In the mad scramble for making the most out of event budgets, it’s probably understandable that a meeting management solution would be relegated to the bottom of the priority pile. We understand that it’s difficult to find budgets for a meeting management solution, but the worst thing about mismanaging meetings is that it represents lost revenue. This is what happens without a meeting management solution at B2B events and trade shows.
More manual work required
Since meetings are the deal-centers of the sales process, each sales and marketing executive is trying to have as many meetings as possible. There are a limited number of meeting rooms, but a lot of meeting requests. That’s why managing high meeting volumes needs so much manual effort and makes for unproductive hours at the event.
More manual efforts mean more errors
Handling a large volume of meetings is not just difficult, but makes it prone to manual errors. The most common ones we’ve seen are double-bookings. Rooms getting double-booked means there’s always one meeting that is scrambling for space, and the same goes for a double-booked attendee. Another common problem in international events and trade shows is the difference in time zones that arise when dealing with attendees from different regions.
Lost productivity of executives
A meeting management solution is put in place so that executives can make the most out of the limited time that they have at the event. The solution can help them meet more customers and increase the sales revenue, and without it, it’s going to noticeably lower.
Decline in sales revenue and sales pipeline built
Since sales revenue and pipeline at events is intrinsically tied to meetings, anything that impacts the meetings is going to impact the revenue. All the above points – productivity, resource utilization, manual errors tie back into this one result – pipeline. When sales meetings at events are not being managed effectively, it leads to missed opportunities and loss of revenue.
Declining value of events due to poor ROI
What a good meeting management solution does apart from scheduling and managing meetings is attributing the sales revenue and pipeline built to the meeting, and by extension, the event. So the solution can showcase the value of events through the ROI established. Without the solution, this might have to be done manually or get missed out on completely.
Looking at the above list of factors, a lack of budget is no excuse for not having a meeting management solution in place. As the old B2B adage goes, you might think you can’t afford the solution but given what’s at stake, you can’t afford not to.