The company’s target market will consist of major international corporations and government organizations. Organizing conferences, meetings, and other large-scale professional and business events will be the company’s primary focus. Events of that type are used to raise morale, reinforce team cohesion, establish useful relationships inside and outside the organization, and assist participants in their professional development. Such considerations are considered especially important for larger, more bureaucratic organizations, whose employees may grow neglected, disengaged, and fatigued without the opportunities offered by such events. Conferences can also inject much-needed dynamism and innovation into such relatively rigid groups through exposure to new ideas and opportunities. While the COVID-19 pandemic has disrupted many plans for corporate and government events, their importance makes it seem probable that they will rebound after its conclusion. This would give the company an ideal opening to enter the market.
The event industry of Ireland has experienced dynamic growth over the recent years. According to the Mintel Event Tourism Ireland Report of 2015, the value of the events market in the Republic of Ireland reached €174.5million as of 2014 (as cited in Gupta, 2016, p. 15). Fáilte Ireland, the country’s official tourist board, reports that it attracted €212million to the economy through “524 international conferences and business events” in 2019 (Business tourism is big business, 2020, para. 1). This indicates a 4% growth in the narrower niche of conference and business event tourism alone. The COVID-19 pandemic may end up delaying the board’s ambitious plans for further growth, but Ireland’s fundamental advantages should allow it to resume expanding its event industry in the near future. Those fundamentals include Ireland’s location, numerous sophisticated venues, and the country’s and its capital’s strong reputation as business tourism destinations (Newstalk, 2016). Capitalizing on this expected recovery, the company will attempt to secure 5% of the market share in its first year of operations. After that, it will seek to advance to 7% in the second year and 10% in the third.
The company will have to compete with several established businesses in the corporate event niche. Dynamic Events specializes in creative team-building activities, though it also arranges a wide array of events including conferences. Grooveyard was named Ireland’s Best Event Management Company in 2017, 2018, and 2019, partly due to its corporate events. Go West has 24 years of experience in organizing corporate and association conferences. BEM Ireland’s offerings include meetings, incentives, conferences, and events. However, none of those businesses have the company’s focus on organizing conferences and similar events for large, international organizations, as their efforts are divided between many different types of customers and activities. Concentrating on satisfying the specific needs of its target market from the start will constitute the company’s main competitive advantage. On top of that, the company will be in a position to learn from the mistakes and successes of its competitors while retaining the necessary adaptability to thrive. Government and corporate clients will benefit from the company’s ability to accommodate their specific requirements and navigate cultural difficulties while securing the best Irish venues for their needs.
Marketing and Sales Strategy
As there are no other organizations that can provide event planning for big international businesses, it is not as important for the company to establish itself in the industry. Instead, their marketing strategy should focus on promoting Ireland as a viable destination for conferences and team-building trips. Once a global corporation becomes interested in having an event in this country, the company will naturally become the only possible option for a conference of great excellence. This promotion of Ireland should include advertising the country’s already existing appeal for large-scale events aimed at international businesses as a reassurance that such a venture will be successful. For instance, the ‘SITE Global Conference’ will take place in Dublin in 2021 (as cited in Business tourism is big business, 2020, para. 6). This ensures that the timing of this advertisement will be favorable.
On a separate note, the promotion of the country should introduce its vacationing potential. While conferences and even team-building trips are planned for the purpose of work, most businesses understand that providing their workers with the potential of a vacation is advantageous for morale. The timing is favorable for this goal as well, as Ireland has recently become a more popular travel destination.
Despite Ireland being considered an affordable destination, it is likely that the organization can advertise its services at a higher price. This is achieved due to the lack of competition in the industry of organizing large-scale events and the clients being global corporations that can afford to pay for them. Therefore, the sales strategy should focus on hiring a good logistics department that can design a scheme that will save money even when arranging conferences for a great number of participants.
References
- Business tourism is big business for Ireland. (2020). Fáilte Ireland.
- Gupta, A. (2016). An analysis of best digital marketing channels and strategies for event organizers in Dublin [Doctoral dissertation, Dublin Business School]. DBS eSource.
- Newstalk. (2016). How Irish event organizers can make the most of the business tourism boom. Newstalk. Web.