Everyone seems to think that Event Coordinators have a fun job. In some parts, that’s true but it comes with its own set of trials and tribulations. But the market for Event Coordinators is thriving and well. According to the Bureau of Labor Statistics, the growth for these jobs is expected to be ~44%, which is much higher than a lot of other jobs.
The growth of this industry, however, is contingent on the kind of value events are adding to the company’s bottom line. With the advent of heavy competition and global disruption, companies are beginning to see that their margins are growing slimmer. So industries such as IT, Technology, Healthcare and Finance are taking steps to be more tactical about the events that they attend and spend money on.
What these companies look as criteria for attending an event, is the kind of ROI that they can expect. Companies spend a tidy sum at these events, and it is understandable for them to quantify the returns that they get from their spends.
Why do Event Coordinators have to worry about the company’s ROI?
When a company expects ROI from an event, it means that they expect ROI from the Event Coordinator. If the company doesn’t see returns from the event, cutting the budget for the next event would be the first course of action, scaling down from large displays and booths, to a smaller, modest demo station, making the role of the Event Coordinator redundant.
Right now, Event ROI is not the biggest priority in the Event Coordinator’s job description. But we’re sure you now understand why it should be.
But hold on. Isn’t this blog’s title about meeting management? What does that have to do with Event ROI?
Why, we’re glad you asked.
Meetings are where sales deals happen at these events. Sales deals directly contribute to the company’s bottom line. So ROI being the sales pipeline generated minus the event spend gives ROI. The better the ROI, the larger the budget the Event Coordinator commands for future events.
What can Event Coordinators do for better meeting management
Event Coordinators need to be aided by a solid sales and marketing team, that will set up the meetings and follow through with great sales pitches that guide the customer down the sales pipeline. In addition to that, they can:
Prioritize meeting spaces
Event Coordinators must exercise whatever control they have over the event budget and make sure that the meeting spaces are never left wanting. They have a huge impact over the course of the deal, and Event Coordinators are saving their own skins by making sure that there are enough meeting rooms, with everything the sales team needs, to make a deal.
Investing in a meeting management solution
A meeting management solution is one component of event spends that consistently shows great event ROI for itself, and consequently, for the event too. It helps streamline the meeting management process by eliminating hiccups such as double bookings and no-shows. It also helps reduce the manual effort required to manage high-meeting volumes.
Insisting on a CRM tool
The meeting management solution is not a standalone tool. It needs to be integrated with a CRM so that deals are taken to completion, and for sales pipeline data to be analyzed, consequently being made visible for everyone to see. Generating event ROI is one thing, but making sure that the ROI generated is visible, and is communicated to the upper management is crucial in highlighting the value and impact of B2B events and trade shows.
So there you have it. Event Coordinators can go above and beyond their roles, and build the careers by directly adding value to the companies that they work for. And all they have to do is take meeting management a little more seriously.
