Why are business meetings important to an organization’s success?
This is, perhaps, the first question that needs to be answered by a company before they develop their Show and Event strategy. If you really break it down, how important are those business meetings your employees attend from time to time? Take a look at this:
As the above video states (produced by our friends at MPI), for the average business:
- every $1 invested in business travel will gain $12.50
- 40% of business prospects are converted by face to face meetings
- 28% of current business would be lost without face-to-face meetings
- 17% of profit would be lost if all business travel is cut
- it would take 3 years for profits to recover if business travel was eliminated
- 95% of the respondents to the MPI survey said face-to-face meetings are essential for long-term business relationships
These are pretty fantastic statistics especially when you consider that business meetings and travel are sometimes considered expendable. The objectives of your meetings will vary from organization to organization. But there are so many great reasons to continue investing in your Show and Event strategy that apply across the board. We’ve compiled a few, but the list could go on for sure. When attending industry meetings your attendees:
- Get specific answers – Not all questions can fit on a FAQ page or manual. Meetings allow attendees to bring their questions and have them solved. This is particularly true the more “technical” your industry is. Often times, as we work through issues in our day to day activities, we are “stumped” by questions that don’t offer an immediate solution. Attendees of business events often are given the opportunity to seek out others that have solutions to these unique issues.
- Meet subject matter experts – As in all generations past, mentorships and apprenticeships work because there’s no better way to learn than from veterans in your field.
- Connect with piers – Let’s face it, your significant other is probably tired of hearing you talk shop. But put you in a room full of industry piers and you can talk all night…and everyone knows what you’re talking about!
- Network – Everyone needs to get out there every once an a while and talk to people. For example, inside sales is the fastest growing industry within the sales and marketing space. These are people that essentially stay at a desk and sell remotely. However, sometimes, just by getting in a room full of people with a similar focus can provide a powerful source of support, knowledge, encouragement and, hopefully, sales.
Meetings are essential elements to a healthy, growing business. Your continued investment in Shows and Events will create great returns and help you develop more satisfied employees and customers.