Three Myths about Strategic Meetings Management

By now, you’re probably aware of the benefits of a Strategic Meeting Management Program (SMMP)

• Risk management
• Cost Savings
• Rich data and reporting
• Visibility into total spend
• Duty of care
• Brand stewardship

Despite these benefits, many organizations haven’t implemented a program. I believe this may be the result of three prevailing myths.

Myth 1: You Must Have a Centralized Meetings Department for SMMP to Succeed

Truth: SMMP is even more valuable in a decentralized environment! 

You will need to implement a process for meeting and event owners to register their event and provide basic specs like date, size, desired location, purpose and target audience. This is usually done through a technology platform. Some of the more common platforms are Cvent, Aventri, Bizly and PlannerHero. Others are joining the marketplace as well.

Venue sourcing is the primary service, ensuring consistency in contracting language, negotiated pricing, preferred chain usage, etc. Guidelines and resources can be provided to planners who carry out the delivery of the event.

The big value is in the reporting that becomes available. Knowing where and when events are taking place is critical, especially in times of crisis. Rich data also helps drive negotiations for savings. And finally, Marketing will get a clear view of the event calendar for the whole company.

Myth 2: SMMP Requires a Big Budget

Truth: Well-designed programs can pay for themselves, or at least come close!

You don’t need a big budget to implement a successful SMMP. It is not necessary to have a dedicated team on retainer and your own technology license. If your portfolio is a modest size, a sourcing agency can assign a team that also supports other clients. This way, you have a team that knows your needs, without unnecessary cost. Agencies usually have a central technology license, so you won’t need your own. You’ll benefit from consolidated buying power for added savings. And, your fees may be partially or completely offset by commissions, so cash outlay is minimized. These programs often pay for themselves. It’s not unrealistic to anticipate at least 100% ROI. How would it feel to report that kind of success to management?

Myth 3: You Need an End-to-End Event Management Solution

Truth: You might not need this, at least not yet. Consider a more focused approach.

Many of the technology platforms offer end-to-end event management modules, including attendee management, content and speaker management, budgeting, integration to travel booking tools, mobile apps etc. These are great offerings, and you might not need them, at least not yet. They can also add to the timeline and complexity of implementation because more stakeholders need to be included.

Many companies start out with venue sourcing and contracting, along with a payment solution. Many of the benefits of SMMP – Savings, Risk Mitigation, Visibility and Reporting come from these primary activities. As the program matures, you can always add more features if it makes sense. You may decide to do a “best in class” solution for attendee management, budgeting or mobile apps if the integrated platform doesn’t meet your needs in all areas.

Conclusion

So, there you have it! It is possible to achieve the benefits of SMMP for your company without a huge investment of time or money.

Wondering how to get started? Download my SMMP Getting Started Checklist.

Still curious on how a Strategic Meetings Management Program could work for you? Book a complimentary  30 minute consultation with me.