The 4 Components of MICE

The acronym MICE is popular in the hospitality industry, but it is an equally important service for those associated with business travel. This growing event management market deals with important business events like corporate meetings, seminars, conferences, workshops, and more. In this article, we will explore the four main components of MICE and the role they can play in scaling a business:

 

MICE (Meetings, Incentives, Conferences, and Events) is a widely used and businesses greatly benefit from it, and if organized wisely. Not only is it important for boosting company culture, it can also be an effective avenue for branding and marketing activities. It can, therefore, reap long-term benefits that can help a company reach greater heights of success by keeping its employees happy and forging new client relationships. 

Let us explore more about MICE and understand why businesses actively invest in this segment:

What Is MICE?

 

MICE is an acronym that stands for four key elements:

• Meetings
• Incentives
• Conferences
• Events

However, recently, terms like the “events industry” or “meetings industry” are also used interchangeably to discuss it. MICE has always been a big part of global corporate travel because it has always played a role in bringing people together through regular events organized by companies. The idea behind MICE is thus to bring professionals together and help them foster strong business relationships that can give birth to new ideas and help propel growth in the industry.

The 4 Components of MICE

 

MICE is made up of four prominent categories of corporate events. While earlier these events were held in person, in the recent age of digitalization, online meeting, hybrid events, and teleconference have also become hugely popular. Yet, the four pillars of this industry continue to thrive as before. Let’s explore each of them to understand better-

1. Meetings:

 

A meeting is defined as a formal gathering where people meet and discuss important business activities. Sometimes these formal meetings are also mixed with informal activities to entertain people in teams meeting. Such an event aims to bring people both within and from outside the organization together. The objective of organizing it can be to-

• Discuss plans
• Strategize future steps
• Set goals
• Overcome challenges and more...

Meetings can be of the following types-

• Annual business meeting

• General meeting

• Management planning meeting

• Training

• Supplier meetings

• Board meetings

• Onboarding meetings

• Team Building meetings

• Product launch meeting

Meetings can also be defined as internal and external meetings. When held by the members of the company, it is an internal meeting, while external meetings involve outside stakeholders like clients, dealers, and partners as well. 

 

2. Incentives:

 

While meetings are all about formal business discussions, this is segment of MICE that is associated with leisure. It includes rewards that an organisation offers to its staff, team members, partners, affiliates and even customers in the form of travel. Incentives equate to corporate fun activities where the main goal of the incentives offered is to show the company’s appreciation. It is to thank the people for their stellar performance, loyalty, as well as to boost the morale of the employees.

These incentives can take different forms but typically involve-

• Corporate outings like all-inclusive weekend trips are meant to encourage corporate team building activities.
• Corporate dinner for quick celebrations and appreciation.
• Corporate retreats for a unique experience that heals the mind, body, and soul.
• Other recreational activities.

 

3. Conferences:

 

A corporate conference is the superlative form of a meeting. They extend over days and have more attendees. They are sometimes even referred to as conventions. They are organised to share insights, find solutions to challenges, and forge fruitful networks.

Even though they can be different based on the organizers, yet there are a few common activities that are a part of most virtual meeting or conferences-

• Panels
• Presentations
• Speeches
• Discussions
• Workshops

Even if the objective of a conference varies, they are nonetheless meant to address challenges that impact the industry or business and find solutions. Insight sharing and research prompted by various corporate activities are a big part of such conferences that are an excellent foundation for networking.

 

4. Events:

 

Events are yet another important facet of MICE It is targeted to give employees and channel partners a memorable experience around the globe with some creative corporate events. This involves dedicated points of contact taking care of the end-to-end management of the company's group travel. Events can include:

• Product launches
• Townhall meetings
• Annual celebration dinners
• Trade Fairs
• Virtual meets and more.

The objective of organising such corporate days is to-

• Establish relationships or cooperate with existing or potential partners.
• Poach new clients.
• Learn tricks of the trade.
• Establish strong networks.

Why Choose MICE by MakeMyTrip for Your Business?

 

MICE by MakeMyTrip can help your business implement tailor-made MICE services as a way of securing long-term growth and value through -

• Customisable activities that are offered through online and offline channels.
• Unique experiences for overall stimulation of employees.
• Prioritizing safety.
• Encouraging local travel.
• Technological solutions and more...

 

The revenue implications of organizing MICE events and corp meeting are known to be significant all over the world as it boosts profit and secures new clientele. It is also a huge opportunity to expand your company profile and secure a strong reputation in the market as a growth-driven, profitable business. Companies often reach out to multiple vendors to organise MICE-related events. However, tying up with our one-stop solution can enable you to get expert help on every service related to meetings, incentives, conferences, and events. So, explore more and partner with MICE by MakeMyTrip! 

Frequently Asked Questions (FAQs) 

Q1. Does every company have meeting planners for MICE?

Ans. Large companies sometimes have in-house event planners, but often businesses rely on trained professionals like the M.I.C.E team by MakeMyTrip to take care of end-to-end M.I.C.E management.

Q2. What are the logistic services covered in MICE?

Ans. A full range of logistic services is covered in M.I.C.E, like meet & greet, transfers, hotel stays, excursions & activities, restaurants, conference halls, dinners after corporate meeting, and more.

Q3. How to negotiate for affordable MICE rates?

Ans. Taking the help of an experienced team of meeting planners like M.I.C.E by MakeMyTrip can offer preferential rates through their suppliers based on the buying power.

Q4. What are the skills to look out for in good MICE organisers? 

Ans. A good team like M.I.C.E by MakeMyTrip have the required expertise to efficiently manage M.I.C.E activities through good creative, interpersonal, organizational, and technical skills. Innovation and creativity are the two most important aspects of excelling in M.I.C.E management.