying power that they have with their preferred suppliers.
Impact of MICE
Nowadays businesses are attracted to the MICE Market, as the events can generate sales & revenue, increase Knowledge and boost employee productivity. M.I.C.E tourism also benefits the regional and national economies of the countries hosting events. M.I.C.E sales are extremely beneficial and can generate a sizable portion of the Hotel’s revenue. By attracting MICE tourists, you have an opportunity to boost the returns of your establishment, as well as your reputation.
Potential Benefits of MICE
- Contribution to employment and income, Nationally, Regionally & Internationally.
- Increased foreign exchange earnings for a nation.
- Provision of opportunities for access to new technology, exchange of ideas, establishment of valuable business and professional contacts and other social & cultural impacts.
- Attendance at conference draws together leading national & international specialists and practitioners in
