What’s the plan? How getting strategic ensures meetings and events hit targets
Does your company know the true costs of your meetings, events and associated travel? Could you clearly and confidently outline the return on investment (ROI)? A Strategic Meetings Management Program (SMMP) will ensure the answer to these questions is a resounding yes.
In recent years, more companies have recognised meetings and events as an essential spend category in their travel portfolio. Surprisingly, however, The 2017 ProcureCon Travel Benchmarking Report discovered only 17% of procurement teams believe they can fully track the ROI for travel and meetings (1).
“A Strategic Meeting Management Program typically realises average cost savings of 10 to 15%, within the first two years.”
An SMMP is an enterprise-wide system of event management covering all meeting processes, supplier strategies and risk management. These are based on reportable metrics, showing measurable cost savings and trackable ROI. The program provides increased visibility of attendee movements and spend, while driving compliance and reducing costs. Another advantage of an end-to-end plan is the improved engagement and attendee experience.
SMMPs work in conjunction with delegate management tools, providing data reporting and customer service management in real time. With the right technology platforms, companies looking to seamlessly connect their national or global event systems, processes and software, can strategically add additional tools and disciplines.
There are three tangible benefits for businesses looking to implement an SMMP. Working with an agency such as Event Travel Management (ETM), will ensure the right strategies and technology are in place to achieve these objectives, regardless of business size.
- Identification of detailed meeting activity and attendees
- Real-time reports of meeting spend
- Calculate savings and return on investment of your meetings and events
- Ensure adherence to legal, regulatory, financial, operational and internal corporate rules
- Abide by government and industry-wide regulations
- Prioritise attendee welfare and safety
- A rise in compliance of 20-80% over the course of the program (2)
- Preferred supplier tracking and utilisation
- Savings of up to 25-30% when a single provider manages all supplier negotiation (2)
- Improve productivity by 25-27% (2)
- Reduction in booking costs by up to 15% (2)
A strong program should incorporate event expertise, technology and customised solutions. With proven capabilities in managing this category, ETM can manage spend data through our custom technology and implement an effective meetings management program on your behalf. We can offer a range of services including:
ETM can also implement expert strategy and optimised meetings technology to enhance the delivery of larger events, such as:
- Mobile event apps to deliver your event paper free
- Customised online registration for event attendees
- Capturing movements event and meeting spend and approvals control
- Interactive and reinforcing messaging direct to your delegate’s phone while onsite at your event.
SHARE THIS PAGE:
To find out more on how a Strategic Meetings Management Program can benefit your company, speak to ETM today.