Redefine Value by Measuring the Value of Collaboration

You’re gearing up to make a proposal to a client or CEO, and what’s the first thing you hear before you even flip open the cover?

“So, how much is this going to cost us?”

Value is top of mind in an uncertain future. Searching through Hot Rates/Dates listings for the newest, most upscale, convenient and varied destination with good space is one way to maximize value. A more all-encompassing view of value, however, is being redefined by a program’s holistic return on investment, objective and experience. The industry has gone to great lengths over the last few years to measure the tangibles, but what about the intangibles? And, are they indeed intangibles?

As the meetings industry grows more global and knowledge-based, it’s important to know the business value of knowledge gained from networking events. Our friends Down Under have some ideas about that.

SYDNEY + FRIENDS
The future doesn’t look uncertain at Business Events Sydney (BESydney) because they’re creating it. Last fall, the Australian DMO unveiled the 60-page study: Beyond Tourism Benefits—Measuring the Social Legacies of Business Events.

The research takes a “future-forward” look at the total impact of meetings, as it applies to the long term professional development of delegates, sponsors and exhibitors for both the host destination and visitors.

Meaning, it measures the value of collaboration for all parties concerned.

According to the survey, here are a few stats: A full 95% of respondents agree that, “Business events foster networking that leads to the sharing of knowledge and ideas.” About 57% say, “Business events act as a catalyst for research collaboration and business relationships.” And 85% believe, “Events contribute to building the knowledge and capabilities of young people working in the sector”—i.e., the future.

So what’s the value of that information? Where’s the value beyond the immediate ROI?

“If we don’t measure the multiple long term benefits, such as the ability to increase professional knowledge, improve career opportunities, disseminate the latest technical practices and forge international networking, research and business collaborations, we are undervaluing our industry,” says Lyn Lewis-Smith, CEO of BESydney. “The research highlights that business events are a key driver in knowledge economies.”

Here’s where it gets interesting. The newly developed Future Convention Cities Initiative (FCCI) is an alliance of BESydney and six other global cities collaborating to accelerate business development by sharing this type of innovative research. We have to say, it’s one impressive looking group: BESydney, Seoul Tourism Organization, London & Partners, Durban Convention Bureau, Abu Dhabi Travel Authority, Tourism Toronto and San Francisco Travel Association.

The latter six destinations are presently performing their own research based on Sydney’s model, expected to be completed this year, after which they’ll all come together and share best practices. Basically, these cities are ganging up together to compete for the future where knowledge, tech and sustainability rule the international world of business events.

Speaking about her own city, Lewis-Smith, who’s also chair of the FCCI, says: “We’re multi-faceted in terms of beauty and brains that make Sydney a truly global city…. We aim to be green, global and connected, because you have to be to succeed in our industry moving forward.”