Business Travel Roi Study Presentation
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The document summarizes the findings of an Oxford Economics study on the return on investment of business travel. Key findings include: 1) Business travel leads to profit growth for companies and the average business would forfeit 17% of profits in the first year without business travel. 2) Business travel helps companies keep customers, convert prospects to customers, build relationships, and boost employee morale and performance. 3) The U.S. spent $246 billion on business travel in 2008, with $99 billion going towards meetings, events, and incentives.
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Business Travel Roi Study Presentation
- 1. The Oxford Economics Study: The Return on Investment of Business Travel
- 2. Central Finding: Business travel leads to profit growth
- 4. Business Travel Hiatus Leads To Adverse effects on corporate performance Negative impact on profits The average business in the U.S. 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. Profits with and without a 2-year suspension of business travel Source: Oxford Economics
- 5. Benefits of Business Travel Keeping Customers 1 Source: Survey of business travelers (n=500) and executives (n=300) 2 Source: Survey of business travelers (n=500) 3 Source: Kellogg School of Management Customers who require or prefer in-person meetings 2 Average revenue that executives and business travelers estimated would be lost without in-person meetings with clients 1 Corporate executives who believe that a slow economy calls for more contact with clients, not less 3
- 6. Benefits of Business Travel Conversion rate: Prospects to customers Source: Survey of corporate executives (n=300) Source: Survey of business travelers (n=500) and executives (n=300) In-person vs. virtual meetings with prospective clients Converting Prospective Clients
- 7. Benefits of Business Travel Building Relationships Source: Corporate executives survey (n=300) Trade shows and internal company meetings
- 8. Benefits of Business Travel Morale Performance In order to achieve the same effect of incentive travel, an employees total base compensation would need to be increased by 8.5%. Source: Corporate executives survey (n=300) Source: Survey of business travelers (n=500) % of employees indicating high impact on a 1 to 5 impact scale Effects of travel on employees Investing in Human Capital Incentive Travel External Conferences Internal meetings
- 9. Economic impact of business travel Total = $246 Billion 2008 U.S. Business Travel Spending Meetings, Events & Incentive: $99 billion
- 10. Economic impact of business travel Business Travel Spending Categories (% of total travel budget)
- 11. Methodology Study conducted by Oxford Economics and Synovate with oversight by U.S. Travel Association. Informed by 3 surveys: 500 U.S. business travelers (Synovate); 300 U.S. corporate executives/business travel decision makers (Synovate); and 400 corporate executives/business travel decision makers (U.S. Travel/Kellogg School). Econometric analysis (multi-factor productivity).