Source: Newsletter from Event-Partner

Accor study: Physical meetings for higher turnover

by Event-Partner editorial team, November 20, 2024

A new study by hospitality group Accor shows that face-to-face meetings are crucial for business success. According to experts, live meetings could increase sales by up to 36% and the number of contracts signed by up to 37%

According to the Accor survey of 9,000 business travelers worldwide, 85% expect an average increase in revenue of 36% if they increase their use of physical meetings. Likewise, 74% of those surveyed stated that contracts are concluded more effectively in person.

"The 36% increase in sales anticipated from face-to-face meetings is worth billions to the global economy," comments Sophie Hulgard, Chief Sales Officer at Accor. "People need to connect with each other. Even though technology brings us together around the world, it doesn't replace the connection, cultural exchange and economic value that comes from face-to-face meetings."

Around 41% agree that face-to-face interactions are more effective for business, especially when it comes to sales, closing deals and overall business success. Almost 40% emphasize the importance of face-to-face meetings for their work - for 38%, the time and money spent on face-to-face meetings is worth it. In addition, 37% believe that face-to-face meetings are critical to fostering company culture. 35% observe a higher level of participation in team activities that take place in person. For 33% of respondents, it is clear that virtual meetings make it more difficult to build personal relationships, underlining the value of physical presence in the professional world.

Commercial revenue drives business travel

The main driver for business travel is commercial, with 34% of global professionals surveyed stating that the main reason for travel is to close contracts, closely followed by client visits (31%) and contract negotiations (30%). Attending events and trade fairs is also a high priority for 30% of professionals. Personal meetings to further develop the business strategy are the fifth most important reason for business trips (20%).

Virtual tools are no substitute for personal interaction

The study shows that personal interactions are essential for professionals in various business areas: 92% consider face-to-face customer meetings to be important, while 85% also value direct exchanges with colleagues. Physical meetings are rated as significantly more effective - they are up to three times more effective than virtual formats.

There is a strong preference for live formats, particularly for customer presentations (68%), site visits (77%), business deals (74%) and contract negotiations (70%). This is where respondents see significant advantages for relationship building and commercial success.

According to Hulgard, if companies find the right balance between digital and physical interactions, they are likely to achieve better results in terms of sales growth and contract conclusions. After all, the "human factor" remains a decisive success criterion that virtual tools cannot replace.