Curbing business travel can reduce a company’s profits for years
A recent survey of econometric analysis and executive opinion published by OrlandoMeeting.com has confirmed the magnitude of business travel ROI: for every dollar invested in business travel, companies realize $12.50 in incremental revenue. Curbing business travel can reduce a company’s profits for years. The average business in the US, for example, would forfeit 17% of its profits in the first year of eliminating business travel. It would take more than three years for profits to recover.
Both executives and business travelers estimate that 28% of current business would be lost without in-person meetings. They also estimate that roughly 40% of their prospective customers are converted to new customers with an in-person meeting compared to 16% without such a meeting.
[pictured: Lufthansa Business Class]