When assessing the value of a strategic meetings management program, or SMMP, there are several measurement metrics to consider: macro, micro, and C-Sats. All should be in your toolbox.
We have used return on investment in business for years in order to determine if the gains from a particular project or program was actually worth the investment. When starting an SMMP, company may have increased meeting agency costs and/or new investments in technology. However, these incremental costs are offset by significant savings to the organization, thus there is a meaningful ROI at the “macro” level for an SMM program. The savings are typically derived from contracts that have been professionally negotiated by meeting or procurement professionals coupled with a solid category sourcing strategy.
By contrast, there is a “micro” level measurement called return on objective, which measures the success of each meeting or event against very specific, pre-determined meeting objectives. ROO metrics usually derive from post-meeting surveys or can be a comparison of pre- and post-meeting surveys in order to determine how well the objectives have been achieved. For example, some learning targets could be increased confidence, knowledge, or understanding; and intangible objectives could be increased brand awareness or brand loyalty. ROO provides insight into objectives that are difficult to monetize.
An additional ROO measurement category to consider for SMM programs is customer satisfaction surveys. These C-Sat surveys target the internal stakeholder within the SMM ecosystem, usually the client or occasional meeting planner who is using the services of the SMMP. It is critically important to the success of the program to understand the level of satisfaction or dissatisfaction about the services provided by those who are participating in the SMM. The candid feedback gained from the C-Sats are essential in the ongoing cycle of continuous improvement for the SMMP.
Why should you care about ROI and ROO? The metrics that result from ROI and ROO help to prove the value that your SMMP provides to the organization on both the macro and micro level. If you have an SMM program and are not using all three of these ROI and ROO measurement techniques, I encourage you to do so in 2018 so that you can effectively share the value of your SMMP.