Understandably it can be easy to get discouraged lately, if you watch the evening news or the Sunday morning news talk shows.
We were optimistic that the tiresome onslaught of negative economic news was behind us. After all, we have definitely seen positive signs in our meetings demand that business is back in the “business of business,” which includes an impressive growth in demand for face-to-face meetings.
But the recent stories about the latest challenges to the economy and markets could make you feel like everyone should hunker down and not spend a nickel.
Before reacting too quickly to change course, and cut meeting and incentive program expenditures which are needed for the developmental success of your organization or business, you should take a step back and analyze what we learned from the recent economic downturn of ’08 and ’09, even if we haven’t yet seen the “full” recovery. For one, we now realize the quantifiable value of in-person meetings, as it has been documented by intense research.
While business leaders have always intuitively understood and appreciated the value and benefits of face-to-face meetings and incentive/recognition travel programs for years, we now have the research to prove it. Studies like the “Return on Investment of U.S. Business Travel” by Oxford Economics show the indisputable value of meetings.
Quantifiable Value of Meetings
As you may recall, the authoritative study, conducted by a respected economic analysis firm, found that face-to-face meetings allow customers to convert 40 percent of prospective customers, versus just 16 percent without such a meeting. In addition, the average company generates 5 to 20 percent of new business through conference and trade show attendance.
The study also identified that each dollar invested in business travel (including meetings) drives approximately $12.50 in sales and $3.80 in profits. Furthermore, the average business would forfeit 15 percent of its profits in the first year of eliminating business travel, and it would take three years for profits to recover.
Additionally, the study found that 85 percent of the corporate executives surveyed perceive Web meetings and teleconferences to be less effective than in-person meetings with prospective customers, and virtually 63 percent believe virtual meetings are less effective than in-person meetings with current customers.
When it comes to incentivizing the achievers, companies now know they would need to increase an employee’s base compensation by 8.5 percent to achieve the same effect of incentive travel, but then would not capture the allegiance generated through incentive travel programs.
More Proof
A survey published by Harvard Business Review entitled “Managing Across Distance In Today’s Economic Climate: The Value of Face-To-Face Communication” provides additional verification. It found that 79 percent of the respondents said “face-to-face meetings are the most effective way to meet new clients to sell business,” while 89 percent said “in-person meetings are essential for sealing the deal.”
Also, a recent study by the Cornell Center for Hospitality Research found face-to-face meetings enhance attention, trust, empathy, social networks, and mirroring (such as responding to body language). The research also found that in-person meetings are better at inspiring a positive emotional climate, and for relationship-building.
So look at the big picture, rather than just these sensational headlines, to see what is in your organization’s or company’s best interest. Certainly a leadership lesson learned from ’08 and ’09 is that in order to keep the boat steadily moving forward, meetings make a difference to advance our objectives. So rather than retreat, forge ahead!
Last week I was on the road again, this time to sunny California for the Meetings Quest Anaheim Show!
Here are some photos I wanted to share with you all…
Our booth at the show – I gave lots of site tours!
Dawn Venters, Convention Sales Manager for the Anchorage CVB, talks to planner customers at Meetings Quest Anaheim. They also won the prize for the Best Booth based on both the design and friendliness of the sales team. We’re proud that they are loyal supplier partners of ConventionPlanit.com!
I hope you enjoyed my photo tour of Meetings Quest Anaheim. It was a very intimate show and I had the opportunity to speak to many meeting planners one-on-one!
If you attended the show, leave a comment and share your thoughts.
How do you get 240 meeting planners and suppliers to take time out of busy schedules to attend a luncheon event? Combine the Rocky Mountain Chapters of both MPI and PCMA in Denver to listen to Bruce McMillan and Deborah Sexton discuss the state of the industry and how it affects their membership.
It was hard to be optimistic on a day when the Stock Market plummeted 390 points before lunch – but the panel did their best!
Here are some of the highlights:
Hybrid Meetings – will drive attendance, broaden the brand and encourage global connections.
Advocacy for the Meetings Industry – Value of Face to Face meetings is still not clear, so everyone needs to become a “lobbyist” for the cause.
Technology – replacing old models. Planners need to understand how technology will help take job performance to the next level (i.e. using online search engines as RFP portals)
Staffing Concerns – we all need some time to turn off and avoid burn-out. The increasing pace of the job requires keeping company talent from being overworked.
Publishing – Is print advertising working? Many suppliers are opting for fewer print ads because it is difficult to measure ROI. Digital ads take a lot of guesswork out of the advertising equation.
A la Carte Options for Membership – both MPI and PCMA see the traditional model changing to offer individual options that are relevant to the specific interests of their member demographic.
Design your own Annual Meetings – no longer a fully programmed event; future annual conferences for PCMA/MPI will be developed around interactive participation where the attendees design the content.
