At AIBTM in Baltimore, MPI released its Business Value of Meetings (BVOM) study, analyzing the ways in which groups and businesses evaluate the success of their functions.
Conducted by Association Insights, the study was funded via an assessment by AIBTM to the MPI Foundation’s Thought Leadership program. It is based on the input of representatives from hundreds of businesses from all over the world, and MPI said it intends to create criteria for evaluating events that professionals can employ as a business tool.
Among the key findings in the BVOM study:
· Less than 5 per cent of meetings and events globally are measured for their business value;
· The main gauge of whether to measure a specific event was whether its stated goals focused on ROI;
· Companies measure value both in ROI and return on objectives, such as improvement in certain areas; and
· While most companies don’t track ROI, independent meeting professionals often employ survey tools as a way to prove the validity of their events.
The complete “The Business Value of Meetings” report is available free to MPI members at its website; the cost is $99 for nonmembers.