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

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In response, many healthy companiesz are scrambling to cancel key gatherings that coulde havea positive, measurable impact on their bottokm lines, simply to avoid the “AIGv Effect.” So how do you decider if now is the right time for an event? And if you proceed, how do keep your business from being the subjecg of the next big news story? Deliberate and thoughtfull program design is a must.
So too is a clear and measurable plan that isconsistently documented, monitored and According to the EventView 2009 surveyy released by Meeting Professionals 53 percent of respondents believe that event marketinb is the “discipline that best accelerates and deepens relationshipz with target audiences.” However, event marketintg is not always the best In better economic times, AIG’s decision to spend $440,000 for a division that generates billions of dollars may be a smartf one. Today, meeting decisions must be considered in verybroade contexts; look beyond your department and your organization to the overall state of your industry.
Think about your audiencs and your messages. Launching a new rolling out asales plan, increasing motivationm levels, and communicating the currenty state of your business are very good reasonds for a meeting. Purely celebratory or recreational events maynot be, especiall in today’s economic With the increased scrutiny on corporates meetings and events, you must carefully research your and analyze the implicationsx of every decision. Then, document the thinking behinrd your choices and how you spent your When it comes to managing your destination is akey consideration. So too is the visibilit of your event.
For a salea training function, do you need to fly everyone to a destinatiojn or will a locakl venue work justas well? Consider your audiencee when selecting a hotel. For custome r programs, four or five starz may be most appropriate but fortraininf sessions, a three-star property may be fine. Do you need to broadcastg your meetingbeyond attendees? If not, you can forego luggager tags and signage with your company logo at the hotel. It mightf seem obvious, but some well-intentionerd businesspeople fail to establish cleafr and measurable goals for theitr events that directly align withthe company’s overall business goals.
For example, you’re having a salexs meeting to impact performance. What percentagr increase do you expect and in whattime frame? Can you answer yes to the question, “dp my event goals contribute directly to the organization’s If not, it’s time to Corporate financial decisions are drawing more attention than so deliberate budgeting, transparent spending, and completed reconciliation are critical. Get three - to five bids for every expensew and use a system tocompare them. Pricde is important, but quality, customer service, experiencew in your industry and specific experiencer with your type of prograk may be otherdefining factors.
Assign a weighty to each standard and rank each on a one tofive Finally, develop detailed line item budgetw that track every component of spending, no matter how small. Requirew your vendors to provide line-item billintg with complete back-up. If you’re called upon to justify your spendingg ona program, you’ll be able to responed quickly, effectively, and credibly. How will you measure results ? First, evaluate the right things. It’sx tempting to focus on food andhotel quality, but businessz outcomes are what matter. Second, design a measurement syste beforethe meeting, and include in the planning the peopled who will be doinb the reporting.
Finally, measure results multiple times—perhaps immediatelgy followingthe meeting, at 30 days and in six Keep the reporting tool simple—with two to three key questions—and you’lkl get responses. Documented business results are more critical than ever; if your company’s marketing decisions are you’ll need to show direct and positive outcomes that stackl up against company If you’re a healthy company, consider that meetings and eventsz are still a vital tool in your marketintg mix. So don’t limit yourself out of fear ofnegatives spin.
But do be responsible, judicious and A well-designed, measured and documented eventg might be just the thing to generateincrementakl revenue, motivate your achievers to outperfork their quotas, and strengthen relationshipsa with key clients.