According to the Convention Industry Council, on average, 205 million people in the United States attend the 1.8M conventions, conferences, congresses, trade shows and exhibitions, incentive events and corporate/business meetings each year. Face-to-face meetings build trust and relationships between professionals that share similar passion, experiences and expertise. Education and training is more effective in a live setting, and live meetings result in a more efficient exchange of ideas and provides the human connection that has become less and less a part of our working lives as we grapple with balancing a virtual business place.
“40% of prospects converted to new customers through a face-to-face meeting.”
In the retail and business sector, business sales have steadily increased via virtual marketplaces, but research still confirms the importance of face to face meetings as a way to increase customer loyalty and improve sales. Businesses can benefit from a balance of both virtual sales and face-to-face meetings. A 2009 MPI survey found that companies gain $12.50 for every U.S. dollar they invest in business travel. 40% of prospects converted to new customers through a face-to-face meeting. 28% of current business would be lost without face-to-face meetings and the average company would lose 17% of its profits if it eliminated all business travel and it would take 3 years for profits to recover.
So, with 95% of survey respondents saying face-to-face meetings are essential for long-term business relationships, are you planning your next opportunity to meet face to face?
IAVM’s annual conference and trade show, VenueConnect, will take place in New Orleans July 27-30. Filled with networking and educational opportunities, as well as face-to-face meetings with some of the industry’s leading venue related businesses, it only makes sense for you to attend whether you are a professional or an exhibitor.
Register today for VenueConnect 2013. Hotel Cut Off is July 5.