Less than 10 per cent of meetings are currently measured for business value, according to a new Meeting Professionals International (MPI) study.
The Business Value of Meetings report identifies key meetings industry benchmarks and was released at Reed Travel Exhibitions’ North American meetings tradeshow AIBTM in Baltimore on 22 June.
It found the deciding factor on measuring or not depends primarily on whether the meeting business goals focus on specific return on investment (ROI). The report also identified many businesses rely on the current marketplace definition that there is implied business value if participants are satisfied with the meeting or event objectives.
“While the establishment of clear business objectives for the meeting or event are identified as the most important element in successful measurement of business value, it is also the number one barrier to establishing a measurement practice,” says the MPI report. “When faced with meetings or events that do not have clear financial objectives, often meetings are dismissed as immeasurable, when in fact this research found business value of meetings can be measured whether relying upon ROI or not.”
The Business Value of Meetings study, conducted by Association Insights, is the result of interviews with 261 corporations in 27 countries. It was funded through an investment by AIBTM into the MPI Foundation’s Thought Leadership programme last year.
Key benchmarks identified the measurement of the business value of meetings including the percentage of businesses who measure, barriers to implementation, crucial programming elements for organisational success and key skills needed for personal success.
“This research enables our members and industry colleagues for the first time to assess their own practices against established, global benchmarks,” says President and CEO of MPI Bruce MacMillan. “We now have the critical data to direct the development of tools and resources our professional community needs to speak the language of business and advance best practices in value measurement.”
Based on the findings, MPI says it will develop an extensive set of business tools that professionals can use to immediately introduce meeting value measures to their events and communicate the value in relevant business terms.
“The ability for planners to immediately use this research is incredibly important,” adds MacMillan.
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