Do You Know the Business Value of Your Meeting or Event?
Well, if you don’t, you’re definitely not alone. Most meeting and event planners work hard to assure a quality event that has value and at the right price point. Planners negotiate every aspect of the event, being sure that they’re not losing the essence.
To begin with, according to the MPI study, there is the Perception vs. Reality. According to the MPI study, “Companies that successfully measure the business value of their meetings report that the measurement process has changed greatly over time. Early measures centered on accomplishing objectives, but the understanding of those objectives and the ability to measure them has improved to the point that they now provide a good understanding of the ROI of a meeting. Unfortunately, there are a lot of misperceptions regarding the case for measurement (you have to determine the ROI of every element of your meeting, determining the real purpose of meeting is nearly impossible, understanding and implementing the process is time consuming, measurement is cost-prohibitive). time consuming and difficult. Proper implementation could even require consultants, in addition to new software and materials.”
Again, according to the study, “Once meeting professionals decide to measure the business value of their events, they often have difficulty gaining the full commitment and support of all stakeholders, such as department managers, company executives, colleagues and/or attendees. “
“As a result, meeting professionals often limit measurement to feedback on logistics or attendee satisfaction. These generally provide some guidance as to the mood and/or experience of delegates, and therefore pass as sufficient tools for measuring a meeting or event. But the actual measures of greatest importance should be determined by the meeting’s objectives.”
MPI’s study states: “To successfully calculate the business value of your meeting, you have to understand its goals and objectives, which are often undefined—until you challenge your stakeholders to explain them.”
“The analysis of data takes several forms, mainly visual, subjective and statistical.”
“There are a variety of measures and tools available to help you understand the performance of your meetings compared to expected outcomes. These tools vary in price and complexity.
The majority of meeting professionals who measure event outcomes gauge delegate satisfaction through online survey services using a five-point scale. But many planners are dissatisfied with the lack of utility and relevance in the data they receive from these efforts. Determining which method of measurement is best suited for a specific outcome is very important to the reliability of results. The right measurement will ensure understandable and accurate findings. The subject of measurement is scientific in nature, and meeting professionals may go through a period of trial and error to determine which measurement method is best for their particular needs.”
If you would like more information about this, go to the MPI website, http://www.mpiweb.org/portal/Business/20120529/Is_Your_Meeting_Worth_It
If you’re a member you can download it at no cost. If not a member, there is a fee. It’s an outstanding study that will help you, the meeting or event planner to defend what you do and for you to understand in greater depth how important your job is as well as the value of meetings and events.