Recessions in the U.S. typically take place about every 10 years following cyclical fluctuations in interest rates, unemployment and other capital resources.
The last U.S. recession, commonly referred to as The Great Recession, was fueled in part by greed, which exacerbated its depth as well as length. But even if everyone stays on their best behavior, it’s still coming.
The Last Recession
Do you remember what happened to the MICE industry during The Great Recession? Do you remember what happened to you?
Perhaps you were one of the 8.8 million people who lost their jobs. Or perhaps your company was among the thousands that saw billions of dollars in business evaporate practically overnight.
Key benchmarks in air travel, restaurants, convention centers, attendance, exhibit and sponsorship revenues, memberships, etc., dropped precipitously. Some of these metrics are just climbing back to their pre-recession levels.
Like many industries, the MICE industry is a cyclical industry, subject to the rise and fall of economic conditions. As economic conditions go, so goes the industry.
Last time around, the industry was caught embarrassingly flat-footed. We happily spend billions on meetings, incentives, conventions, and exhibitions, but when our financial stakeholders asked us to justify our spending, we simply couldn’t. Remember the “AIG Effect”? No one could determine with any certainty, the business value of their meeting. Most still can’t.
Measuring What Matters
The only way to answer the question about the business value of your meeting is to have a measurement system in place. The most critical element of this measurement system is the identification of your business goals and meeting objectives. Without these, you simply cannot determine whether your meeting was successful or not. No way. No how.
The good news: the Meeting Design process helps you identify your business goals and translate those into specific meeting objectives. It has the added benefit of helping you identify value-added ideas while simultaneously reducing the costs. And what fiscally responsible meeting stakeholder wouldn’t like that?
For those who have not horded enough cash or embraced new strategies like Meeting Design and actionable measurement systems, what are you waiting for? Don’t be caught flat-footed again. Remember what happened last time. It’s avoidable if you act now.
I’m not Chicken Little. The next global recession is not conjecture. It’s not my opinion. It’s a certainty. Those who fail to learn from history are doomed to repeat it.