Study: business travel more than pays for itself
A new study says it establishes “for the first time” a clear link between business travel and corporate performance and growth.
The study conducted by global research firm Oxford Economics: “The Return on Investment of US Business Travel," found:
• Economic analysis and executive surveys both confirmed a high delivery of 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 US business would forfeit 17 percent 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 percent of current business would be lost without in-person meetings.
• Both executives and business travelers estimate that roughly 40 percent of their prospective customers are converted to new buyers with an in-person meeting compared to 16 percent without such a meeting.
• Executives stated that in order to achieve the same effect of incentive travel, an employee’s total base compensation would need to be increased 8.5 percent.
• An increase in government travel spending of $1 million will increase government worker productivity and therefore output by between $4.6 million and $6.3 million.
The study was commissioned by the US Travel Association.
By David Wilkening
David
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