FOREVER. FASTER. is more than being quick
ES. Could you please take us through your career journey? How has your role as an international consultant for companies like Reed Huabo Exhibitions and Eastfair Technology influenced your understanding of the global MICE industry?
Nat Wong. Having had the privilege of being a member of the International Exhibition community since the mid 80’s, I’ve had the unique experience of having been at the helm of different sectors of the industry. My career traverse the appointments of Exhibition Director at Singapore Exhibition Services, CEO of Meeting Planners International, Global President of Agility Fairs & Events Logistics, President of Reed Exhibitions Greater China, Chairman of ITE (HYVE) Asia Pacific and Executive Advisor of Meorient. My role with Reed Huabo and Eastfair is to advise and support on international matters. In order to do that, I have to be aligned with the latest in the global MICE industry and keep close contacts with my international network.
ES. As the Founding Principal of Nat Wong Consulting, what unique value do you bring to your clients, and how do you help them navigate the complexities of the industry?
Nat Wong. I bring experience as well as cross border networking to my clients. I help to analyse their problems and needs and propose solutions. I help to link them up with international parties for potential cooperation.
ES. With your advisory roles at companies like Zhejiang Meorient and Arcon Marketing Communications, what common trends or challenges have you observed in the industry’s current landscape?
Nat Wong. Some recent trends are in the M&A sector where major players are expanding rapidly. The full payment before event concept and nice profit figures are also attracting private equity funds to get involved in our industry. Unfortunately, high PE ratios have inevitably led to price increases and cost rationalisation. This could result in exhibitors having to pay more for the same or lesser benefits. When post M&A integration occurs, opportunities could be created in some market niches for vertical events. Hopefully, this can have a new entrepreneurial impact on our industry infusing new ideas and new blood. New tech like AI, AR and voice recognition are areas where our industry needs to embrace and adapt our processes. They will enhance the overall exhibition experience.
ES. Sustainability is becoming increasingly crucial in all industries. How can the MICE sector incorporate sustainable practices without compromising on quality and attendee experience?
Nat Wong. Sustainable processes can only succeed if both upstream and downstream members cooperate together. It encompasses all involved in the event with the organiser as the driver bringing in compliance from service providers and adherence from participants.
Sadly, it is still very slow in progressing forward, although there is much talk, action is lagging behind.
ES. How do you perceive the role of digital exhibitions and virtual events in complementing or competing with traditional in-person events?
Nat Wong. During covid, online events sprouted as organisers quickly put in place an alternative to their physical events that couldn’t take place. The value of online events and platforms skyrocketed. However, once physical events restarted, online events made a quick retreat. In my opinion, the Online segment of an event would be a complementary add-on extension to the limited number of physical show days bringing added value to participants.
ES. What strategies do you recommend for businesses in the exhibition industry to effectively manage risks, especially in volatile markets?
Nat Wong. Apart from being closely linked to the marketing and trading environment of the industry served, in order to make good decisions for the event, the best risk reducer is to develop a community of satisfied and loyal stakeholders for the exhibition brand. Stakeholders include investors, organisers, sponsors, exhibitors, visitors, speakers, delegates, researchers and anyone critically involved in the industry. Speed to market for new developments and resilience against changes and direct competitors must be well managed by the Exhibition Team.
ES. Your role with Reed Huabo Exhibitions involves advising on international development. What factors do you consider crucial when assessing new markets for expansion?
Nat Wong. The key is to locate a good fit for the exhibition to the market being expanded into. There is a need to acquire knowledge of the new market environment and find crucial matches with the exhibit profile and buyer preferences. Understanding the new market and what benefits the event bring must be well proven and communicated to the participants. It helps when the market leaders and bellwether exhibitors of the event are supportive of the expansion.
ES. What are some innovative technologies you believe will have the most significant impact on the future of exhibitions and events?
Nat Wong. Many people would focus on AI, AR, VR and online technologies for the answer to this question. While these are important, I defer a little and would like to look more into the technologies that will help exhibitors better identify and help buyers buy better, more efficiently and more cost effectively. I would look into innovations that helps collect and crunch critical data resulting in better matchmaking for buyers and sellers for their relevant business transactions.
ES. How do you see the role of artificial intelligence and machine learning in revolutionizing the planning and execution of MICE events?
Nat Wong. AI and all types of learning methods are useful to the organisers in their work processes, making the planning and execution of events better, more effective and extremely efficient. These are great improvements but I do not think they will revolutionalise the MICE industry. A revolution could happen in the shift between less exhibit space, more sponsorship value packages and more space for structured and trackable matchmaking programmes. If well managed, organisers may be able to create revenues by managing successful end to end matchmaking for exhibitors with eventual buyers.
