Why proving value may be your most important skill
By Ruth A. Hill
The economy drones on, meetings budgets keep getting slashed, and planners face continuing pressure from stakeholders to prove value--of their meetings, events…and of themselves.
Inside this business climate, industry trainers on ROI (return on investment) technique and its sub-topics--ROO (return on objectives) and ROE (return on experience)--warn planners there may be no more important skill set in their professional quiver these days than that of proving value to stakeholders, something that’s under the umbrella of strategic meetings management (SMM).
Before the economy began to sputter a few years ago, and meetings cancellations and cutbacks became more common, many regarded demonstration of ROI optional. Meetings logistics are demanding, after all, and arranging them leaves little time for measurements. But the paradigm has changed.“Measurement is no longer something that is nice to have,” says Cindy D’Aoust, vice president strategic meetings for Maxvantage and a speaker at HSMAI’s MEET National who delivered a “Demonstrating Meeting Effectiveness” session. “It’s needed. With budgets being scrutinized, meeting professionals and the business units they support need to know how to demonstrate the value meetings deliver both in finance terms and in business terms.”
Several industry organizations have done research that points to why return measurements are essential to today’s business processes. Read more...
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Education at industry events, as well as online resources, provide training and information on measuring ROI for those who wish to boost their brand and value as a strategic meetings professional.
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Fusion Productions has an extensive ROI information section on its website that explores topics like stakeholders, measurement, goals and objectives, and meeting content. |
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HSMAI’s Meet events, held annually in Washington, Chicago and Long Beach, include education sessions about ROI practices. |
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MeetingMetrics is an online results measurement tools for corporate and association meeting professionals, developed by ROI expert Ira Kerns and Jack Phillips’ ROI Institute. |
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MPI offers strategic meetings management training tools online and they will be at events in 2012, including the European Meetings & Event Conference in January and the World Education Congress in July. A mix of open share and member-only online resources are also available on MPI’s website. |
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Measurement no longer optional
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Four primary levels: reaction; learning; application; impact
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ROO is fundamental to ROI
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ROI should encompass more than budget alone
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Different meetings require different tiers of measurement
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Demonstrating ROI will advance your career
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Speak the language of the three P’s: productivity; people; profitability
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| Click here to read more of ROI RESOURCES. |
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ATLANTIC CITY, N.J.--Union workers at the four Atlantic City casinos owned by Caesars Entertainment Corp. overwhelmingly approved a new three-year contract that preserves their health care and pension benefits and gives them their first pay increase since 2008. Read more...
LEESBURG, VA.--Some new industry research may give meeting planners valuable information on what motivates attendees to come to an event, and how to inspire them once they get there.... Read more...
WASHINGTON, DC--Legislation proposed by two U.S. Senators could greatly improve the U.S. visa process, making it easier for meeting planners to attract international attendees to their events, according to a statement from the U.S. Travel Association last week.
Read more...
NEW YORK--American Express Global Business Travel today released its annual Global Forecast, and it projected conservative air, hotel, and ground transportation rate increases worldwide next year. Driving the expected increases is companies continuing to invest in travel to support growth while travel providers carefully manage supply, according to company officials. Read more...
CHICAGO--Gov. Pat Quinn and Chicago Mayor Rahm Emanuel on Friday announced labor accords with key McCormick Place unions, ending a long-running period of uncertainty for the convention center. Read more...
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HSMAI’s MEET On features the association’s MEET National content, free of charge, 365 days a year via On Demand Internet sessions. Planners can earn up to 6 CE contact hours toward a CMP certification or re-certification. MEET National’s General Session, featuring Laura Schwartz, a professional speaker and author of Eat, Drink and Succeed, as well as the White House Director of Events for the Clinton Administration, is now available free.
Click here to Register
View the entire list of
On Demand Sessions.
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