Less than five per cent of all meetings and events globally are measured for their business value, according to MPI research revealed at AIBTM in Baltimore.
The Business Value of Meetings (BVOM) study analysed responses from 215 companies, including pharmaceutical, financial, events professionals and technology to highlight information on measurement and barriers to implementation.
A total of 32 per cent of respondents were from Europe and results showed that while most companies don’t track ROI, independent meetings professionals "frequently use survey tools as a way to prove their value and validate the success of events".
The BVOM report showed that companies define value both in terms of return on investment (ROI) and return on objectives, such as improvement in specific areas.
MPI president Bruce MacMillan said: "This research enables our members and industry colleagues for the first time to assess their own practices against established, global benchmarks."
Types of measurement
Types of measurement being used include pre-event sales against post-event sales figures, written surveys on elements such as venue, content and technology, qualitative information through phone interviews and social media to monitor engagement and delegate reactions.
"We now have the critical data to direct the development of tools and resources our professional community needs to speak the language of business and advance best practices in value measurement," added MacMillan.
The study, conducted by Association Insights, was funded through an investment by AIBTM into the MPI Foundation’s Thought Leadership programme last year.
Based on the findings in the study released at AIBTM on 22 June, MPI will develop a set of business tools that professionals can use introduce meeting value measures to their events.
AIBTM project manager Steve Knight said: "This definitive research provides up to date information that enables our industry to have a better understanding of the value of meetings. We look forward to the resources that this initiative will deliver in the future."