Driving Down Meeting Costs & Improving Return

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In an economy where planners are expected to do more with less, realizing opportunities for significant savings will not only drive down meeting costs, it will also impact your bottom line. These strategic cost reductions have the potential to save your organization thousands of dollars annually. This presentation will highlight those strategic savings techniques including:

Value of implementing meetings technology
Data automation vs. manual processes
Strategic improvements for return

Published in: Technology, Business, Travel
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Driving Down Meeting Costs & Improving Return

  1. 1. = Driving Down Meeting Costs & Improving Return Monica Compton, CMP, Event Marketing Consultant Pinnacle Productions Mark Hubrich, VP Client & Industry Relations SignUp4
  2. 2. SPEAKER BIOS MONICA COMPTON, CMP • Writer, Event Marketing Consultant, Pinnacle Productions Inc. • 20 years experience as a strategic meeting planner and operations director • Holds the Certified Meeting Professional (CMP) designation which recognizes a senior level of experience among her colleagues • Background ranges from the implementation of large-scale global leadership meetings to the management of intimate training seminars and sales incentives • Delivers post-conference reporting via determination of meeting goals followed by a return-oninvestment (ROI) analysis MARK HUBRICH • Vice President of Client and Industry Relations • Technology entrepreneur with over 13 years of software development • Guest lecturer on meetings technology at Univ. of North Carolina Charlotte & Kennesaw State University • Meeting Industry Ambassador with GaMPI
  3. 3. Are You Using Meetings Technology? Yes 11% 38% No Considering It 51%
  4. 4. AGENDA • The ROI Fear Factor • Your Meeting’s Goals and Objectives • Measuring Tangible and Intangible Assets • Data Automation vs. Manual Processes • Pre-Event Questionnaire • Attendee Reporting • Travel Management Savings – Hotel and Air Reporting Systems • Strategic Meetings Management Plan (SMMP) – Vendor Consolidation = Negotiated Savings • Preferred Vendor List and Meetings Calendar • Post-event Questionnaire • Data Collection Plan
  5. 5. The ROI “Fear Factor” “Should I?” • • • ”Answer to accountability concerns.” “Bridges gap between logistical planners and content/educational developers.” “Gain funding by proving worth.” “Shouldn’t I?” • • • • “Flawed and inappropriate for this industry.” “Largely ill-defined.” “Where are the tangible samples of reports?” “I don’t know how to proceed.” “One thing is certain: ROI is not a fad. It is here to stay.”
  6. 6. ROI Goals & Objectives • • • • • Payoff Needs – Profit increase – Cost savings Business Needs – Solve a problem/prevent a problem – Take advantage of an opportunity Performance Needs Preference Needs Education
  7. 7. Measuring Tangible vs. Intangible Goals • • Tangible Value – Revenue vs. Cost – Incremental cost considerations Intangible Value – Current customer/member retention – New customer/member potential
  8. 8. DATA AUTOMATION VS MANUAL PROCESSES
  9. 9. Sample Sales Questionnaire – Pre-event Listed below are the objectives of the meeting. Indicate the degree of success in meeting these objectives. Use the following scale: 1. No success at all 2. Limited success 3. Moderate success 4. Generally successful 5. Very successful As a result of the meeting, participants will: a. Convince customers to buy/use products and services b. Build a productive, long-term relationship with customers c. Increase sales of each product line 1 2 3 4 5
  10. 10. ATTENDEE REPORTING
  11. 11. SAVINGS FROM TRAVEL & HOTEL BLOCK MANAGEMENT Key Takeaways • Use travel processes to reduce the cost of airline bookings • Streamline the ground transportation needs and requirements • Manage your hotel block to minimize liability and travel inefficiency
  12. 12. TRAVEL MANAGEMENT REPORTING AND SAVINGS
  13. 13. ATTENDEE REMINDERS FOR NON-BOOKED TRAVEL
  14. 14. HOTEL EXCEPTION REPORT
  15. 15. VENDOR CONSOLIDATION AND SAVINGS Key Takeaways • Key is to gain insight in your overall spend for each vendor type: ie: Hotels, AV, transportation. • Sourcing to mandate or utilize preferred vendors foremost for all meetings. • Reduce total number of vendors and by increasing revenue to preferred vendors negotiate overall savings • Use a centralized meetings calendar • Technology can assist in estimating and tracking cost savings for different venues/locations
  16. 16. VENDOR NEGOTIATION FOR TOTAL ENTERPRISE SPEND
  17. 17. PREFERRED VENDOR LIST
  18. 18. MEETINGS CALENDAR
  19. 19. Sample Sales Questionnaire – Post-event Please indicate the change in the application of knowledge and skills as a result of participation in the meeting. Use the following scale: 1. No change 2. Limited Change 3. Moderate change 4. Much change 5. Very much change 6. No opportunity to use the skill 1 2 3 4 5 6 a. Probing for customer needs b. Helping the customer to solve problems c. Understanding the features and benefits of products and services d. Comparing products and services to those of competitors e. Selecting appropriate products and services f. Using persuasive selling techniques g. Using follow-up techniques to stay in touch with the customer
  20. 20. SAMPLE DATA COLLECTION PLAN L e v e l Objective(s) 1 Breakout Reaction/Satisfaction -Positive reaction to program materials, presentation -Create action plans 1 General Session Reaction/Satisfaction -Positive reaction to presentations -State action plans Measures/ Data Data Collection Method Data Sources Timing Responsible Party 80% score in the areas of relevance, informative, meeting objectives; 100% of participants create action plans 80% score in the areas of relevance, informative, meeting objectives Questionnaire Participants End of session Facilitator End of conference ROI Team During each session Facilitators Applause 2 Breakout Learning -Answer question based on stated objectives of the sessions and the above objectives 3 General Session Learning -State learning Application/ Implementation -Apply skills and knowledge at the work place When asked, state action plan State one or more learner outcomes from workshop State one or more items learned Use tools/content provided at job Attendee Action Plans Facilitators ask random questions Participants General session questionnaire ROI Team At the end of each session Breakout session questionnaire Participants During session Facilitator Focus Group Focus group of participants During conference Facilitator All participants Three months following conference Meetings group administrator Postconference questionnaire Follow-up Call Select members of focus group Call back center
  21. 21. Thank you Question and Answer Monica Compton, CMP, Pinnacle Productions Inc. mcompton@pinnacleprod.com Mark Hubrich, VP Client & Industry Relations mhubrich@signup4.com If you are interested in learning more about SignUp4 and would like to request a free demo, please email sales@signup4.com or visit: http://www.signup4.com/request-a-demo-2/

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