Firms need to measure value of meetings, report says

A new report from a business meeting institution explores and measures the value that firms give staff meetings or corporate events, reports meetings-conventions.com.

Meeting Professionals International (MPI) launched the Business Value of Meetings report at AIBTM, an American meeting and event exhibition based in Baltimore.

The study took responses from myriad sectors including pharmaceutical, financial and technology. It found that less than five per cent of all global meetings and events are measured for their business value.

Most companies “don’t track ROI” from their events in conference centres, despite meetings professionals recommending that firms should use ROI and return on objectives to measure their value.

According to CIT Magazine, firms should be measuring “pre-event sales against post-event sales figures, written surveys on elements such as venue, content and technology, qualitative information through phone interviews and social media to monitor engagement and delegate reactions.”

Thanks to the findings, the MPI will release a set of tools that professionals can use to measure the value of their meetings.

Steve Knight, a project manager at AIBTM, looked forward to utilising the tools. He said: “This definitive research provides up to date information that enables our industry to have a better understanding of the value of meetings. We look forward to the resources that this initiative will deliver in the future.”