Miscellaneous facts cited by the panel:
The Chinese can build a 2.5 million square foot conference center in less than a year and a 15 story hotel in 6 days. We can’t get a Washington D.C. Metro (subway) line repaired in 9 months. The message here – Just get out and do it! There are too many obstacles in the U.S. to getting the job (any job) done.
Extent of the growth of mobile technology: there are more cell phones in the U.S. than toothbrushes. (This could explain people choosing to phone or text rather than meet face-to-face – or breath to breath!)
What are some industry trends you have noticed? Where do you expect the industry to head in 2012?
Summer is over, and everyone’s back from vacation.
This means that everyone is also back on the road commuting. Worse, they all seem to be driving to and from work on your road at the exact same time as you! Plus, construction crews never seem to take a vacation – there are still lanes closed and backups everywhere.
It’s enough to make you telecommute every day (if you can!). But if you’re like most people, you have to deal with rush hour most days.
How can you make your commute more bearable? Or, better yet, more productive?
ConventionPlanit.com offers these tips:
1. Listen to a book. Audio files of books can be easily downloaded to all types of mobile devices or ordered on CDs and even (gasp!) cassette tapes. If you’ve never done this, you’re missing out – listening to a book is fun, relaxing, and even educational – think of all the professional development books you want to read but never seem to get to! Check out websites such as www.audible.com,www.booksonaudio.net, www.theaudiobookstore.com, www.amazon.com, www.barnesandnoble.com, and more. (For the busy meeting professional, ConventionPlanit.com recommends Monday Morning Leadership by David Cotrell, The Perfect Board by Calvin K. Clemmons, CAE, CMP, and Seating Matters).
2. Get satellite radio. Tired of the same old AM/FM radio stations? Fear not – there’s a world of stations on satellite radio, including live audio feeds from leading news stations such as CNN, NPR, MSNBC, and FOX News. For music lovers, there are stations devoted exclusively to Jimmy Buffet, the Beatles, and countless other bands. Throw in various sports channels, comedy stations, and hundreds of others, and there is something for everyone. Check it out at www.siriusxm.com.
3. Try different routes. Traffic patterns are always changing, and there might be a faster way to work you haven’t tried yet. Or at least it will lend some variety to your daily routine even if it isn’t faster. You can also save your sanity by leaving at different times on different days – this can also open up new route options and maybe save you time if you’re not driving in the heart of rush hour.
4. Stop for breakfast along the way. It might cost a little more to buy breakfast than to make it at home, but it could break up your commute into more manageable segments. You can try different places and maybe even meet some interesting people.
5. Take the train or subway. Not everyone has this option, but it has its advantages. You can usually get some work done and you can even check out the latest on www.conventionplanit.com.
6. Rideyour bike. Sound crazy? A growing number of Americans are doing it. More cities are putting in bike trails and bike lanes and educating motorists on sharing the road with bicyclists. Plus, think of the money you can save and the health benefits! You also arrive to work energized and ready to tackle the toughest challenges. You might even qualify to have part of your biking expenses covered by your employer! Visit the League of American Bicyclists website to learn more.
ConventionPlanit.com salutes dedicated commuters everywhere and we wish you a speedy and relaxing commute wherever you are!
Being in Frankfurt last week was a whirlwind experience! Here is a recap of our time over there, in addition to some wrap up thoughts.
The ConventionPlanit.com Hosted Buyer Group survived their appointments and were rewarded with a lovely evening of excellent food and entertainment that only the Swiss can provide. CP.com supplier member, the Switzerland Convention & Incentive Bureau, hosted an event that challenged the group to join teams to compete in the areas of shooting, golf and building a cow (only the Swiss would consider this a competitive sport!) Two of the group were on the winning team – but everyone actually won by the end of the evening having been treated to that special brand of Swiss Hospitality!
The work and the fun continue – another IMEX day began with a delightful breakfast and presentation sponsored by CP.com “new” supplier member – ACC Liverpool. The “Ladies of Liverpool” headed up by Kerrin MacPhie had the group totally focused on the destination as a result of a thorough and entertaining presentation. Evidently, along with being the home of the Beatles, Liverpool is also a great place to hold an event. The arena and conference center announced plans to add a new exhibition and events complex – scheduled to be completed by 2014. London now has some competition!!
Your world traveler blogger Maureen Pickell with ConventionPlanit.com Member Extraordinaire Jane E. Schuldt, CITE, of the Wolrd Marketing Group
As IMEX 2011 closed on a “high”, your traveling Director of Global Accounts and the ConventionPlanit.com hosted buyers collectively managed to avoid “data overload” and instead left Frankfurt excited about all the new information they are taking back to their offices. The exhibition has shown the meetings industry poised to experience an upturn as confidence gradually returns to the sector.
