Resist the urge to cut meetings and incentive travel.
If an economic downturn is around the corner, cutting costs may not necessarily be the right answer.
When most people think about a recession, their mind goes to the financial crisis of 2007-2009. But it was just that – mostly a financial crisis and so the only answer was to cut back and wait it out. If a 2020 downturn is on the horizon, consulting firm BCG put it brilliantly. “In the next downturn, the main challenge will be identifying disruptive threats and finding new sources of growth.”
Whether in an economic downturn or not, innovative companies know that meeting face-to-face is the best way to facilitate groundbreaking ideas and cultivate withstanding relationships. There are simple ways to optimize your meetings and incentive travel spend, but the encounter’s value cannot be measured in just dollars and cents.
More Effective Meetings
The last decade has seen a revitalization and reimagination of the meeting industry, but there’s more work to be done. We had the birth of the unconference and the festivalization of meetings. There is now a more widespread understanding that employees and business meeting participants want to enjoy themselves and have fun learning, networking and solving challenges. But not only is that what participants want – meetings are more effective that way.
Incentive Travel Works
And talk about effectiveness. 98% of survey respondents say that incentive travel helps them reach business goals such as increased sales and profit and strengthened employee relationships. In a downturn, instilling confidence and nurturing loyalty is more important than ever. Incentive travel motivates employees and channel partners with the promise of recognition and reward.
With the looming economic downtown, one of the most effective ways to drive business results is through the power of meetings, events and incentive travel programs. This can include a strategy for a user conference to grow or sustain loyalty and launch new products among your customer base, or an incentive travel experience to ensure your top performers are recognized.
Meetings and incentive travel may seem like a logical expense to cut, but in an economic downturn and beyond, it’s categorically a pillar of smart business practices and a breeding ground to identify growth opportunities and foster invaluable relationships.
Are you prepared for an economic downturn?