Today, we live in a world powered by technology - we’ve embraced the digital age. Gone are the days of long commutes, communal kitchens and expensive suits. Here to stay are virtual meetings, hybrid roles, and the flexibility to connect and collaborate on a professional level from anywhere in the world.
Technology has revolutionized the way companies conduct business. With more companies than ever working remotely across varying time zones and long distances, virtual meetings and online conferences are nothing out of the ordinary in 2022.
Businesses and clients can connect at the touch of a button, employees are able to achieve a better work-life balance and companies are even saving money on rent and equipment. Without the need for in-person attendance, businesses can hire from all over the world, giving them access to the best talent out there. Cutting face-to-face engagement clearly has its benefits, but at what cost?
In the age of digital communication where virtual meetings and online conferences are the norms, is there still value in business travel?
Here are four reasons why business travel is beneficial for any company:
Business travel helps build better relationships with clients
Businesses are built on relationships - and these relationships can determine the success or failure of a business. Of course, it’s possible to build strong relationships through a computer screen, but there is nothing quite like sitting down with a client face-to-face.
Not only does taking the time to meet clients in person demonstrate how your company values their time and business, but it also helps to build loyalty and trust - something that certainly goes a long way in the corporate world.
The close rate for in-person meetings is a strong 40%, showing that taking the time to meet clients results in a sale or deal almost half of the time - one statistic alone that makes the trip worth it. Furthermore, research shows that you can actually lose clients simply by not meeting them in person.
Unsurprisingly, 95% of people agree that better business relationships are built through face-to-face meetings.
Networking fuels company growth
Business travel provides the opportunity to network - in other words, a chance to touch base with professionals and connect with like-minded individuals in the industry. Networking plays a key role for businesses worldwide and is responsible for the success of 78% of startups. Whether it’s a meeting, an event or a conference, the opportunity to network opens business opportunities, provides access to new talent and raises the profile of a company.
Sending your employees to network and connect can benefit them, too. 80% of professionals believe that networking is vital for career progression, and a staggering 85% of positions are filled by networking. Business travel provides the opportunity to foster personal interactions and build good foundations for existing and future relationships.
Human interaction is still important in the corporate world
As human beings, we’re wired to connect. While technology certainly provides increased efficiency, it leaves room for error, miscommunication and lack of emotional connection. In a post-pandemic world, in-person connections are more important than ever before.
Did you know that 93% of effective communication is non-verbal, while spoken words account for only 7%? When using audio calls and tech platforms to connect, clients are often unable to read facial expressions, movements and visual gestures - however, this is crucial for connection. Relying solely on technology to communicate as a business can result in lost language.
It also affects the ability to collaborate effectively. Human connections forged during business trips can fuel creativity, innovation and increased productivity. Research shows that an in-person meeting will generate 13.36 ideas, whereas a virtual meeting only generates 10.43.
Employees want to travel!
Finally, employees want to travel. Beyond driving business, closing deals and establishing new relationships, employees are keen for new experiences and the opportunity to discover and travel. 75% of millennial business travelers think that traveling for work is a perk, and 30% of people would accept a lower-paying job if it included business travel. With the increasing popularity of bleisure trips, employees are keen to merge travel experiences with work.
A good company travel program with reliable employee accommodation can improve productivity, boost morale and lead to empowered work culture. Despite the rapid use of virtual meeting technology and employees’ desire to work from home, 67% of people would still like to travel for business moderately to extensively.
To summarize, business travel is a catalyst for growth - both for your company and its employees. It’s imperative to foster client relationships, drive sales and improve employee satisfaction. So, where will you be sending your employees next?
3Sixty
3Sixty is a state-of-the-art marketplace that reduces the noise in extended-stay travel.
Our HomeMatch™ technology leverages machine learning and human expertise to curate quality, cost-effective housing where your employees feel safe, comfortable, and at peace.