Some highlights we can we can pass along:
Association Day during IMEX hit a record attendance with more than 320 association executives enjoying the tailored educational and networking program.
Messe Frankfurt is renowned for its warm welcome to IMEX, exhibitors and buyers alike. The city has a history as a trade fair destination going back over 800 years.
The Slovenian Convention Bureau has revealed details of their current socially responsible campaign “BeBee.” Through adopting bee colonies as an effort to preserve the meeting and incentive destination of Slovenia, future generations of meeting planners will be able to hold their meetings in an honestly green destination.
When you think you’ve planned the most unique special events:
Finland offers cool activities in the form of the Icebreaker Sampo – the only passenger icebreaker in the world. It offers your attendees a chance to try something remarkably different. You can even have a swim in the middle of a vast ice field – in a special thermally-insulated suit, of course. You can also enjoy a drink on the rocks-literally – after cracking and breaking through ice more than a meter thick.
On the island of Tenerife, a renovated banana plantation factory has been operating events for 600 people. Plans are being developed to offer multi-meeting sessions spread across the working banana plantation. Talk about “going bananas!”
Final image of the exhibition – which saw close to 9,000 attendees – was that of Ray Bloom, the show organizer standing in the departure hall personally saying good-bye and thank you to the last exhibitors to leave the show.
I asked him if he would be turning out the lights as well, and he said yes, for the time being. They will go back on this coming October when IMEX America opens in Las Vegas!
Want the inside scoop on how our music video came to be? You’re in the right place!
ConventionPlanit.com Co-Founder and Principal Katherine Markham, CHME is the mastermind behind the concept and idea of the video.
She was inspired when she learned about a talented singing group called Buffalo Stance, who are based in her hometown of New York City.
The totally awesome Buffalo Stance
The group is named after the “Buffalo Stance” song from the 1980s…and appropriately, the all female vocal group sings a lot of 80s music!
“We thought it would be fun to rewrite the lyrics to a popular song and sing it in the video,” Markham said. “We chose ‘Flashdance,’ which has a strong, dramatic style that really captured the excitement we wanted to convey.”
She then got to work writing the script for the video and lining up the production team.
Markham asked meetings industry veteran Roman Holton, who runs a video and filmmaking company called Ascension Media, to shoot and produce the video.
“When she called with the idea I said, ‘It may not be as easy as you think,’” Holton recalled. “But she persevered, so we got the crew together that would do the job for her.”
Some familiar faces from the meetings industry were sprinkled into the video. Can you spot them?
Bob Gilbert, President & CEO of the Hospitality Sales & Marketing Association International (HSMAI), offered the association’s offices to shoot the video. Gilbert also appears in several scenes in the video.
Windy Christner, CMP, Senior Director, Meetings & Expositions for the American Pharmacists Association, played the role of a “new age” fortuneteller
Association Vision President Al Rickard, CAE, played the office receptionist
Association professional Sallie Hyman appeared as an office visitor and as an office employee
“The whole video conveyed the idea of how much easier it is today for meeting planners than it was 25 years ago, thanks to technology such as ConventionPlanit.com,” Markham explained.
Have you been involved in a video production? What was your favorite part?
The predictions will be put to the vote by your peers, and the grand prize winner will receive a trip for two to Cancun, courtesy of the JW Marriott Cancun and Continental Airlines!
Do you remember what the meetings industry was like 25 years ago?
Can you imagine an industry without iPads and virtual meetings?
Let us take you on a journey back to the 1980s with this just-released music video, which pokes fun at some of the challenges of meeting planning before the invention of time-saving tools like online search directories.
At the end of the video, meeting professionals are invited to predict what the meetings industry will look like 25 years from now.
The winner will receive a deluxe three-night stay for two at the Five-Diamond J.W. Marriott Cancun Resort & Spa, including a $400 resort credit to be used during the stay. Continental Airlines will provide roundtrip air for two.
We also want to hear what you have to say about the video – add your comments to our YouTube Channel, or comment on this post below!
Meetings Mean Business, along with the Convention Industry Council and PwC US, has just released a study:
The Economic Significance of Meetings to the U.S. Economy
The study reveals that the meetings industry directly supports:
1.7 million jobs
$263 billion in spending
a $106 billion contribution to GDP
$60 billion in labor revenue
$14.3 billion in federal tax revenue
$11.3 billion in state and local tax revenue
This is the first study ever to truly measure the economic impact of meetings to help the industry tell the story about the value of meetings to policymakers, the business community, and the public.
Katherine Markham, CHME, our Co-Founder and Principal, attended the press conference today on the study.
She says:
“The best thing about the study is that it shows how critical meetings are at a time when our recovery depends on steadily increasing business activity.
