In an economy where planners are expected to do more with less, realizing opportunities for significant savings will not only drive down meeting costs, it will also impact your bottom line. These strategic cost reductions have the potential to save your organization thousands of dollars annually. This presentation will highlight those strategic savings techniques including:
Value of implementing meetings technology
Data automation vs. manual processes
Strategic improvements for return
[2024]Digital Global Overview Report 2024 Meltwater.pdf
Driving Down Meeting Costs & Improving Return
1. =
Driving Down Meeting Costs &
Improving Return
Monica Compton, CMP, Event Marketing Consultant Pinnacle Productions
Mark Hubrich, VP Client & Industry Relations SignUp4
2. SPEAKER BIOS
MONICA COMPTON, CMP
• Writer, Event Marketing Consultant, Pinnacle Productions Inc.
• 20 years experience as a strategic meeting planner and operations director
• Holds the Certified Meeting Professional (CMP) designation which recognizes a senior level of
experience among her colleagues
• Background ranges from the implementation of large-scale global leadership meetings to the
management of intimate training seminars and sales incentives
• Delivers post-conference reporting via determination of meeting goals followed by a return-oninvestment (ROI) analysis
MARK HUBRICH
• Vice President of Client and Industry Relations
• Technology entrepreneur with over 13 years of software development
• Guest lecturer on meetings technology at Univ. of North Carolina Charlotte &
Kennesaw State University
• Meeting Industry Ambassador with GaMPI
3. Are You Using Meetings Technology?
Yes
11%
38%
No
Considering It
51%
4. AGENDA
• The ROI Fear Factor
• Your Meeting’s Goals and Objectives
• Measuring Tangible and Intangible Assets
• Data Automation vs. Manual Processes
• Pre-Event Questionnaire
• Attendee Reporting
• Travel Management Savings – Hotel and Air Reporting Systems
• Strategic Meetings Management Plan (SMMP) – Vendor
Consolidation = Negotiated Savings
• Preferred Vendor List and Meetings Calendar
• Post-event Questionnaire
• Data Collection Plan
5. The ROI “Fear Factor”
“Should I?”
•
•
•
”Answer to accountability
concerns.”
“Bridges gap between logistical
planners and content/educational
developers.”
“Gain funding by proving worth.”
“Shouldn’t I?”
•
•
•
•
“Flawed and inappropriate for
this industry.”
“Largely ill-defined.”
“Where are the tangible samples
of reports?”
“I don’t know how to proceed.”
“One thing is certain: ROI is not a fad. It is here to stay.”
6. ROI Goals & Objectives
•
•
•
•
•
Payoff Needs
– Profit increase
– Cost savings
Business Needs
– Solve a problem/prevent
a problem
– Take advantage of an
opportunity
Performance Needs
Preference Needs
Education
7. Measuring Tangible vs.
Intangible Goals
•
•
Tangible Value
– Revenue vs. Cost
– Incremental cost
considerations
Intangible Value
– Current customer/member
retention
– New customer/member
potential
9. Sample Sales Questionnaire – Pre-event
Listed below are the objectives of the meeting. Indicate the degree of success
in meeting these objectives.
Use the following scale:
1. No success at all
2. Limited success
3. Moderate success
4. Generally successful
5. Very successful
As a result of the meeting, participants will:
a. Convince customers to buy/use products and services
b. Build a productive, long-term relationship with customers
c. Increase sales of each product line
1 2 3 4 5
11. SAVINGS FROM TRAVEL &
HOTEL BLOCK MANAGEMENT
Key Takeaways
• Use travel processes to reduce the cost of airline bookings
• Streamline the ground transportation needs and requirements
• Manage your hotel block to minimize liability and travel inefficiency
15. VENDOR CONSOLIDATION AND SAVINGS
Key Takeaways
• Key is to gain insight in your overall spend for each vendor type:
ie: Hotels, AV, transportation.
• Sourcing to mandate or utilize preferred vendors foremost for all
meetings.
• Reduce total number of vendors and by increasing revenue to preferred
vendors negotiate overall savings
• Use a centralized meetings calendar
• Technology can assist in estimating and tracking cost savings for
different venues/locations
19. Sample Sales Questionnaire – Post-event
Please indicate the change in the application of knowledge and skills as a
result of participation in the meeting.
Use the following scale:
1. No change
2. Limited Change
3. Moderate change
4. Much change
5. Very much change
6. No opportunity to use the skill
1 2 3 4 5 6
a. Probing for customer needs
b. Helping the customer to solve problems
c. Understanding the features and benefits of products and services
d. Comparing products and services to those of competitors
e. Selecting appropriate products and services
f. Using persuasive selling techniques
g. Using follow-up techniques to stay in touch with the customer
20. SAMPLE DATA COLLECTION PLAN
L
e
v
e
l
Objective(s)
1 Breakout
Reaction/Satisfaction
-Positive reaction to
program materials,
presentation
-Create action plans
1 General Session
Reaction/Satisfaction
-Positive reaction to
presentations
-State action plans
Measures/ Data
Data
Collection
Method
Data
Sources
Timing
Responsible
Party
80% score in the
areas of relevance,
informative,
meeting objectives;
100% of
participants create
action plans
80% score in the
areas of relevance,
informative,
meeting objectives
Questionnaire
Participants
End of
session
Facilitator
End of
conference
ROI Team
During
each
session
Facilitators
Applause
2 Breakout Learning
-Answer question
based on stated
objectives of the
sessions and the
above objectives
3 General Session
Learning
-State learning
Application/
Implementation
-Apply skills and
knowledge at the
work place
When asked, state
action plan
State one or more
learner outcomes
from workshop
State one or more
items learned
Use tools/content
provided at job
Attendee
Action Plans
Facilitators
ask random
questions
Participants
General
session
questionnaire
ROI Team
At the end
of each
session
Breakout
session
questionnaire
Participants
During
session
Facilitator
Focus Group
Focus group
of
participants
During
conference
Facilitator
All
participants
Three
months
following
conference
Meetings
group
administrator
Postconference
questionnaire
Follow-up Call
Select
members of
focus group
Call back
center
21. Thank you
Question and Answer
Monica Compton, CMP, Pinnacle Productions Inc.
mcompton@pinnacleprod.com
Mark Hubrich, VP Client & Industry Relations
mhubrich@signup4.com
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