Corporate Meetings and

Incentive Destinations

The Secrets of Lower-Cost, Higher-ROI Meetings

Written by Susan Burnell

Over-the-top meetings are out. Smart, creative and skinnier-budget meetings are in. Companies still need to meet, hold events and reward top performers, so they are trimming where it hurts least, asking more from vendors and tapping free resources. They’re demanding the most value from their meeting investment, and they’re finding it.

Face-to-face meetings are still considered to have the highest return on investment of all marketing tools, reports Meeting Professionals International (MPI) in FutureWatch 2009. The member trends survey, conducted in partnership with American Express, showed that 74% of organizations holding meetings and events are now measuring ROI. The satisfaction of attendees is most often used as the primary measure of a meeting’s value.

Among the most effective ways to get top value from essential meetings is to use the free services of destination marketing organizations (DMOs), also known as convention and visitors bureaus (CVBs).

“Corporate decision makers are usually surprised to hear that DMOs will assist with the planning and execution of corporate meetings and social events of any size,” says Michael D. Gehrisch, president and chief executive officer, Destination Marketing Association International (DMAI). “Companies should take advantage of the DMO’s contacts, experience and expertise from the beginning of the planning cycle. The DMO’s knowledge saves them time and money — both even more valuable considering the current economic situation.”

“Companies should take advantage of the DMO’s contacts, experience and expertise
from the beginning of the planning cycle. The DMO’s knowledge saves them time
and money, both even more valuable considering the current economic situation.”

Michael D. Gehrisch, President and CEO, Destination Marketing Association International

ROI = Return on Ideas

“Meetings are about generating ideas — new ideas that can solve problems, drive revenue, reposition products and services and provide direct contact with customers,” says Gary C. Sain, president and chief executive officer, Orlando/Orange County CVB. “Ideas drive business, help shape new business relationships and motivate us to consider new ways of approaching our business.”

“Face-to-face meetings are a great way for companies to stay in touch with their customer base,” agrees Susan Katz, True Value Company’s director of corporate events. “When customers are dealing with difficult economic issues, meeting in person is the best way for people to work together to find solutions.”

To make its Fall 2008 conference more attractive and affordable to its global network of independent hardware store owners, Chicago-based True Value Company turned to the Orlando/Orange County CVB. The CVB enlisted local hotels, restaurants and theme parks to donate gift cards, some worth as much as $100. “Before the conference, we held weekly prize drawings, which drove traffic to the conference registration site and generated excitement,” says Katz. “This helped us maintain a positive image without additional cost. Our conference attendance, while slightly lower than in 2007, was far stronger than we expected.”

True Value found the Orlando/Orange County Convention Center to be an ideal location, says Katz. “The space is fantastic to use, and the hotel package that surrounds it hits all the price points — everything from deluxe to budget accommodations within a short distance.”

“The return on investment is considerable for any face-to-face meeting,” says Sain. “Orlando offers a high return on ideas, too. We host more than 10 million business professionals from all over the world annually. Prominent meetings, trade shows and conventions are held here year after year. These groups return because they know we provide a distinctive environment for creative thinking. That is needed now, more than ever, given the incredible speed of change in every aspect of business.”

“Meetings are about generating ideas — new ideas that can solve problems, drive revenue,
reposition products and services and provide direct contact with customers.”

Gary C. Sain, President and CEO, Orlando/Orange County CVB

Meetings Help Retain Talent, Drive Growth

Creativity and innovation will be necessary and invaluable for companies and meeting planners in the year ahead, reports FutureWatch 2009.

Pierpont Communications, one of the largest public relations and marketing firms in the Southwest, recently worked some creative magic of its own to hold a productive annual retreat. Employees look forward to the event as both an incentive and energizing kickoff for the year.

“There’s no substitute for the team building and interaction people get when they meet face-to-face away from the office,” says Phil Morabito, president of the Houston-based firm. “This year, we scaled back so we could continue to bring everyone in the company together. Instead of going to a resort as we have in the past, we used local donated meeting space. We toned down the social components and asked a vendor to underwrite the cost of one dinner. We brought in a facilitator who led our planning session at no charge.

“The beauty of doing a right-sized meeting — one that is correctly matched to the economy — is that it lets people know you are being responsible,” he adds. “Our staff understood that it would have been inappropriate to have an over-the-top event.”

“Meetings, events and incentive travel are smart, cost-effective ways to retain and develop employee talent, build engagement, generate ideas and share knowledge that drives business growth,” says Gehrisch. “Cutbacks in tough economic times are expected, but severely restricting corporate meetings is not the answer. When businesses cancel productive meetings and events, the company misses revenue-generating opportunities.”