Demystifying Strategic Meetings Management How to establish the program and measure its success By Terri Woodin, CMP
M
There is no “one size fits all” solution. Identify eeting value and ROI reporting is a the components that you can change, those that hot industry topic, which has increased take priority, as well as the scope of the SMM senior management’s expectations initiative. Remember that whether the program for improved meeting planner productivity, is implemented at the level of the enterprise, a cost savings and hotel contract risk reduction. division, department or cluster of meetings, SMM Additionally, the acceptance of strategic will add value. meetings management (SMM) standards by Furthermore, regardless of which SMM corporate and association planners fast tracks components you focus on, No. 12 is essential. the need for metrics to define, measure and Technology supports common standards and report success. Meetings are big investments enables the pre-approval process for meetings, and today, planners must have a new valueprovides reporting capabilities from the meeting based business model to ensure success. level to the enterprise level, automates processes Providing evidence for this scenario are and reduces paperwork, centralizes data, and statistics from a survey of about 200 planners improves the visibility of meeting activity. conducted last year by Meeting Sites Resource: According to feedback from meeting managers, 49 percent of planners to Define hether the program Metrics are feeling pressured to enhance meeting and Measure Success results, metrics and ROI. According to is implemented at the Among the metrics to gauge the success of a feedback from senior management, over meetings management initiative are 50 percent of CEOs feel their organization level of the enterprise, strategic increased planner and team productivity, return is not getting maximum ROI from its a division, department on objectives (ROO) and return on event (ROE). meetings and events, and over 40 percent Of course, one of the most important metrics of CFOs are not satisfied with their or cluster of meetings, is cost savings. Planners continue to share that company’s travel and meeting spend. SMM one of their top challenges is producing credible SMM will add value. is intended to address these concerns. metrics and formulas to define real cost savings, GBTA introduced the strategic meetings and then communicating total savings to senior management program (SMMP) concept in management. Produce a cost savings report after 2004, and the initiative really gained traction during the recession. each counter-signed contract for a meeting. Be sure to include However, SMM is not a knee-jerk reaction to the recession, but rather all concessions negotiated within the contract, working with the an essential value and accountability business model for corporate hotel to determine the true value of each item. For example, when and association planning teams. In addition to cost savings, there defining savings on group rates, benchmark against the original is an array of value components. According to GBTA, a company rate quoted or average group rate in house over your dates. does not have an SMMP unless it has all the pieces that define Benchmarking against the hotel rack rate creates inflated savings, the program. But in practice, you can have an SMM initiative by since seldom are planners negotiating rack rates, even in this hot customizing the approach around your current priorities. seller’s market.
W
Developing an Action Plan
So where do you begin? Start with senior management and their objectives and vision for enterprise-wide meetings and events. Prior to meeting with management, review your company’s annual report, website, mission and vision statements, and strategic initiatives announced by the company. In short, understand how your organization works. Next, consider the following 12 critical aspects to your SMM plan: 1 How meetings are generated, the approval process 2 Key stakeholders and their core competencies 3 Meeting needs assessment, including objectives 4 Sourcing, negotiations and cost savings 5 Hotel contracts and risk reduction 6 Planning procedures and logistics 7 Preferred suppliers (services, pricing and agreements) 8 Hotel/vendor master accounts and deposits required 9 Meeting budgets and how they vary 10 Management and financial reports 11 Post-meeting evaluation processes 12 Technology tools and resources that support SMM Facilities & Destinations 2016 Summer
Gain a Seat at the Table
A seat at the table with upper management is very important to demonstrate the value of meetings to the organization, and how meetings drive revenues and profits. You can secure that seat by building your business acumen and speaking the language of senior management, communicating SMM value and outcomes to key stakeholders, and distributing timely data and reports that validate the program’s success. The results will positively impact both your company and career. Terri Woodin, CMP, is Senior Director of Global Meeting Services at Meeting Sites Resource, a strategic meetings management solutions organization founded in 1993. Woodin serves on several industry advisory boards including MPI, PCMA, APEX Standards Committee and The School of Hospitality Business at Michigan State University. She is the recipient of The Meetings Industry Council (MIC) of Colorado Annual Leadership Award. For a complimentary copy of her Strategic Meetings Management (SMM) Top 10 Tips, contact her at twoodin@meetingsites.net. 75