Negotiations and client engagements in particular are best done in person, says study. Photo Credit: Pexels/fauxels
A global survey of business professionals has highlighted the impact of face-to-face meetings on revenue growth, with 85% saying that prioritising in-person meetings would significantly boost their business revenue, with an average projected increase of 36% over the next year.
The Accor study, which surveyed 9,000 people who travel for business purposes across nine countries, including the US, the UK, India, Brazil, France, Germany, UAE, China and Australia found that 41% of those surveyed agreed that face-to-face interactions are more effective for business, particularly when it comes to sales, closing deals, and overall business success.
Furthermore, 37% believe in-person meetings are key to fostering company culture, while 35% report higher attendee engagement during these interactions. When it comes to virtual meetings, 33% acknowledge that these make it more difficult to build personal relationships, underscoring the value of physical presence in the professional world.
Respondents also said that one in-person meeting has the same impact as three virtual meetings and in-person site inspections also scored highly, with 77% choosing this method over the 11% opting for virtual alternatives.
The survey also explored the primary drivers of business travel, with events and travel ranked among the top five reasons, with 30% of those surveyed naming this. The main driver of business travel is commercial, with 34% of professionals polled stating that closing a deal is their main reason to travel, closely followed by client (31%) and contract negotiations (30%). Building and designing business strategy was identified as the fifth most significant reason to travel for business, a priority for 20% of those surveyed.
Sophie Hulgard, chief sales officer at Accor said: “The potential 36% revenue gain from meeting face-to-face will be worth billions to the global economy. People need to connect, and while technology brings us together from around the world, it doesn’t replace the connection, culture and commercial value that comes from in-person interactions. Digital is powerful, but face-to-face is valuable.”