Event planning, by its very nature, tends to attract a lot of creative types. After all, the ability to come up with ideas to dazzle participants and keep them engaged is a key success factor for many types of events. For this reason, many planners focus on the creative aspects of the work at the expense of the strategic and financial.
Thus, it's not surprising that discussions on LinkedIn and other social media channels attract more attention than those focusing on return on investment (R.O.I.). Yet the degree to which event and meeting planners are able to measure R.O.I. and articulate its value to executives will determine whether or not the planners themselves will survive long enough in their chosen profession to make decisions about the creative aspects of events.
For this reason the MPI Competency Framework for Meeting and Event Planners includes:
- Strategic Planning
- Financial Management
- Stakeholder Management
It's important to engage meeting and event participant participants, but it's also critical for event planners to speak the language of the C-suite. As Chuck Ghoorah, Cvent's Co-founder and President of Worldwide Sales & Marketing, put it in one of his Cvent Connect keynotes, "Take your rightful place at the boardroom table."
To do this, event planners need to boost their strength with respect to financial and business acumen. Event planning firms need to ensure that they engage professionals who can crunch numbers and communicate effectively at the executive level.
With some countries entering or about to enter recessions, it is important for meeting and event planners not to be dismissed as "party planners." Remember that Economic Indicators Underscore Corporate Events R.O.I. Importance. As the back-to-school season approaches, if event planners make a commitment to improving their comfort with financial information and data to measure R.O.I., this will greatly enhance credibility in the boardroom.
Consult 4 Approaches to Measuring Meeting R.O.I., More Metrics for Measuring Meeting R.O.I., Team Building & Corporate Event Budgets: The Perils of Being Penny Wise and Pound Foolish, Events: 7 steps to achieve Return on investment, and how to measure it for more tips on measuring the R.O.I. of meetings and events.
Click here to learn how Cvent Solutions can help you achieve rapid R.O.I.
Photo Credit: Quinn Dombrowski