Unique Experiences: The New Trend In Incentives

Corporates are willing to spend top dollar on incentives but are increasingly demanding an out-of-the-world experience. feBusiness Traveller elaborates on this new phenomenon.

Floating in zero gravity, staying in an ice hotel, rafting the rapids in Malaysia, bungee jumping in New Zealand, zipping through Italy in a Ferrari, all these and many more such unique experiences are increasingly replacing the run-of-the-mill itineraries of Incentive trips for corporate sector in India.

The MICE (Meetings, Incentives, Conferences, and Exhibitions) industry has been growing exponentially globally in the past few years and is worth almost USD 200 billion worldwide.

In India, the segment has witnessed a similar boom, especially the Incentives component. The corporate sector has taken to Incentives in a big way and the key words are `unique experiences.’

According to Sushil Wadhwa, managing director and chief executive officer, Platinum Incentives & Events (P) Ltd., companies are no longer content with mundane itineraries, which include the usual sightseeing and gala dinner. "Companies are increasingly looking at experiences that have a perception of `Money can’t buy' so that the target audience remains motivated and charged up to achieve their targets," explains Wadhwa. Platinum, one of the major service providers in the MICE segment, is doing a lot of research to focus on this new trend.

"We have been flooded with requests to create an incentive trip with activities that are different and unique. This has prompted us to do extensive research on unique experience options the world over and adapt them to suit the Indian sensibilities and budgets. Our endeavour is to ensure that each one of our clients comes back with a feeling of having had an exceptional experience," states Wadhwa.

The offerings of unique experiences of Platinum range from floating in zero gravity, staying in an ice hotel, Ferrari self drive trips in Italy and off-roading trips in Eastern European countries where, apart from the regular four-wheel-drive vehicles and bikes, one can also drive trucks and army tanks. While companies are willing to spend top dollar for unique experience Incentives, the service providers are under tremendous pressure to come up with creative ideas which can be executed effectively. The market for such high end activities in India is clearly growing according to Wadhwa and while he says that there are no specific figures available, he stresses that more and more companies are now wanting to do something new or different each time. "We have introduced the concept of unique experiences making the normal Incentives a much more exciting experience to look forward to," states Wadhwa.

According to Wadhwa typically banks, insurance companies, FMCGs, mutual fund companies, consultancy houses, pharma companies, IT companies are big spenders for such unique experience incentives. Cost for such activities, Wadhwa informs, starts as low as Rs 50,000 per person for a three nights/four days trip to Malaysia that includes white-water river rafting in the rapids of Kota Kinabalu along with accommodation, all meals and excursions, to Rs. 85,000 per person for a similar duration in Sydney which includes the Harbour Bridge Climb and a stint at sailing. “The cost increases if one wants to experience popular festivals/carnivals/parades around the world. For example a four-nights/five-days trip to Rio de Janerio Carnival including accommodation, all meals, transfers and the opportunity to wear costumes and participate as dancers with one of the Samba schools could cost Rs 3,00,000 or more per person. Similarly an all inclusive four-nights/five-days trip to Sweden which includes zero gravity flight experience and stay at the world famous Ice Hotel in Kiruna could cost as much as Rs 5,00,000 per person,” informs Wadhwa.