Whether you’re a travel manager or an event organiser, chances are you’ve heard of the acronym MICE (or you’re brand new and are curious to learn about it!). With close ties to the business travel industry, MICE focuses on the organization, coordination and participation of attendees for business events and conferences.
In this piece we’ll be reviewing all facets of MICE, exploring its size on a global scale, alongside the main challenges of this ever-expanding industry.
While elements of leisure travel are often incorporated into the business of MICE, the MICE industry often
makes up a large component of global business travelinitiatives, meetings and events. MICE markets are analyzed and divided in order to understand the industry as a whole, in addition to
its regional trends.
Let’s dive a little bit more into each of the four different types of events that make up the MICE sector: Meetings, Incentives, Conferences, and Exhibitions.
The meetings industry aims to create a day for knowledge sharing, team building and goal setting, as well as resolving conflict and tackling business or industry-specific challenges.
While primarily rooted in leisure, Incentives often involve business group tourism, including accommodation, transportation, company dining opportunities, and excursions, as part of the complete incentive package.
It can be an extensive corporate event for a specific company or organization, multiple organizations, or even extend to include the general public.
Conferences frequently include keynote speakers, alongside talks, seminars and workshops presented by knowledge experts and guest speakers that participants can join. The purpose of conferences is to expand industry knowledge, network with like-minded individuals and engage with the topics at hand.
Alternatively known as trade shows, exhibitions are often hyper-focused, concentrating on one particular niche or industry. Many exhibitions feature keynote speakers, knowledge experts and other exhibitors from within the given niche industry, giving talks and providing demos of products.
Exhibitions can either be business to business (B2B) in nature or business to consumer (B2C), meaning businesses selling to other businesses or businesses selling to customers or members of the public. Exhibitions are particularly popular within the pharmaceutical, beauty and tech industries.
With so many travel-related expenses for companies, not only will you need to focus on tracking employees’ travel spend, but also ensuring your company’s travel spend policies are followed for employees who embark on MICE travel.
TravelPerk’s business travel software offers integrationswith your existing expense management systems, helping you to achieve a bird’s eye view of all your business travel expenses.
With all of your company’s business travel invoices consolidated into one centralized dashboard, TravelPerk saves you valuable time.
MICE organizers will need to cater not only to the needs of attendees and professionals attending the event, but also the travel experience that emerges as part of the experience.
Modern travel management companies such as
TravelPerkhelp to address this problem by offering travel managers and event planners expansive travel inventories.
TravelPerk’s software allows you to cancel or modifyany booking up to 2 hours before departure and receive up to 80% back in TravelPerk credits for your employees’ next business trip.