We should think beyond our own shores

Article published: December 2009

As the UK remains in recession (at the time of writing), much opinion has been voiced about the quicker emergence of other countries from their own recessions, what lessons we can learn from them and how that can be used to our advantage? 

Before discussing these ideas in detail, the number of countries that never actually entered a recession should be considered, particularly amongst the developing nations.  A technicality that is clearly identified by the fact that their GDP growth remained positive.  It would therefore be more accurate to say that they have been less affected or recovered from the economic downturn more quickly than the UK. 

Why?  Well, there is no doubt that the western nations are looking to developing economies for growth.  In particular the BRIC countries (Brazil, Russia, India and China) offer huge potential.  China is a great example with its ongoing growth rate of 8 to 9% per year.  Very soon they will overtake Japan to become the world’s second largest economy and following that it is only a matter of time (predicted 2017) that they become the largest.  All of these markets want to live like we do in the West, enjoying similar luxuries and lifestyles.  Again the statistics prove the opinion - China is currently selling 1 million cars a month and incidentally… they have no oil reserves! 

The event industry should turn our heads and take a close look at these fast growth countries and learn a thing or two.  Both China and India have incredible infrastructures, they have numerous huge event venues (as does Russia) and all four of the BRIC nations have huge populations looking for, and even demanding education.  The potential for events of all scales is undeniable large and suppliers and organisers across the UK’s industry should start seeking and developing business opportunities.  In fact, some already are – and showing great returns for their efforts. 

What does it take to break down the barriers and enter these markets?  It is mostly courage!  Start with visits, build relationships and invest.  This advice comes from direct experience and is no different to our own approach and success, which now includes a factory of our own.  What is certainly true is that the first in will have the rich pickings.

These ideas and methods apply to all industries, trades and professions so there is an opportunity for almost every member of the UK’s event market.  There have, for example, been conferences on industrial metals and oil, running for several years now in China - why? Because China needs these natural resources, just as they need technology for water treatment - a huge problem in China.  There is also a huge desire to share medical knowledge and technical information with the West.  Similar requirements exist in other developing countries the world over. 

The UK’s position as a world leader in the event industry should allow us to flourish in all these markets, we have a rich history of success, creativity and professionalism that we can use to reach out to new markets.  As our own recession continues, surely the targeting of growing markets is the perfect solution.

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