I read a great article dealing with the return-on-investment (ROI) in the meetings industry. ROI is not a new term but it is a term getting a new focus by meeting planners and suppliers in the wake of the recession. The article highlighted these 7 steps to better returns.
1. Site selection is more important than ever with emphasis on more local resources including community volunteer programs, eco-tourism and experiential activities.
2. Stability and service are driving change in relationship loyalty. Brand may surpass location in hotel selection as planners look to simplify the process and ensure consistent delivery. Expect a high-level of service at every interaction – pre-stay, stay and post-stay.
3. Technology, especially social media, will be used more to build out attendance and communicate with attendees. More and more planners are going paperless so free wireless connections are growing in importance.
4. Shorter events are on some agendas with four day annual meetings becoming two-day or three-day events, saving time and money.
5. Outsourcing is growing as the demands on planners increase. Instead of focusing on just logistics, planners can work on marketing, branding, crisis management plans and program development.
6. Meeting planners need to build their events to ensure they meet the vital objectives of learning, motivation and networking first and move away from the heavy focus on venues and destinations.
7. Value-hunting continues with bundling of attractive options – not only as a cost-saving alternative but as a potential attendance driver as well.
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