While many business leaders intuitively understand the value and benefits of face-to-face Florida meetings, it is critical these days to identify the quantifiable return on investment for such programs. The good news is that the value of face-to-face Florida meetings has been confirmed by actual research, and it is indisputable!
The “Return On Investment of U.S. Business Travel” study conducted by Oxford Economics found that face-to-face meetings allow companies to convert 40% of prospective customers, versus just 16% without such a meeting. What’s more, the average company generates 5-20% of new business through conference and tradeshow attendance. As the leading Florida Conference Center hotel, holding a face-to-face Florida meetings at The Renaissance Resort at World Golf Village is a smart investment.
The study also showed that each dollar invested in business travel (including Florida meetings) drives approximately $12.50 in sales and $3.80 in profits. Furthermore, the average business would forfeit 17% of its profits in the first year by eliminating business travel, and it would take three years for profits to recover.
Nearly 85% of the corporate executives surveyed perceive Web meetings and teleconferences to be less effective than in-person meetings with prospective customers. And 63% believe virtual meetings are less effective than in-person meetings with current customers.
The survey also found that companies would need to increase an employee’s total base compensation by 8.5% to achieve the same effect of incentive travel, but then would not capture allegiance and pride growth generated through incentive travel programs.
So whether it’s an executive retreat, a tradeshow, or a customer/employee recognition program, planning a face-to-face Florida meeting at The Renaissance Resort at World Golf Village – the leading Florida Conference Center hotel – is ROI at its best.