While Skype and other online technologies are easily accessible and make great tools for virtual communication, business travel is still pivotal. Companies who realize the important purpose of business travel reap the many benefits that it brings. According to Oxford Economics, the sales return on each dollar investment on business travel was between $10 and $14.99.
Why Travel for Business?
Simply put, nothing quite closes a business deal like a handshake. There are plenty of reasons for business travel, but sometimes, putting a face to a name goes a long way when it comes to developing a business relationship or partnership. Depending on the type of business travel, it can serve many different objectives for your company.
Exhibitions and Trade Fairs
A great way to promote your product and expose it to new people, whether it’s a food item or college education, is to attend an exhibition or trade fair in a different region, or maybe even a different country. You’ll also be able to look at your competitors’ products and services, as well as network with those in your industry.
Conferences and Meetings
If there’s a meeting or conference related to your business or industry that might be worthwhile for growth or networking opportunities, you might want to think about going the distance.
Corporate events take many different forms and functions, including ‘meet and greet,’ business to business, or strictly company employee gatherings. Corporate events often present networking and marketing opportunities, and the chance to meet peers face to face while engaging in instructional training.
Incentive travel is business-related travel provided by a company that is designed to motivate their employees, usually to achieve a goal. A corporate-sponsored trip to an enticing destination not only offers a great reward but it also inspires company loyalty. In turn, the employee is given encouragement, a networking opportunity and an awesome incentive!