The execution of a successful strategy requires vision, planning, execution, measurement and revision to ensure goals are met. Too often Strategic Meetings Management (SMM) programs are lacking one or more of the elements that lead to success, or worse; they are so complex in their design that no one can or will comply.
SMM is a discipline which provides for effective oversight and fiscal management of your events, meetings, incentives and trade shows. A properly designed SMM solution starts with an easy to understand policy championed at the Executive level. Consistent processes should support the policy for operations enforced by Procurement and Legal. Engaging professional event managers to execute and drive for expected outcomes provides insight into which events support revenue generation, enhance your reputation, solidify brand awareness and maximize business. Precise measurement of the event values and integration of event level data with existing customer data to guide your engagement investment ensures strategic milestones can be met in every business environment.
Supporting sales generating events is an easy decision. Getting the most out of non-sales focused programs is an often missed investment opportunity. Organizations spend millions on product and delivery training programs, but rarely measure on-going knowledge retention rates beyond the event. Even less often, they measure the application of the training strategy in an actual business environment before moving on to the next initiative. By tying your event data to these types of events, you can improve the overall environment in which every sale is made, and every customer interaction is delivered.
As our businesses globalize, and the Millennials take over the majority stakeholder position in the workplace, utilizing data to drive business strategy will be a key success factor. The ability to make smart data-driven decisions on where to invest in the right face to face engagements will be a market differentiator. No matter the size of your organization, the face to face engagement is one of the most valuable marketing vehicles in business today. By investing in accurately managing these opportunities, you can create programs designed to support organizational objectives and grow your business.
In future posts, I’ll share tips on how to define and design a workable Meetings Policy that is easy to follow and protects your organization without bogging down the planning team. I’ll also be sharing some best practice execution processes, savings tips and insight into monetizing the non-revenue driving events for valuable ROI.
Related Article: Keep it Simple – Strategic Meetings Management
Until next time!
