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12 Keywords for the Change in Meetings Industry Trend 7. Meetings ROI

Today, we are witnessing speedy development of new technologies such as mobile, social media, and virtual reality, and an outpouring variety of social issues such as economic depression and environmental questions. Under such circumstances, meetings industry people, who should lead the change, need to smartly cope with trends in the world with their brilliant insight into the world affairs. In this light, we have identified twelve major trends that reflect latest changes in the global meetings industry. Seventh keyword is meetings ROI.

7. Meetings ROI

Meeting ROI = actual means for explaining the need to holding a meeting

During the period when meetings industry was ascendent, the value of meetings industry was evaluated based on non-monetary criteria such as exhibitors’ reaction and satisfaction. Coming into economic depression, meetings industry, like other industries, perceived the need to provide in concrete quantitative data the expected results of an event to be carried out. In this light, ROI (return on investment) began to be used widely as a means for providing information.

The Purpose and Effect of Meeting ROI

The main purpose of measuring the outcome of a staged meeting based on ROI is to evaluate and analyze from various perspectives the diverse results of a meeting such as acquired knowledge and financial performance. Measuring the outcome of a meeting with ROI analysis has the following effects.

① Measurement of meeting ROI can figure out real outcome of an event and thereby improve future effectiveness and efficiency.
② Based on the results of ROI measurement, one can determine events that will require increased or decreased budget and thereby upgrade investment efficiency.
③ Organizations or groups hosting events can secure an advantageous position in establishing relationship with customers, that is, hosting organizations by extracting data related to performance of a staged event.

How to Measure Meeting ROI

Currently, global meetings industry is using various meeting ROI methods, the leading one of which is the analysis method developed by Jack Phillips and Patti Philips at the ROI Institute.

According to the Phillips ROI Methodology™, ROI measuring process is usually composed of the four stages of Evaluation Planning, Data Collection, Data Analysis, and Reporting. In Evaluation Planning, a goal for performance measurement is set while analytical system is established accordingly. In Data Collection, necessary data that fits the analytical system is collected. ROI is analyzed by converting the collected data to monetary value, and non-monetary results are also extracted to create a report on the results.

According to Return on Investment in Meetings & Events: Tools and Techniques to Measure the Success of All Types of Meetings and Events that Dr. jack Philips published in 2008 jointly with Patricia Pulliam Phillips and M. Theresa Breining, the evaluation for ROI measurement includes five stages.

1단계 – 참가자의 반응 및 만족도(Reaction/Satisfaction and Planned Action)
2단계 – 참가자의 지식 및 정보 습득정도(Learning and Confidence)
3단계 – 참가자의 체득지식 활용도(Application)
4단계 – 행사개최 결과(Impact)
5단계 – 행사개최를 통한 투자수익률(ROI)

In order to measure the meeting ROI that comes on top of the pyramid, an analysis of the bottom four levels must be achieved, while each level constitutes a chain of impact. A participant’s efficient assimilation of new knowledge and/or skills presupposes the participant’s positive reaction to a specific meeting. Likewise, real improvement of working skills through event participation should be accompanied with knowledge acquisition and attitude change through active participation. Furthermore, managerial performance for a participant’s organization can be improved when a participant has upgraded at-work attitude and ability, while a positive meeting ROI can be obtained through improving managerial performance.

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