Meetings and events is your next frontier. And combining your meetings program and your transient program just might save you money.
We’ve assembled some facts and figures to give you some perspective on your Meetings & Events program, and all the possibilities is contains.
82% of Executives want to focus on face-to-face meetings in 2016.
In this business, we know that nothing beats an in-person meeting, when it comes to sorting out arrangements, negotiating deals, or establishing a lasting business relationship. In our hyper-connected world, the personal touch goes farther than ever before.
Event coordinating is the #5 most stressful job, according to Forbes.
Firefighters. Policemen. Meeting planners? It’s true. All those logistics and high-touch clients can get to you. Your Events team could be focusing more on developing content and building client satisfaction, instead of negotiating rates and coordinating travel schedules.
1-3% of a company’s total revenue is spent on M&E.
That’s not a small number, when you think about it. And what’s even more impressive is the amount of revenue those meetings and events will generate, if they’re executed successfully!
At 45%, hotels take the largest portion of M&E spend.
That’s a chunk of change. But your hotel commissions could be offsetting your travel fees, if you have the right program set up, especially if your M&E management is connected to your transient travel management. The money-saving possibilities are quite encouraging!
25% to 35% of total spend is spent on travel and entertainment in a M&E program.
Have you negotiated your rates for your Meetings & Events travel? Are you sure you’ve secured the most competitive deal?
The top 4 drivers of meetings management programs are Visibility, Cost Savings, Risk Mitigation, and Automation.
Prove the value of your Meetings & Events by better tracking and exhibiting these four key drivers of meetings management.
When implementing a Strategic Meetings Program, companies average 10-25% cost savings within the first 2 years.
When arguing the worth of your Meetings & Events, nothing says success like extra money in the bank. By bringing logic, additional capabilities, and management to your meetings program, you could be in for a fatter piggy bank.
After implementing a Strategic Meetings Program, companies have a greater understanding of their data, including ROI/ROE.
Data is king these days. Prove your success with numbers that track every aspect of your travel spend, so you can determine what works, what doesn’t, and what’s next.
Key stakeholder engagement and internal committees are crucial in launching a Strategic Meetings Management Program. Find a champion!
Human beings are social animals. We like to do what our friends do. Finding a champion within your organization to help encourage buy-in for your meetings management program will increase your success rates and raise your cost savings.
In 2015, World Travel, Inc. achieved a 98% client satisfaction rating with 99.2% customer retention rate.
Looking for Strategic Meetings Management from a trusted Global Meetings & Events team? Look no further.
Tags: Consulting Services, data, Meetings & Events, WTI
This post was written by Chesley Turner