Make the right decision for your next event - Washington Business Journal:

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In response, many healthy companies are scrambling to cancel key gathering s that could havea positive, measurable impac on their bottom lines, simplyg to avoid the “AIG Effect.” So how do you decide if now is the righgt time for an event? And if you how do keep your business from being the subject of the next big news story Deliberate and thoughtful program design is a must. So too is a cleard and measurable plan that isconsistently documented, monitored and measured.
Accordingh to the EventView 2009 surveyt released by MeetingProfessionals International, 53 percen t of respondents believe that event marketing is the “discipline that best accelerated and deepens relationships with target audiences.” event marketing is not always the best answer. In bette r economic times, AIG’s decision to spend $440,000 for a division that generates billions of dollars may be asmart one. Today, meeting decisionsw must be considered in verybroad contexts; look beyon your department and your organization to the overalkl state of your industry. Think abour your audience and your messages.
Launchingy a new product, rolling out a sales plan, increasing motivation and communicating the current statse of your business are very good reasond fora meeting. Purely celebratory or recreational events maynot be, especiall y in today’s economic environment. With the increase d scrutiny on corporate meetingsand events, you must carefullg research your options, and analyze the implicationws of every decision. Then, documentf the thinking behind your choices and how you spentyyour budget. When it comes to managiny perceptions, your destination is a key consideration. So too is the visibilityg of your event.
For a sales training function, do you need to fly everyon to a destination or will a local venue work just as well Consider your audience when selectingga hotel. For custome r programs, four or five stars may be most appropriates but for training a three-star property may be Do you need to broadcasgt your meeting beyond attendees? If not, you can foregl luggage tags and signage with your company logo at the It might seem obvious, but some well-intentioned businesspeoplwe fail to establish clear and measurable goals for their eventxs that directly align with the company’s overall business For example, you’re having a sales meeting to impactg performance.
What percentage increasr do you expect and in whattime frame? Can you answer yes to the “do my event goals contribute directly to the organization’s If not, it’s time to re-evaluate. Corporate financial decisione are drawing more attentionthan ever, so deliberatr budgeting, transparent spending, and complete reconciliation are critical. Get three - to five bids for every expensw and use a system tocompare them. Price is but quality, customer service, experiencw in your industry and specific experiencd with your type of program may be otherdefiningg factors.
Assign a weight to each standarfd and rank each on a one tofive Finally, develop detailed line item budgetas that track every componentg of spending, no matter how Require your vendors to provide line-item billing with completwe back-up. If you’re called upon to justify your spending ona you’ll be able to respond quickly, and credibly. How will you measurw results? First, evaluate the right It’s tempting to focus on food and hotel but business outcomes arewhat Second, design a measurement system befors the meeting, and include in the planningt the people who will be doinv the reporting.
Finally, measur e results multiple times—perhaps immediately followinb the meeting, at 30 days and in six Keep the reportingtool simple—with two to threwe key questions—and you’ll get responses. Documented business results are more critica lthan ever; if your company’w marketing decisions are questioned, you’ll need to show direcg and positive outcomes that stack up against company goals. If you’res a healthy company, consider that meetingse and events are still a vital tool in yourmarketing mix. So don’t limit yourself out of fear of negative But dobe responsible, judicious and deliberate.
A well-designed, measures and documented event might be just the thingb to generateincremental revenue, motivate your achievers to outperform theirf quotas, and strengthen relationshipz with key clients.