If you haven't seen it already, there's a new social media revolution video available for all to see on youtube. This is a great, short clip that really drives the main point that the way we engage and interact with one another from a personal or business standpoint isn't just changing, but rather it already has changed. Kudo's to http://www.socialnomics.com/, equalman productions and Hult International Business school...
Monday, May 10, 2010
Saturday, May 8, 2010
Achieving Greater Value from Meetings, Events and Incentive Travel Investments
Making an investment in a meeting, event or incentive travel program is a good idea when you want to reward performance, improve customer service, encourage innovation through enhanced collaboration, or improve customer, employee and channel partner engagement. Based upon a recent study by Oxford Economics USA, the outcomes on such investments can range from a 4:1 to nearly a 20:1 return.
If you fall anywhere within this performance range, you’re likely pleased with the returns your programs achieve. Yet, this study also identifies a broad performance disparity among organizations. While some might realize high-end performance outcomes, others are not. Where does your company fall? More importantly, how can you further improve performance?
To achieve better business performance and effectiveness breakthroughs, organizations are adopting a model built upon transparency, which includes and connects three key principles:
1. Program and Spending View: Gaining stronger visibility into overall meeting, event and incentive travel spend. Doing so creates greater value in two very distinct ways. First, broader and deeper transparency helps ensure investments are consistently aligning with business objectives. Second, organizations can tap into a much richer purchasing power position to better negotiate on more favorable costs and contract terms as well as reduce financial and legal risk exposure. Strategic Meetings Management programs can optimize this key principle, providing a centralized practice for all meeting, event and incentive travel sourcing and contracting.
2. Participant Engagement: Organizations are cutting down on overall spend and doing more with less. The face of business today continues to grow more diverse and global. A one-size-fits-all approach simply will not deliver effective performance outcomes. Engaging participants more fully in the co-creation of the meeting, event or incentive experience provides for significantly stronger appeal, attendance, participation and, most importantly, program outcomes.
3. Value Creation: Owners of meeting, event and incentive travel investments not only have accountability for every dollar that they spend, but also on identifying how each program connects with established business objectives. In the absence of either point, the value of any program cannot be effectively measured, evaluated or improved. Case in point, attracting, developing and retaining talent and customers might be a key objective of your program, as such, you’ll want to connect with and measure performance in accordance with the related business objective of your organization.
As organizations consider increasing and decreasing investments, decision outcomes will hinge on how much meeting, event and incentive travel assets support and demonstrate value. Does it always have to follow a formal or conforming ROI model? The short answer is, not necessarily – we all know how ambiguous that can be. However, there do need to be relevant, agreed upon metrics that align with overarching business objectives in order to demonstrate the value created.
If you fall anywhere within this performance range, you’re likely pleased with the returns your programs achieve. Yet, this study also identifies a broad performance disparity among organizations. While some might realize high-end performance outcomes, others are not. Where does your company fall? More importantly, how can you further improve performance?
To achieve better business performance and effectiveness breakthroughs, organizations are adopting a model built upon transparency, which includes and connects three key principles:
1. Program and Spending View: Gaining stronger visibility into overall meeting, event and incentive travel spend. Doing so creates greater value in two very distinct ways. First, broader and deeper transparency helps ensure investments are consistently aligning with business objectives. Second, organizations can tap into a much richer purchasing power position to better negotiate on more favorable costs and contract terms as well as reduce financial and legal risk exposure. Strategic Meetings Management programs can optimize this key principle, providing a centralized practice for all meeting, event and incentive travel sourcing and contracting.
2. Participant Engagement: Organizations are cutting down on overall spend and doing more with less. The face of business today continues to grow more diverse and global. A one-size-fits-all approach simply will not deliver effective performance outcomes. Engaging participants more fully in the co-creation of the meeting, event or incentive experience provides for significantly stronger appeal, attendance, participation and, most importantly, program outcomes.
3. Value Creation: Owners of meeting, event and incentive travel investments not only have accountability for every dollar that they spend, but also on identifying how each program connects with established business objectives. In the absence of either point, the value of any program cannot be effectively measured, evaluated or improved. Case in point, attracting, developing and retaining talent and customers might be a key objective of your program, as such, you’ll want to connect with and measure performance in accordance with the related business objective of your organization.
As organizations consider increasing and decreasing investments, decision outcomes will hinge on how much meeting, event and incentive travel assets support and demonstrate value. Does it always have to follow a formal or conforming ROI model? The short answer is, not necessarily – we all know how ambiguous that can be. However, there do need to be relevant, agreed upon metrics that align with overarching business objectives in order to demonstrate the value created.
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