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New Demands, New Capabili1es
Maximizing Mee1ngs Fernando Lonergan Manager, CWT Mee,ngs and Events, Pacific Zone 4 May 2011
New Demands, New Capabili1es
Mee1ngs and Events: Where Savings Meet Success
Agenda • Mee*ngs and Events: Where Savings Meet Success
• Defining the M&E market • Key learnings • GeCng started in 8 steps
New Demands, New Capabili1es
Research Objec*ves
The study focuses on four main objec1ves:
• Clarify the mee*ngs and events (M&E) market
• Help companies evaluate their M&E budgets
• Iden*fy key indicators of M&E performance
• Explain best prac*ces for op*mizing M&E
management
New Demands, New Capabili1es
US$650 billion global M&E market
Strategic Meetings Management put simply is where an organisation takes a strategic approach to managing all of there meetings and events
Source: CWT Travel Management Ins*tute
The global M&E market can be divided into five main categories
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
M&E spend reaches 35-‐60% of the transient business travel spend
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Only a third of companies organize M&E centrally
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
M&E service providers
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Es*mated savings poten*al: 17.5% of M&E spend over 3 years
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
GeXng Started
• Best prac*ce can bring 10-‐25 percent savings on M&E spend and increase return on investment
• Leverage synergies with transient travel while offering the specific exper*se required for successful M&E
• CWT have iden*fied 8 steps to op*mize mee*ngs and events management
transient travel while
New Demands, New Capabili1es
Step 1: analyze spend and set up the right M&E organiza*on
New Demands, New Capabili1es
Average spend on M&E cost items per type of mee*ng
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 2: design an M&E strategy and policy
New Demands, New Capabili1es
Only 33% of organiza*ons have a M&E policy
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 3: create an annual M&E budget and calendar
New Demands, New Capabili1es
50% of planners have a budget for each event
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 4: select and nego*ate with suppliers
New Demands, New Capabili1es
Price is key but not the top selec*on criterion for M&E agencies
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 5: establish formal process
New Demands, New Capabili1es
5 key elements in M&E planning
• Define your M&E objec*ves
• Establish a formal approval process
• Plan sufficiently in advance
• Des*na*on selec*on
• Outsource where possible to leverage skills
New Demands, New Capabili1es
Step 6: implement efficient acendee registra*on
New Demands, New Capabili1es
The majority of companies s*ll use basic desktop tools to manage rego
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 7: handle payment and reimbursement
New Demands, New Capabili1es
Only 10% of companies use dedicated cards to pay for mee*ngs and events
Source: CWT Travel Management Ins*tute
New Demands, New Capabili1es
Step 8: evaluate M&E performance and compliance
New Demands, New Capabili1es
Summary • Companies spend an es*mated 0.5-‐1.5% of revenues on M&E
• 35–60% of transient travel spend can be associated with M&E
• Best prac*ces can bring 10-‐25 percent savings on M&E spend and increase return on investment
• CWT have iden*fied 8 steps to op*mize mee*ngs and events management
• Can you afford not to act?
New Demands, New Capabili1es
Thank you Meetings and Events: Where Meetings and Events: Where Savings meet Success, research is available on our website www.cwtmeetingsevents.com.au
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