In a recent article on CNBC.com about business strategy, Bill McDermott, CEO of SAP, touts the business value of meetings he has experienced during his career. “For more than 30 years, I’ve witnessed how conferences, seminars and meetings yield tremendous value for companies.”
Bringing people together face-to-face produces results, such as:
- Rewarding top producers creates motivation to perform
- Company outings and holiday parties create loyalty and reduces turnover
- Bringing salespeople together for training increases revenue and loyalty
- Acknowledging customers roles in the success of the business solidifies valuable relationships
The definition of the business value of meetings (BVOM) varies by company, industry, region, and by the meeting type.
The economy has improved as of late, and executive stakeholders are resuming demand for value driven meetings and events. The question: Does the company has the bandwidth and expertise to take on the increased demand while maintaining the BVOM?
Finding an expert to understand how to get the most out of your meetings is an important first step. As in all relationships, this partnership is based on trust that the expert you chose is guiding you down the path that is best for you and your company. This partner should become an extension of your company to best understand how you define BVOM. The executive stakeholder and all the participants will feel the positive impact of a relationship like this, and you will look like a genius.