Why You Should Manage Your Meetings Against Return On Engagement Metrics

As discussed in last week’s post, meetings management programs have developed a reputation for being difficult and incredibly time consuming to implement. This blog series will help you simplify the process and achieve executive buy-in and company adoption.

Historically, meetings program managers undertook this initiative for potential cost savings. Strategic meetings management research proved that companies spend 1-3% of their revenue on events and meetings and implementing a program could save you anywhere from 25-65%.

What we quickly learned is that, for some companies, dollar value itself is not reason enough to execute a new program and undertake the obstacles of change management within an organization.

For heavily-regulated industries such as the financial sector or life sciences, the ability to access data and ensure processes that are compliant with corporate or federal regulations is a key driver for a meetings management program.

But what about companies in non-regulated industries with a primary organizational goal of growth and not necessarily decreasing costs? Where do they fit into the strategic meetings management picture?

Let’s dive into business automation and return on event (ROE). Business automation helps create employee efficiency, and everyone knows higher efficiency means being able to do more in less time, while achieving higher goals. ROE is the newest concept to the world of meetings management, and it is helping to change the conversation. Typically reserved for marketing departments, ROE focuses on understanding the business impact of your meetings and events. 

 

Before undertaking the process of selling a meetings program in your organization, really think about what will resonate with your executive team. Is it one of the six most often quoted benefits – Visibility, Risk Mitigation,  Compliance, Cost Savings,  Business Automation, Increase ROE – or is it something else?

Pro-Tip: Think about your company and its long- and short-term goals and then map a cohesive strategy. When you present to executives you’ll already be speaking their language and one step ahead of the game.

 

This post is part of a series on strategic meetings management. To see other blogs in the series, click here.

 

This content was originally posted on blog.cvent.com in 2014. 

 


Madeline Hessel

Written by Madeline Hessel

Maddy is on the Content Marketing Team at Cvent. When she’s not geeking out on lead gen tactics, optimizing processes, or cramming prospects through the funnel faster, you can find Maddy playing soccer, cooking a yummy dinner at home, or traipsing around the country to visit her geographically-challenged family.