Virtual Meeting Technology Can Save Corporate Meeting Costs
According to the findings of the "2012 Meetings Industry Pulse Indicator" from Successful Meetings, 63.9% of C-suite executives, presidents, and vice presidents predict that business conditions will be the same at the end of the year as they are now. Of the remainder, optimists outnumber pessimists, with 23% of respondents predicting better conditions and 13% predicting worse conditions.
Rising operating costs of corporate meetings and events are the culprit, with 59% of the respondents saying they have scaled back their meeting activities moderately, and 29.5% cutting back significantly. Only 11.5% said they have not cut back at all.
C.B. Wismar, vice president of events at the American Association for Retired Persons (AARP), says his event focus is on scaling back costs for the people who attend its conferences and events. “... we are going to two regional events per year, providing the opportunity for attendees to drive into the event for one day or take hotel rooms for only one night..." Wismar says.
Survey respondents as a whole pointed to economic uncertainty rather than just tight budgets as the biggest factor holding back their meetings strategies. Ranking which external factors were having the greatest impact on their company's ability to effectively execute meetings, the respondents cited, in descending order:
- U.S. economic uncertainty
- Low budgets
- Global economic uncertainty
- Loss of confidence in political leadership
- Uncertainty due to the upcoming presidential election.
Common themes among the most important things executives can do between now and the end of the fourth quarter of 2012 to advance the company's meetings objectives included:
- Find new clients and cutting costs
- Prioritize short-term and long-term strategies
- Prove the worth of the meetings
- Turn to virtual meeting technology
- Clear, powerful communication to focus meetings
For additional information, visit Successful Meetings here.