Keeping it SiMMPle logo
                 Betsy Bondurant, CTE, CMM                                                                      Volume 13, August 13, 2012
Brought to you by:
  BC logo small
In This Issue
M is for Material Metrics
SiMMPle Tips
Did you know...
 

Bondurant Consulting provides the following services:  

 

Assessment of SMMP potential for your organization   

 

Development and implementation of SMMP for meeting & travel managers  

 

Training programs for hotel companies and 3rd party meeting planning agencies which increase their understanding of Strategic Meetings Management, resulting in more successful engagements with clients who are involved with SMM 


  Contact Information:

phone: 619.701.7709

 

View my profile on LinkedIn

 

Follow us on Twitter

 

Find us on Yelp 

Quick Links
 

 

 
 
Newsletter Archive

 2011

 


 

WBE logo

 

Join Our Mailing List

Welcome to Year Two of "Keeping it SiMMPle", a bi-monthly newsletter aimed at making and keeping your Strategic Meetings Management Program Practical, Light, and Effective!

Each issue of Keeping it SiMMPle addresses a component of the A to Z of SMM from a Practical, Light & Effective perspective. In this issue M is for Material Metrics.      

In the previous edition of Keeping it Simmple, I discussed the Linkage to Leadership and how to start down the path of getting a seat at the table. Gaining approval to deploy a Strategic Meetings Management program at your organization is a great start, but you need to deliver on the promise of what the SMM can do for your company in order to earn that seat at the table. The strongest way to validate that you have delivered on the promise of the SMM is to demonstrate Material Metrics to prove the value of the program. When I use the term material in this instance, I am referring to material metrics as being substantial metrics.  

  

This means that as you design your program, you would need to determine a number of metrics for the SMM, such as:

  • Savings or cost avoidance goals
  • Volume of meetings entered through the system
  • Compliance to the program by staff members
  • Satisfaction rating by those who use the program
  • Hotels used most frequently  

Once the metrics have been determined and agreed upon, you will need to measure them. This should be done on a monthly, quarterly and annual basis. Not only should the measurement be done on the metrics, but as important, you should be distributing the results to your key stakeholders as frequently as you measure them. We have discussed who the stakeholders are in previous issues of Keeping it SiMMPle, certainly, many of them are in the chain of command we discussed in the previous issue:

  • The Director or VP of your department
  • The Executive VP of the business unit or area of operation you are associated with 
  • The Chief Financial/Procurement Officer (CFO/CPO), and/or Chief Executive Officer (CEO)

You would also want to include other relevant stakeholders in the distribution of your reports:

  • Business unit owners who are customers
  • Travel manager
  • Your team
  • Strategic suppliers
Now that you have demonstrated that you have measurable metrics for your your program, do you now have a seat at the table? Yes, you will have a seat at the table when discussions are taking place regarding the meeting and event category of spend!
 
But don't stop there! Now that you have demonstrated the value and benefits of deploying a success SMM at your company, you should progress to the next level! That level is to prove the business value of the meetings at your company, which I will examine in an upcoming issue of my newsletter.
SiMMPle Tips!    
TIP #1: Engage with your procurement or financial department to agree on savings or cost avoidance definitions and goals for the year. 

TIP #2:  Set SMART (Specific, Measurable, Achievable, Relevant, Time bound) goals that will translate into material metrics - we discussed this in depth in "G is for Grand Goals" issue earlier this year.

TIP #3: Be sure that the metrics and statistics called out in your reports are 100% accurate! Mistakes will quickly undermine the credibility of you and your program.


Did you know...

Several industry lobbying groups feel they are making progress in discussion with the GSA regarding proposed changes to the current per diem calculations. These changes would have unintended negative consequences for our industry.

 

My friend, David DuBois will serve as the new president of International Association of Exhibitions and Events (IAEE) organization effective in October.

 

Betsy will be presenting on the topic of "Strategic Meetings Management: to Infinity and Beyond" at the Incentiveworks Meetings & Events show in Toronto, Canada on August 21.