Four Elements of Strategic Value
MPI hosted a great webinar today by Mary Boone, Jack Phillips and Susan Radojevic on the strategic value of meetings. I filled up the marker board in the office with notes. Thought I'd share them here since this information is critical to what we're doing with Illumination Galleries.
Their argument in a nutshell, if I dare summarize. First, the financial crisis and negative press about meetings has put a lot of pressure on the meetings industry, but this pressure should be seen as an opportunity to transform ourselves from a cost center to a source of strategic value for businesses and associations.
Susan Radojevic introduced the concept of Portfolio Management. Companies organize a ton of meetings of all sizes. We generally measure them in terms of efficiency -- how much do they cost this year vs. last year? We should ALSO be measuring them in terms of effectiveness -- how are they impacting our strategic and business goals? Susan proposed a process called Alignment to identify the strategic goals of the company, to identify all of the meetings that are currently held by the company, and to develop and manage a strategic plan to prioritize the meetings that deliver the most business value. This changes the role of meeting planners from procurement experts to strategic players in the marketing function of an organization.
Mary Boone then explored the concept of Meeting Design - "the purposeful shaping of both form and content." First, the meeting designer works with the owners of the meeting to understand both the meeting objectives AND the business objectives behind the meeting. Then the designer culls through a wide range of tools, technologies and collaborative methodologies to craft a program that achieves both the meeting and the business objectives. "Connect. Inform. Engage!" (You will see the same themes all over the Illumination Galleries website as well, by the way.) Not every meeting planners needs to become a Meeting Designer, but planners DO need to learn to work with a much wider range of experts to pull off well-designed meetings, including meeting designers, "creatives", instructional designers, planning experts, social scientists, and interaction designers. We need to shift our 21st century meetings out of the 18th century "broadcast" mode, where "experts" merely talk at an audience. We need to create interactive experiences that get real work done!
Next, Jack Phillips talked about measuring the ROI on meetings. (Thanks SJSmith for the link!) He presented six different levels of measurement, from ___ to actual ROI (comparing the quantitative value of a meeting to the cost of delivery), and argued that only a few meetings require the highest levels of measurement. It is important to really quantify the value of these meetings, however, to improve future events, to engage senior executives better, and to get a seat at the table when strategic decisions are being made about your meetings.
Finally, the panelists gave a brief talk on Advanced Meeting Logistics. Logistics are critical to the success of a meeting. They define the constraints of the event, and they also enable everything that takes place in a meeting. Being flexible with logistics is critical when taking a meeting-design approach, because the form of the meeting may need to change as the needs of the participants change or become more clear. One of the webinar attendees then presented a great case study about the importance of logistics -- holding their first sea-faring event with 300 top executives aboard a cruise ship. "When life hands you limes, we at Baccardi make mojitos!" Love it.
Enjoy the illustrations!