It’s becoming clear that face-to-face meetings are far more productive than we ever imagined. There is much research becoming available to support this fact. The research we find will be added to this page to bookmark it as it will be frequently updated!
Economic Reasons To Meet
We all know instinctively that face-to-face (F2F) is more powerful than virtual. Here are some compelling stats that fully back this up–and can help us all ‘sell’ the need for in-person meetings to stakeholders. From http://www.mpiweb.org/Portal/Research/MeetingsDeliver :
• For every $1 spent on business travel, the return is $12.50. Oxford Econ study—highly credible data
• 40% of business prospects are converted by F2F meetings
• 28% of current biz would be lost w/o F2F meetings
• If all biz travel were eliminated, it would generate a 17% loss of biz margin
• We’d need 3 yrs to recover if all biz travel were eliminated
• One survey: 95% of F2F meetings are ‘essential’ (respondents were execs)
• 85% of companies in 09 cut business travel by 1/3
• 10% increase in biz travel boosts econ 1.5-2.9%
U.S. Economy Directly Affected By The Meeting Industry
According to a new study released by The findings come from a 136-page research study released Feb. 17 by PricewaterhouseCoopers reveals that the U.S. meetings industry directly supports 1.7 million jobs, a $106 billion contribution to GDP, $263 billion in spending, $60 billion in labor revenue, $14.3 billion in federal tax revenue and $11.3 billion in state and local tax revenue.
“As the nation grapples with effective ways to work its way out of a recession, the meetings industry plays a critical role in supporting jobs in communities across America, creating environments that foster innovation, consensus and business success,” said Karen Kotowski, Executive Director of the Convention Industry Council, the trade organization which unites the meetings sector and educates the public on its profound economic impact. “Two years ago, the value of meetings, one of America’s top economic and social engines, was misunderstood by governments and the public. This new research quantifies the economic significance of our sector for legislators, regulators and economists alike.”
You can read the entire press release at http://www.meetingsmeanbusiness.com/docs/Economic%20Study%20Release.pdf.
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