In 2020, the world saw a massive 73% cancellation rate of B2B exhibitions, including conferences and venue-booked business meetings. Luckily we’ve since recovered from this drastic decline, with bookings for in-person meetings reaching 50% of 2021’s total in January 2022 alone, and conferences reaching an astonishing 83% in the same time frame.
While waiting to return to events as we’ve always known them, virtual replacements stepped in as adoption rates of technology solutions grew. Some companies are choosing to continue in this fashion even now the world is fully open again to travel and large exhibitions, likely because of the cost-saving potential of staying virtual. But it’s important to recognize the significant value of attending events in person and spending time connecting with others face-to-face. And this is worth a lot more than the cost of travel, tickets, and time out of the office.
Not sure? A study by BlueJeans and Forrester Consulting found that 71% of people believe it’s difficult for virtual events to accurately mimic the experience of in-real-life events. What’s more, two out of three of those surveyed feel you can’t articulate a brand’s narrative virtually - which poses the question, why are people still doing it if it barely meets the bar?
Here are four vital reasons to keep sending your employees away for events, conferences, meetings, and more. Don’t just meet the bar, find real success in real-life events.
Idea generation - Creativity is born in a room full of people bouncing ideas off one another. We’ve all tried to spark the same kind of energy and excitement in virtual brainstorming sessions, but we must admit that it’s not the same. Maybe this is because we have more visual cues from others (including body language) and the lack of video delay helps us realize when we can step in and express our thoughts, rather than waiting for a chance to speak and then missing the opportunity. Think of all the potential golden ideas missed because of this. Or maybe it’s because it’s harder to be silent in the same room as your boss. Whatever it is, we can’t deny that in-person meetings are superior to virtual meetings when it comes to idea generation.
Build relationships - Small talk matters. Small talk, little jokes, a laugh or two are the essential building blocks needed to form and maintain a valued and deeper relationship. Whether that’s with existing clients, new prospective leads, or between employees in different branches of the company - face-to-face time is important. Take for example the scenario of trying to land a new partner - not to say that this cannot be done virtually - but by meeting in person you’re likely to win over their trust (and therefore faith in your company) sooner.
Communication - It doesn’t take much for an email or message to be interpreted differently from how you intended. The same goes for virtual meetings; without body language and visual cues to help us understand the true meaning of someone’s words or tone, we can easily misunderstand. We don’t have to worry about any of this confusion when meeting face-to-face and instead can communicate freely and more efficiently. This inevitably means tasks and agreements are fulfilled quicker with as little friction as possible.
Learning - Knowledge is power, making learning a vital stepping stone to success. Attending in-person industry events such as conferences enables employees to learn directly from thought leaders and experts in your company’s specified field. This not only helps to spark new ideas - which employees can bring back to better the company and their role - but it also has the potential to increase the individual’s interest, motivation, and confidence in what they do. Also, the likelihood is that employees will be a lot more engaged in a real-life meeting, conference, or event than they would be at home watching from their laptops. According to Expedia’s research, almost a third of those traveling for business will be attending industry conferences and events.
Tech innovation and adoption have boomed in recent years, but we must perfect the balance between the value of the human touch and what technology can take over. Tech in many cases, such as automation in serviced apartments, can offer increased efficiency and quality. However, when it comes to building relationships, engaging in events, learning from leaders, being creative, and communicating - nothing beats the human touch.
It’s thought that corporate in-person events, such as conferences, will dominate the market in 2023 rising by a further 7%. Demand is increasing and will only continue throughout the year ahead, it’s no wonder the annual spend on events is predicted to increase by 83%!
Don’t forget that where your employees stay during business travel for meetings and conferences is just as valuable as the event itself. After all, how will they absorb all the expert knowledge on a poor night’s sleep? And where will they go for a rest between talks without a quality nearby location?
At 3Sixty, we understand that managing traveling employees can be challenging. That’s why we created a simple, all-in-one employee accommodation booking platform, so that you can manage their trip with ease.
Planning to send your employees to more in-person meetings or events this year? Start searching for the perfect home away from home for your employee here on our marketplace which has over one million pre-vetted accommodation options.