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It seems like everywhere I go, the hot industry topic is related to "saving money, adding meeting value and reducing risk". Of course, this is not surprising with the slow economic recovery, meeting budgets (and planners) under scrutiny and increased expectations by senior management for improved meeting productivity and ROI.
This shift in thinking is validated by recent industry statistics that are rather compelling: Over 50 % of CEO's feel that their organization is not getting maximum ROI from their meetings and over 40% of CFO's are not satisfied with their company's travel / meetings spend management.· Furthermore, an April 2010 survey revealed that 49% of meeting planners feel pressure to improve meeting results, define measurable metrics and increase ROI.
Another part of the equation is the huge impact of Strategic Meeting Management (SMM). Although launched in 2004 by National Business Travel Association (now Global Business Travel Association), this "value and accountability" initiative really picked up momentum during the collapse of the economy in 2008 and now there is no turning back.
By industry standards, SMM is "a disciplined approach to managing enterprise wide meeting and event activities, processes, suppliers and data in order to achieve measurable business objectives that align with an organizations strategic goals / vision and delivers value in the form of quantitative savings, risk mitigation and service quality".
OK, I admit this all sounds a bit overwhelming, but during my workshop, I plan to connect all the dots and provide attendees with a road map and action plan to "redefine value" and specific methods to communicate strategic meeting outcomes to management.
Perhaps you are sitting on the sidelines thinking about launching a SMM plan, wanting to demonstrate more meeting value to management, or have implemented SMM, but want to conduct an SMM evaluation to assure maximum results. Whether you are responsible for enterprise wide meetings, or meeting activity in a division or department, applying SMM principles can have an immediate impact, with a multitude of value based outcomes.
Although I will provide a good foundation to start (or continue) your SMM journey, there is no "one size fits all" solution. It is important to conduct your own meeting needs assessment, understand your overall organizational structure and culture, get feedback from managers and internal and external meeting stakeholders, know specific challenges and
generate business solutions that make an impact.
Big picture goals for your SMM plan include:
*Achieving management and stakeholder goals & objectives
* Focus on core competencies
* Improved planning processes / team productivity
* Transparent metrics to define & measure success
* ·Negotiation standards / value based outcomes
* Meeting cost savings
* Hotel contract risk mitigation
* Preferred suppliers / compliment in-house resources
* Meeting consolidation / leveraged spend
* Improved meeting quality / learner outcomes /attendee experience
* Robust technology / data management
* Easy access to management / financial reports
* Post meeting evaluation / ROI / ROE
Of course, buy-in from senior management is the critical first step, including their vision, objectives, goals and expectations for these "investments" called meetings and events and how these will impact "people, performance and profitability". Once you complete your meeting /processes / spend analysis, you can prepare a short, hard hitting Executive Summary, defining the compelling reasons SMM should become part of the organizations culture and standard operating procedure.
In Chicago, I will also examine specific metrics to define and measure success, including the need for a cost savings / risk reduction report, by meeting and a breakdown of essential "value" components. While we all want to squeeze more dollars to the bottom line, it is important to point out that often too much emphasis is placed on cost savings and not enough focus on meeting design, architecture and the overall meeting attendee experience / learner outcomes.
As we collaborate on the SMM topics, we'll find that there are many value generators that do not have dollar signs attached to them and that these are also critical to achieving management's strategic goals. Yes, there are many components and variables to a successful SMM plan. SMM is a huge paradigm shift and real game changer and a well planned and executed SMM can save 14% - 24% annually, in addition to an umbrella of benefits and value components to the organization.
So join me in Chicago and lets focus on "how to demonstrate real meeting value to senior management". Meetings are big investments and participating as a driver of these all important SMM concepts and strategies will have a big impact on your organization...and career!!
Robyn Mietkiewicz, CMP is Director, Accounts & Global Meeting Management Services for Meeting Sites Resource, a global specialist in meeting site research and hotel contract negotiations. The company also provides professional meeting support services, SMM consulting and advanced meeting technology solutions.
If you have Strategic Meeting Management (SMM) questions, challenges or issues that you would like addressed during her workshop, email Robyn at:
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