| If business is unable to demonstrate ROI on events, | | | | 1.Trimming and Streamlining |
| the question begs to be asked, "Why would they be | | | | Engaging with business heads to identify and plan |
| held in the first place?" We know that well planned | | | | only those business events that will contribute to the |
| and well executed events add tremendous value and | | | | overall business strategy. |
| by removing them we would be perpetuating the | | | | 2. Strategic Focus |
| very result we are trying to avoid, loss of market | | | | - Identification of the business objectives of each |
| share and loss of revenue. Cutting out events is not | | | | meeting or event |
| the answer. Changing the way they are planned and | | | | - Defining the business value or outcome that is |
| executed is! In this article we consider the crucial | | | | required |
| planning and execution phases required to ensure ROI | | | | - Setting measures that will determine whether the |
| on events. | | | | desired outcomes were achieved |
| In support of the argument for well planned meetings | | | | 3. Personal Engagement and Customisation |
| and events, the survey results below outline the | | | | Personal and meaningful engagement with all |
| value derived from personal engagement with key | | | | participants before and during the event will ensure |
| stakeholders: | | | | guests do not just feel like a number. Aspects of an |
| 1. A survey of 401 executives at companies with | | | | event that allow for customisation to particular guest |
| more than $50 million in annual sales was | | | | preferences will go a long way in making guests feel |
| commissioned by the U.S. Travel Association and | | | | special. |
| conducted by APCO Insight in February 2009. | | | | 4. Strategic and Creative Design Process |
| Some of the results were as follows: | | | | The design process comprises two elements: |
| - 81% believe that more client contact is necessary in | | | | - A strategic focus to ensure all the meeting or |
| a slow economy | | | | event objectives are met |
| - A strong majority (59%) strongly agree that | | | | - A creative process that ensures all the sensory |
| in-person contact grows their business | | | | aspects of the event meets and even exceeds |
| "It's a classic trade off between short term | | | | guest expectations (i.e. innovative decor and |
| cost-reductions and long term value," said Kellogg | | | | entertainment, unusual setting or venue, exceptional |
| Business School Professor Daniel Diermeier. "During | | | | cuisine, surprise elements etc.). Rather than bored |
| times like these, many companies will go too far, and | | | | meetings, a bit of creativity can inject inspired energy |
| actually cut back on the activities that would best | | | | into the meeting process. |
| position them to compete in the future." | | | | 5. World Class Execution |
| 2. The results of EventView 2009 North America, | | | | World class delivery is so much more than ensuring |
| shows that event marketing accelerates and | | | | logistics run smoothly. It means unprecedented |
| deepens relationships and is the marketing discipline | | | | service levels and the highest quality on all event |
| that provides the greatest ROI. | | | | elements. Over and above this, it means that great |
| The call for an athletic approach to the planning and | | | | care has been taken to ensure the needs of the |
| execution of meetings and events | | | | guests are met. This personal touch is often the |
| It is now common knowledge that top athletes | | | | differentiator from a guest's perspective and always |
| depend more and more on mental agility to achieve | | | | leaves a lasting impression. |
| record breaking results under current, unprecedented | | | | 6. Delivering Results through Continuous |
| competitive conditions. By the same token, business | | | | Improvement |
| leaders across all industries are being called upon to | | | | After the event, a thorough assessment must be |
| sharpen the saw, innovate, think differently and be | | | | conducted to gauge whether the objectives were |
| totally focused on their goals. As a result, meeting | | | | met. This is a crucial aspect of the process as it |
| and event planners need to be vigilant about ensuring | | | | enables reflection which leads to learning and |
| a measurable ROI on events for their clients. The bar | | | | continuous improvement. A well presented document |
| has been raised and the ability of an event planner to | | | | that details your assessment of ROI and ROO will be |
| generate economic value through meetings and | | | | well received and completes the event cycle. |
| events has become an entry level requirement to | | | | The business landscape is changing and so are the |
| succeed in the industry. | | | | rules of engagement. Meeting and Event Planners |
| How do we maximize ROI on events? | | | | that respond appropriately and effectively will set the |
| Through a strategic but engaging process that | | | | industry standards and ultimately capture market |
| incorporates the following planning and execution | | | | share. |
| phases: | | | | |