Corporate events market size
Print No, SMERF is not a character in a children's series, but rather an acronym that refers to market approval groups: Social, Military, Education, Religious, and Fraternity. This is usually the events organized by non-profit organizations working in these areas. The cousins are SMERF market governments and sporting events. Although the benefits are difficult to quantify, the industry stakeholders seem unanimous on two points: it is a growing customer base and it can generate staggering returns. But this group of letters suggests that the characteristics of this market vary from one segment to another, and how to approach them as well.
An attempt to assess the size of this market has nevertheless recently been advanced by Groople, website planning group travel and research firm PhoCusWright. They believe that these approval groups represented USD 87.3 billion in 2006 and they expect they will reach USD 94.3 billion in 2008, an increase of 8%. Although it is already a good reason to be interested in this market, here are some others:
• While the corporate market usually has several hundred delegates in Congress spenders, related events SMERF often attract thousands who spend moderately. The economic benefits for the local community and are often more important.
• Most groups hold their events during the weekend, in contrast to business meetings. Some events have also been used to hold during long weekends to ensure better participation.
• Although several SMERF groups seek low prices, this is not the case for all. Many do not hesitate to provide $ 200 per room plus banquet facilities. Do not put all accreditation groups in the same category.
• The participants in these gatherings often travel with their families and extend the length of stay, especially if family activities are offered in the package destination.
• Some events are unique, but most are repeated over time.
• The SMERF market is stable and insensitive to the vagaries of the economy. Following the events of September 11, tourism and convention business has dropped dramatically. However, groups of approval have stayed the course and are now courted by destinations that previously neglected. Also, even if the SMERF is part of leisure tourism, it seems less sensitive to economic fluctuations than group travel.
• Policymakers are primarily their choice based on price / quality ratio, which makes them more flexible for other criteria.
• Holding a SMERF event often causes further displacement in the same place in subsequent years. Participants return for other meetings or personal travel.
Convinced? Let us now understand these segments.
• Social - Social events are more difficult to target. They arise from a special occasion such as a birthday, or a friendly family gathering, wedding, etc.. They are also less price sensitive, which makes them very attractive. Word-of-mouth is particularly strong for this segment.
• Military - In the United States, the meetings of the armed forces represent about 30, 000 overnight stays for an average of 150 people per game. Holiday Inn and Holiday Inn Express are popular with these groups that bring them about $ 400 million per year. Note that growth events observed for the veterans of Vietnam and the Gulf War. The Canadian Forces do they represent the same potential?
• Education - It is usually of events, conferences and training courses organized by universities. These activities are often repeated from year to year, but it is a price sensitive segment.
• Religion - Participation is often impressive, we're talking about millions of people in the United States. According to a survey of the Religious Conference Management Association (RCMA), participation there were 14.7 million people in 16, 700 events in 2006, an increase of 14% compared to 2005. Intercontinental also has a dedicated team to groups such as the RCMA. Security can be an issue for some religious groups. They are not, however, sensitive to recessions, they meet often during the season, their dates are flexible and meetings lasting several days. Occasionally, the group donated to the host community or provides days of community service.
• Brotherhood - The majority of participants in these events are for students belonging to a fraternity. Their meetings are born during their studies and often continue in the following years. These groups hold an annual meeting in the summer and usually need 40 to 600 rooms.
• Sporting Events - Although not directly part of SMERF, sporting events come very close and represent a huge market.
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