Measuring event effectiveness requires an investment of time and resources. Is it worth it? MPI’s annual “EventView 2009 North America Report” concludes that companies that measure event performance are nearly 41% more likely to expect increases in their marketing budget than those that do not. For me, that makes a compelling case for measuring what matters in events.

Here are some of the approaches to measurement that I’ve heard about from our meeting planner clients at MeetMax and those that I’ve learned from my own experience producing events and conferences.

• You Get Partial Credit Just For Asking. Numbers of invitations sent, mentions in the press and in the blogosphere are all indicative of the impact on your company’s brand
• Everyone In. Make sure you are counting all of your attendees, even those that attend remotely.
• Beyond Counting Attendees: Establish metrics that are directly related to your business objectives for the event.
• Quantify the Cost: How much is a qualified sales prospect worth to your company? What does it cost you to generate one meaningful connection with a qualified prospect?
  • Count the number of qualified prospects, based on demographics, at the event
  • Determine the number of qualified prospects with whom your staff (or your sponsors or exhibitors) had a face-to-face dialog?
  • Calculate the cost of a single meaningful interaction, by dividing the total cost by the number of meaningful connections made.
  • Compare the cost of generating that sales prospect to the value of a sales prospect.
• Survey to Measure Perceptions and Satisfaction to Determine Whether Your Event Was Memorable and Met Expectations.
• Track The Long-Term Impact, Including Sales Conversions, Trends And Industry Averages.

Are you using an innovative approach to measuring event effectiveness? Post a comment and share your approach with us.

In today’s business environment, everyone is watching their travel and marketing budgets.  Sponsoring or exhibiting at an event is expensive, and even attending one is a commitment of time and travel expense.

But imagine, as a sponsor, if prior to an event you could see a list of attendees and other sponsors, choose which ones you’d like to have a private meeting with, and then arrive on the day with a full list of scheduled meetings, complete with attendee contact details and specified locations.

Imagine also, as an attendee, if you could see a list of all companies and people attending the event, request meetings with those you want to do business with, and come to the conference knowing for sure that you were going to meet them in peace for 30 minutes.

Private, pre-scheduled 1-on-1 business development meetings turn a conference into a business development trip for every participant.   No more chance encounters, no more waiting around hoping to swap cards – instead, scheduled quality time with key business prospects.    And you, the conference organizer, facilitate this relationship building by providing the service to connect and schedule these meetings and providing a room or table for the meeting to take place.

You have turned your conference into an exciting, must-attend event.  You have created a whole new sponsorship category because sponsors have priority status for these meetings.   And you have elevated your own organization into a key driver of business development.

Private 1-on-1 meetings have been a vital part of financial conferences for many years – and MeetMax is the registration system of choice for these events.   Increasingly, other industry conferences are realizing their importance.  Those events that get there first will see the biggest benefit, as they become a magnet for all kinds of business development spending.   And those events that do it best, will use MeetMax for their online registration because of its comprehensive, easy-to-use functionality for managing private meetings.

Click  here to schedule a demo, and use that time to ask us about how private meetings work in practice — we have worked on hundreds of events involving private meetings, some of which have had over 1000 pre-scheduled 1-on-1 meetings.

We realize that Corporate Access is a soft-dollar activity for the most part.  (Leaving out the considerable success of Gerson Lehrman, of course).   So invoices will never be sent out looking like this.

That does not mean that banks should forget about Invoicing.  

Institutional  clients are becoming ever more rigorous in  the voting processes they follow - driven by many factors.   A compliance need to justify how they direct commissions.   More sophisticated tools for managing their voting.  A desire perhaps, in these challenging times, to more accurately and generously reward their smaller sellside providers as the bulge bracket banks see their dominance eroded.

So while Institutional Clients develop what amount to sophisticated Purchasing and Accounts Payable departments, not all sellside firms have yet responded by developing equally sophisticated Accounts Receivable procedures.  And yet for any business, improving Accounts Receivable is often the easiest and quickest path to improving the cash flow.

Specifically, banks should be generating and delivering detailed reports for each and every Client that receives any kind of Corporate Access benefit - including Conference meetings, non-deal Roadshows, Company Visits, Conference Calls, Analyst lunches, Analyst Roadshows, Field Trips.   These reports need to be complete, accurate, detailed and timely.   They should be considered as if they were an invoice.  Sample.

Complete - every type of “billable” activity needs to be included.   Imagine if a wireless company didn’t invoice for calls made in Texas, or for those made on Tuesdays.  Activity not counted and reported is revenue left on the table.

Accurate - obvious errors are simply an invitation to a Client to discard the entire report.  The more that is done by hand, by busy salespeople, for example, or by copying and pasting data between systems - the greater the room for error.

Detailed - many Clients need full details on each meeting.  Who was there, was it a 1×1 or a group, where it was, what type of meeting it was, when did it start.   They need this to let the PM attribute the correct number of votes.  Without it, they will give the minimum number, or none at all.   Reports also need to be formatted in a way as to make Client processing as easy as possible.  

Timely - if the reports are not delivered on time, they may not be counted, or votes may be applied with minimal consideration.

These times demand that valuable services that are provided to Clients are fully compensated.  One component of that it to invoice for Corporate Access services - to show how serious you are about getting paid for it.

One brighter spot for smaller sellside firms this year, is that there is a lot of institutional market share up for grabs.   Bear and Lehman and Merrill/BofA have opened up a sizeable chunk of share, and many hedge funds are reassessing their allocations to those  remaining bulge firms.

But smaller sellside firms will need to get organized qujickly if they want to take advantage of this opportunity.

A helpful starting point is to  think like an attorney.   Not litigiously (please) but in tracking billable hours.  That attorney phone call to discuss the project.  Is it free?  That lunch to review progress?    That piece of research?  No, no and no.   Attorneys are ruthless at keeping track of every possible billable minute.  If an associate doesn’t bill 50 hours a week, they are in trouble, and if they don’t track it, it isn’t billable.

Brokerage firms don’t bill for hours but they assuredly bill for activities.  Billable Activities – any and  all activities that a Client might give you a vote for.   These include Corporate access meetings, 1×1s, field trips, client visits, analyst visits, substantive analyst calls, lunches with industry experts, conference calls or video conferences.  What is not billable?  Sales calls, voicemails, emails.   

Which is why CRMs (customer relationship management) systems make such incredibly poor billing systems.   They mix billable and non-billable activities together, and they are also very poor at reporting.  Law firms don’t use their CRMs for billing, and attorneys generally don’t prepare the bills.  They discuss them with clients.  CRMs are one thing, billing systems another.

Likewise, brokerage firms need to track Billable Activities.  Ruthlessly.   And these billable activities need to find their way into a central “billing” system that tracks everything.  And report  it accurately Client by Client.   So that the salespeople can start negotiating their way to a bigger share of commissions - based on hard substantiated facts, and leaving nothing out.   

Many brokerage firms keep different activities in different systems.    Analysts use one tool to monitor phone calls with Clients. Roadshows are kept in another system.  Conferences another.   This is  not an obstacle - it can even be a good thing - and is not an excuse for inaction.   Because these different systems can be ported to a single billing and reporting system - without causing any change at all in how people work.