An increasing number of business-to-business companies have recently developed seminars, trade shows or other offsite events within their industry as a new revenue stream. That’s exciting, but the meetings and events industry has experienced profound changes over the last decade that veterans and newcomers alike need to be aware of. The advancement of cloud computing, virtualization, mobile, social media and other innovations has forced organizations to rethink meetings and events in order to take them to new levels.
Yet — and this is a big yet — because companies are still mindful of recessive times, the age-old struggle for event planners to prove that events do contribute to the bottom line and generate profits continues to carry on.
Event planners everywhere must sharpen their ability to prove the business value of their events. If they don’t, their job is at risk. So how do planners hone their skills and produce concrete evidence on how events meet the strategic goals of organizations? The
key areas for this proving ground are successful event production, financial justification and meeting impact.
A smoothly executed event
When planning an event, the top priorities are meeting baseline objectives and making sure the event is smoothly executed. It’s wise for planners to set up metrics based on company goals that start proving value from day one. For instance, goals can be established for the number
of registered attendees as well as the type. A company may want to increase attendance by a certain percentage, attract more first-time attendees over repeat visitors, or draw in more prospects over customers.
There are innumerable metrics to use for the logistics, from e-mail marketing programs to the onsite logistics of the event itself. Of course, a key indicator that the event was successful comes from the positive “buzz” during the event itself.
It’s easy for meetings and events to exceed allotted budget dollars, so the spend in this area is always closely scrutinized. A comprehensive, easy-to-manage budget is a must. Planners want to use one that tracks and manages expenses from a central location, so that nothing falls through the cracks.
And, of course, post-event analysis is a key financial proving point. Planners not only want to show that they kept well within the budget, but they also want to prove — with any metrics possible — what kind of return was realized on the event investment.
The impact of a positive experience
A well-planned and well-executed event leaves attendees with a positive brand experience that they’ll take home with them. Here’s where planners want to measure intangible aspects of the event, such as changes in knowledge, behavior, attitudes and skills. The events are for the attendees, after all, so any measurement of this kind of intelligence goes a long way in proving value.
There are other more tangible results that can be measured as well, such as products purchased onsite, contracts signed, and commitments for future business. These kinds of benefits often tip a go or no-go decision when executives evaluate whether
to repeat an event in the future.
The real key to saving an event planner’s job — technology
Technology has become an event planner’s best friend, at least for those who recognize that technology is key to advancing their careers. And thankfully, event-planning solutions are getting more sophisticated every day. These solutions make the logistical and budgetary management, along with impact measurement, incredibly easy.
When deployed before and after events, event-planning solutions accurately measure trends, changes, and the profitability of an event. With tools and features that manage and track websites, registration, e-mail marketing, travel accommodations, database management, mobility, reporting and surveys, the productivity and success of planners increases exponentially.
In terms they understand, executives see the true impact and benefit of an event as the proof of value to the business’s top and bottom line is easily presented. Suddenly, the planner’s job is safe once again for another year.
Tara Thomas is Vice President of Global Marketing at Certain, Inc. (certain.com), which develops software solutions for meeting and event professionals.
