Measuring the business value of meetings just got a whole lot easier, as Meeting Professionals International (MPI) has completed its Business Value of Meetings (BVOM) research initiative, the result of which is a toolkit of measurement, analysis and reporting resources to help meeting planners become more strategic, it announced this week.
"Research reveals a staggering need to determine the business value of meetings," said Bill Voegeli, president of Association Insights, which conducted the BVOM research for MPI. "Fewer than 1 percent of meetings currently measure value. That means the rationale for meetings can more frequently be called into question. The BVOM Toolkit provides planners with the resources needed to understand how meetings and events are providing value for organizations."
Produced in collaboration with the MPI Foundation and the America's Meetings & Events Exhibition (AIBTM), the BVOM Toolkit includes tools that support planners in the following five areas: understanding the importance of measurement, gaining stakeholder buy-in, defining meeting objectives and expectations, devising meaningful ways to measure value, and analyzing and reporting BVOM data.
Resource include articles, how-to guides, webinars, workbooks, tutorials and videos, all of which can be accessed online at MPI's website.
"The BVOM initiative reinforces the commitment of the MPI Foundation and our partner, AIBTM, to conduct critical research that yields relevant and accessible knowledge and tools for MPI members and the community at large," said MPI Chief Development Officer Didier Scaillet. "Meetings are crucial to our business, but justifying how meetings and events drive bottom-line success has been a challenge. Until now."
BVOM is part of the MPI Foundation's "Thought Leadership" series, the next iteration of which will focus on strategic meetings management (SMM).