5 reasons to measure business value of meetings
August 6th, 2018 @ Jessie States
Meeting and event professionals can no longer wholly rely on satisfaction measurements to justify spend, and as they seek to determine the true business value that their meetings drive, they are finding the added benefit of heightened roles within their organizations. Indeed, proving the value of their meetings has, in turn, proven the value of their roles as experience designers, strategists and internal consultants.
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But why is measurement so important for meeting professionals and the companies they serve? Here are some of the reasons why.
1. Clarity of purpose
By clearly understanding the measurable outcomes, meeting professionals can make their meetings more cost efficient and can more clearly align their activities, content and environments with clear objectives.
2. Quantification of meeting success
Meeting professionals and the organizations they serve learn just how much needs to be done to accomplish their goals by creating, deploying and reporting on measures of meeting success. This allows them to establish budgets, make strategic decisions about meeting logistics and design, set future goals and establish realistic expectations. And by understanding an event’s strengths and weaknesses, meeting professionals and stakeholders can better concentrate resources where they are needed most and leverage assets.
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3. Creation of better measures
Gaining insights into meeting and event performance relative to objectives requires trial and error in order to get the most meaningful information for the lowest cost. Implementing an intentional and planned strategy for understanding the business value of events leads meeting professionals to develop better measures over time, making the process more valuable.
4. Comprehensive measures
Each individual measure can be assessed for value. New measures can be introduced to help understand and use that information. This process results in more comprehensive views of the business value of meetings and leads to a better understanding of the contribution of meetings to an organization, and in many cases leads to good approximations of ROI.
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5. Easier evaluations
Successful strategies for understanding the business value of meetings lead to a process for improving meetings. This is central to assessing value. As meetings become “better,” they become more clearly aligned with objectives, therefore more efficient and effective. The reduction of time, money and personnel, combined with clearly stated objectives, makes the actual costs and benefits of meetings easier to evaluate. Events with unclear purposes are difficult to assess, because proper budget allocation and meeting outcomes are speculative.
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If you are ready to begin measuring the success of your meetings, and position yourself as a business driver at your organization, check out the MPI Academy’s Business Value of Meetings certificate program.
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