Making money is important for most events, but it isn't everything. Happy attendees and successful business outcomes can help move the needle for companies, even if an event itself isn't a huge moneymaker.
Proving that an event has been a huge success can be challenging, partly because financial profit isn’t always the most important criteria for success.
This week, Skift contributor Robin Amster explored the ways that meeting planners can prove to important shareholders return on investment, financial and otherwise. Take a look at the story below.
We also have the latest on how gun violence has affected travelers to the U.S., and some evidence that meetings and events are cheaper than other forms of business travel.
— Andrew Sheivachman, Business Travel Editor
The Future of Events and Meetings
Meeting Planners Still Struggle to Prove Return on Investment: Proving return on investment in the meetings and events space is not for the faint-hearted. It’s a difficult challenge, providing metrics for a host of areas from net revenue to attendee satisfaction. Yet planners are under growing pressure to meet the challenge.
U.S. Mass Shootings Give Pause But Have Little Impact on Global Travelers’ Decisions to Visit: Skift data show gun violence hasn’t led to mass trip cancellations in the United States for international travelers but shootings have definitely caused many to pause and consider whether the U.S. is a safe destination to visit. The country is much safer than many others, but the White House hasn’t helped get that message out there.
Project-Based Business Trips Are More Expensive Than Traditional Corporate Travel: Project-based business trips are more costly than other types of business travel in the U.S., but account for only a small percentage of the overall trips taken each year. This may rise, though, as the manufacturing and construction sectors continue to grow.
Around the Industry
Blackstone Buys PSAV: The private equity giant buys its way into the event technology sector. There are plenty of synergies between PSAV and its various hospitality holdings. It’ll almost certainly be a huge money-maker for Blackstone.
Employee Rewards Besides Cash Catch On: Everyone likes some extra cash, but meeting attendees tend to remember physical gives in a different way.
Skift Business Travel Editor Andrew Sheivachman [[email protected]] curates the Skift Meetings Innovation Report. Skift emails the newsletter every Wednesday.
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Photo credit: Attendees at The Conference 2012. Engaged attendees are one way to prove return on investment for your event. Media Evolution / Flickr