“Fortunately, we are seeing a steady recovery in the meetings industry. The fact that this study measured data for 2009 – one of the toughest years for the meetings industry – shows that meetings are an even greater force in the economy than most people realize. The data for 2010 and beyond are no doubt even stronger.
“As meeting professionals move into the future, they are also depending even more on technology to help them plan meetings, and that’s where ConventionPlanit.com helps them with our online search directory. By connecting meeting planners to hotels and meeting venues as rapidly as possible, we hope we are doing our part to help speed the recovery and book more meetings for the future.”
To learn more, read the full study. What do you think the survey means for our industry?
One of the most enlightening breakout sessions during the PCMA Convening Leaders 2011 Conference in January was presented by a panel of global hospitality and events students.
Developed and presented by this year’s PCMA Education Foundation Student Planner of the Year, Jascha Bergmann (a second year events management student at Queen Margaret University, Edinburgh), the program introduced the professional planners and suppliers of tomorrow as they discussed where our industry is headed and how they plan to contribute to its future success.
The students shared some of the beliefs and values that will inevitably shape our industry as they enter the profession:
Due to a distrust of marketers, Gen Ywill not respond to traditional advertising methods, but will go online when they want to conduct business.
Face-to-face meetings are more memorable. Gen Y will interact with attendees; they believe out of sight, out of mind.
Technology will enhance the face-to-face experience by supporting pre and post-event collaboration.
Online education will be used to extend the life of the meeting – not replace it.
Gen Y will be “totally” tuned in to corporate responsibility and sustainability when it comes to planning/attending an event. This is non-negotiable!
The panel was also queried on what kind of event would attract their attention and what factors would impact their decision to attend. Issues discussed were:
What’s in it for me? Who am I going to meet?
Relevance of social activities connected to the event
Security
With regard to my profession, which meeting will give me the best ROI in terms of education and networking opportunities?
Will it be fun and affordable?
For current meeting professionals looking to hire the Gen Y graduates, here is what willmotivate and inspire them as they take their first job:
Appreciation of a workplace where they will be part of a family
Ability to obtain a high level of job satisfaction
Opportunity to work their way up through the organization to reach career goals
Prospect of acquiring work experience by doing different jobs
Oh, and be careful if you are sitting next to a Gen Y attendee during a presentation and are tempted to check your e-mails or text messages.
According to the student panel, personal communication devices should not be used during a meeting as they are considered to be a distraction…unless you are taking notes on the program!
Do you agree or disagree with these views, and how so? Share your comments below!
This was the advice given to the Rocky Mountain Chapter of MPI at a seminar conducted by John Sileo during the January monthly meeting.
John’s background in identity protection came the hard way. His identity was stolen from his business and used to embezzle almost a half-million dollars from his clients.
While the thief (his best friend and business partner) covered his crimes using Sileo’s identity, John and his business were held legally and financially responsible for the felonies committed.
Identity theft is one of America’s fastest growing crimes and a top concern among all Americans.
And to bring it “closer to home,” it turns out that the meetings industry is perhaps the most vulnerable target when it comes to this type of offense. Given our propensity to travel often and with visible technology (i.e. Smart phones, laptops, Blackberries, etc.) while spending large amounts of time in airports, hotels and restaurants – we need to learn to protect ourselves from identity thieves, hackers and cyber spies.
Some of the most aggressive thieves are maids and restaurant workers needing new identities to bring family/friends to our country illegally. Some of the ways to fight back are simple:
If you have to leave your computer in your hotel room, forgo having your room cleaned that day. Leave the “Do Not Disturb” sign on the door to discourage entry.
If you have to pay by credit card in a restaurant, try to keep the card in sight after you hand it over to the waiter – or take it to the cashier yourself. Better yet…pay cash!
Do not use unsecured wireless outlets such as Starbucks or airport/hotel “free” internet service in the public domain. These areas are often stalked by “sniffers” who can eavesdrop on unprotected connections.
Verify your credit card billings on a frequent basis and respond promptly to Account Alerts.
Beyond travel, it is also important to cultivate personal discretion. We need to develop a “Privacy Reflex” that will help us to detect and avoid fraud. Few of us have ever been trained to respond appropriately when someone requests our sensitive information.
Think of how easily you give your data away on the Internet when someone promises you a free gift. To proactively protect valuable information assets, be very defensive if approached with the following comments!
Trust me!
It’s for your safety…
We need to hurry…
I just need a little more of your information…
Our immediate reaction should be interrogation – gain control of the situation by asking aggressive questions. Make them justify why they need the information instead of trusting that they have your best interests in mind.
Understandably it can be easy to get discouraged lately, if you watch the evening news or the Sunday morning news talk shows.
It’s enough to make you telecommute every day (if you can!). But if you’re like most people, you have to deal with rush hour most days.
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