As I look back on the past 15 months, the crisis faced by the meetings and incentive travel industry has been unprecedented. The negative publicity we received from media and policymakers clearly points to the need we have as an industry for greater education and understanding of what we do. While it's easy to be frustrated and upset with others, we must step up and take responsibility for the fact that these perceptions exist. The travel industry employs 7.7 million people across 50 states, generates significant tax revenue and supports the health and welfare of communities where we do business. In light of where we've been, where do we go from here?
As an industry, we have not done a good enough job educating policymakers or the media, nor did we have the appropriate data to make the case for why meetings and incentive travel are powerful tools for driving business results. A lot of progress was made this year, and industry associations came together like never before to ensure we speak with one voice.
Legislative work is ongoing, but there needs to be a grass-roots effort by individuals, corporations and industry suppliers. We must continue to educate policymakers and media. The call to your local congressman, the letters you write, leveraging the work done by the U.S. Travel Association, all make a big difference, but don't stop there— make sure your voice is heard at the local level.
Talk Meetings Metrics With Senior Executives
During the past 12 months, corporate profits and financial improvements have been generated primarily through cost-cutting and productivity initiatives. Now, as executives turn their focus to top-line revenue growth, helping chief financial officers and procurement executives understand the impact face-to-face meetings have on driving sales and building relationships with customers and channels is critical.
It is interesting to me that meetings and incentive programs were disproportionately cut relative to money spent on advertising, direct mail and other marketing activities, despite data from marketing executives across all industries that shows a belief that there is a greater return on their meetings investments over other marketing vehicles. This seems to point to the need for better metrics, but also to the perception issue that these programs are frivolous and therefore easily cut.
Having said that, we must more accurately demonstrate measurable results, which is even more important given the current environment. Better understanding your audience and knowing what motivates them to perform better results in retention and engagement of employees and customers. And, of course, senior executives can better defend the investment if there is data to support it.
Integrate Virtual Communication Tools With Face-To-Face Meetings
The industry has spent a lot of time lamenting the face-to-face challenge from virtual meetings. Understand that integrating and leveraging new technologies into the design, execution and management of meetings is part of the future. Virtual technologies enhance the value of face-to-face meetings because they provide companies the ability to extend meeting content and expand audience reach. Technology allows greater access to content to better prepare attendees, and keeps the call to action alive after the event.
We should stop debating whether or not virtual technology will replace face-to-face meetings. Rather, we must think about how we can integrate new communication platforms into the way we enhance the meeting experience.
We've made a lot of progress from 15 months ago. The future of meetings relies on our ability to continue the conversation around the value they play in improving business performance. We've demonstrated the economic impact of our industry and how we benefit businesses and communities. We also believe that at a fundamental level, human beings are wired to connect. I am confident that if we continue to work together as an industry, we are better positioned to not only survive but thrive in the coming years.
Originally published March 1, 2010