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Return On Investment: Determining and Measuring Meetings ROI
By admin | March 27, 2007
Just as beauty is in the eyes of the beholder, so is meeting value defined in the eyes of stakeholders. Meeting value looks differently depending upon who is asking “What’s the value?”
The debate over Return on Objectives (ROO) versus Return on Investment (ROI) masks the real issues in the meeting industry. Our future success in measuring meeting value is tied to three things.
Recognition that measurement and evaluation completes a cycle - Most planners understand the importance of setting SMART (specific, measurable, attainable, realistic and timely) outcomes. Ultimately determining meeting value is dependent upon the advance setting of outcomes. I differentiate between the terms objectives and outcomes. Objectives provide guidance to a process. Outcomes define desired results. Most organizations lack a consistent discipline around setting measurable outcomes and creating plans to determine success (value) against those outcomes for meetings. This lack of discipline and consistency is a shared responsibility across management, stakeholders and meeting professionals – not one solely shouldered by meeting planners.
Use of a consistent and unambiguous vocabulary - We banter ROI about as a generic term for meeting value. However, ROI has a specific definition and meaning. When meeting professionals are asked to demonstrate ROI, we should clarify what stakeholders are looking for. Meeting value can be measured around outcomes that address reaction, learning, application or execution after a meeting, business impact on the organization or return on investment. Generically using the term ROI to define meeting value is like always referring to photocopies as Xeroxes. Meeting value is created when meeting participants think differently, act differently or have new knowledge after a meeting. As meeting professionals, we should push for clarification when stakeholders demand to know what the ROI for a meeting is.
Moving up the chain of impact when demonstrating value - The ROI Institute defines the chain of impact as moving from the subordinate levels of reaction or satisfaction to learning, application or business impact. Meeting professionals can advance the industry by moving from measuring reaction (How did you like….the speaker, the food, the room temperature) to measuring intended actions (What do you intend to do differently) or learning (What did you learn?) or application (What are you doing differently?) or business impact (How have your new thoughts, attitudes or actions impacted the organization?). Related to the “vocabulary” problem cited above but even more pressing is the need for meeting professionals to focus on relevant business metrics.
A push for a more disciplined approach to measuring results that are tied to business issues will garner meeting professionals additional respect for the profession and the value of the meetings they plan. We will move away from a debate within the industry about terminology to a dialogue with meeting stakeholders. And that puts us all in a position of supporting the business of our organizations rather than simply the meetings business.
This article is written by Sue Tinnish and brought to you by Hereschicago.com, Chicago's Online Resource Directory for Meetings and Special Events.
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