What's the value of holding an event? This is a question often asked of events organisers and planners. For attendees at Singapore MICE Forum 2018, the panel session on Value Creation vs Value Capture for Communities, Associations and Networks drew a large audience at The Arts House on July 24.
Finding the right answer for stakeholders begins by identifying the objectives. From there, we define the value that is desired, and it can be tied to ROI or ROO, but value means different things to different people and different organisations. So, what does value mean and what is the difference between creating value and capturing value?
"We create value by understanding objectives and developing an event, an incentive programme or a meeting that our client wants. We deliver this value by fulfilling our objectives, whether it is monetary or otherwise," shared panellist Mary Casey, senior vice president, sales & marketing, Maritz Travel.
For Anna Ratal, head, Slush Singapore, "Value capture is ultimately about a tangible outcome that results in an action or concrete takeaway. Was there a deal that was signed? Was there media coverage that resulted from the event? Was there a change in strategy that resulted in organisational improvements? These are the different kinds of value that are meaningful."
From an association perspective, Alessandro Cortease, CEO, European Society for Radiotherapy and Oncology had this to say: "We have two layers to value creation: the benefits we offer to our customers, and the translation of these benefits into an outcome for the good of the society." Cortease emphasised that it is important to first create the value that you want to capture.
An attendee from Nanyang Polytechnic raised the question: "How does one monetise from the value creation and value capture?"
"What we do right from the beginning with our clients is to sit down with our clients and to go through a design experience process to identify objectives and how they want to measure it. So, as we design the event, we design the outcome. Sometimes it's monetary. Sometimes, there are other metrics," said Casey.
Nancy Tan, founder and MD, Ace:Daytons Direct, who organises medical conferences added: "Value creation for medical delegates differ even among countries, and of course, it is also different for exhibitors. The ways in which we engage the medical community is through gamification, awards, lucky draws and such. It is important to engage everyone, and that cannot be done with just one homogenous approach."
There was a general concurrence that value is not always about dollars and cents, but about the personal take-aways that matter. For SMF attendees, the value is about gaining insights. For exhibitors, the value is about the number of transactions. Likewise, for sponsors, partners and other stakeholders, value creation must be meaningful and contribute to a positive outcome.