For this edition of Keeping it SiMMPle, I have asked my good friend, Roger Rickard, Partner and Chief Advocate at Revent, LLC to discuss the Value of Meetings.(Roger can be reached at: [email protected]) Below are his thoughts on not only the value of the meetings industry, but also the value of the meeting professional.
What do you believe is the value of meetings? Think about this for a second. Is it spending? Is it education? Is it relationships? Is it revenue? Is it networking? Is it knowledge? The answer is yes to all of these things, and more - the combined the value of meetings is BUSINESS.
A recent survey involving Fortune 1000 chief marketing officers revealed that Meetings, Events, and Incentives provided organizations with the best marketing ROI for the dollars invested. One way to measure the value of the meetings industry is by looking at the economic impact of meetings.
In early 2011 the meetings industry trade associations came together to fund a major comprehensive study on the economic significance of meetings to the US economy. The study was carried out under the leadership of the Convention Industry Council and performed by PricewaterhouseCoopers. The study results are taken from the 2009 calendar year in which we all recognize was one of the meetings industry's worst economic years. For the purpose of this study a meeting is defined as lasting four+ hours, with 10+ people, and held an off-site location. Here are a few of the highlights from this comprehensive study:
- 1.7 million direct meeting jobs, 4.6 million support jobs, total of 6.3 million direct, indirect, and induced jobs in the US meetings industry.
- 1.8 million meetings and events; that is roughly one meeting for every direct meeting job.
- $263 billion in direct meeting spending
- $106 billion share of US GDP. The meetings industry share of US GDP is larger than the US auto manufacturing industry whose GDP is listed at $78 billion.
- $907 billion in total economic output in a deep recession year. (I'm sure we are now well over $1 trillion)
Therefore, from an economic significance standpoint, the meetings industry has incredible value and is a major driver of the US economy. With a total of 6.3 million jobs, we contribute a larger share of the US GDP than the US auto manufacturing industry.
Now let's address the Value of You, the Meeting Professional! By establishing the economic significance value of meetings, the question now is: What is your value as a meeting professional? What would happen if the CEO of your organization asked you the question: What value do you bring our organization? Below are some of key deliverables in answer to this question.
- Professional knowledge of the meeting industry. Yes, there is great value in your knowledge, contacts, experience and your ability to manage all of the logistical moving parts of a meeting, however this is really your job description and only a small part of the greater value you can provide an organization.
- Ability to drive business profitability and deliver strategic business objectives. Earlier I mentioned that Fortune 1000 chief marketing officers identified that the best ROI for their marketing dollars were meetings, events, and incentives. You are the conductor of these meetings - and are thus responsible for their performance. These meetings provide the best return on investment and as such you are driving business profitability and strategic business objectives.
Thank you Roger, for providing this wonderful perspective on the Value of Meetings!
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