According to our latest figures, 54% of companies have benefited from Strategic Meetings Management (SMM) for several years now.
But apart from being an acronym you don’t want to get wrong, what is it exactly?
A management model that began in the mid-90s, SMM combines strategy, operations and business intelligence to enable clients to manage their meetings and events program across the enterprise, resulting in a consistent attendee experience, value creation, measurable business objectives and consistent savings.
In fact, quantitative savings can range between 10 and 25% off the original spend before setting up the program.
And savings aren’t the only perk. An SMM program increases spend transparency, boosts negotiating power, helps you to mitigate risks and improve regulatory compliance.
There are a number of factors that influence the development of an SMM program. Internal factors, such as company goals, configuration and culture, play a crucial role in the structure of an SMM program, as do external factors, such as industry trends and geography of the company’s stakeholders and meetings.
What has resulted is a continuum of programs that range from fully mature global models to hybrid programs that encompass a few key components. Many companies perceive the lack of a unique model or standard as making the SMM model complex. In fact, the opposite is true. That there are so many potential configurations underscores the flexibility of SMM programs. Putting a program in place does not have to be an onerous or daunting task. Many of today’s most effective programs started small and grew, building on their successes.
If you have not joined the SMM legion yet, here are some tips that will allow you to create a killer program and benefit from its many perks:
And if you have already started a program and are looking to expand it regionally or globally:
Get in touch with us if you want to learn more about SMM or visit our website to see what SMM can do for your company.
Blog author: Kari Wendel, VP Global SMM Strategy & Solutions, CWT Meetings and Events
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