Premier Inn, the UK’s leading hotel chain, and the Centre for Economics and Business Research have come together to discover the benefits of face-to-face meetings in the manufacturing sector. The report – known as the Measuring Face Value report – shows that the industry can potentially enjoy a £513,700 yearly revenue boost simply from meeting clients in person, and for every £1 spend on business travel by organisations, they see a 316 percent return on investment.
Karen Plumb, Director of Business to Business at Premier Inn, commented on the results: “We all know that when we are meeting virtually, whether on a video or phone call, not everyone is engaged 100% of the time. Welcoming millions of business guests each year, Premier Inn understands how valuable face-to-face interaction is for our customers. Guests stay with us when they’re travelling to all kinds of face-to-face business meetings – from site visits and conferences to new business pitches and brainstorms.
“Premier Inn commissioned this latest report as part of our ongoing research into the needs of our business guests. Human interaction has long been recognised as important in business but I am pleased that we can now pinpoint precisely how much it’s worth to UK companies.
“These figures may encourage some businesses to reflect on their own balance of virtual and face-to-face interaction, and to consider how getting that balance just right can have a positive impact on their bottom line.”
Nina Skero is Senior Economist at the Centre for Economics and Business Research, and added: “Whilst our research does not prescribe a single, optimal balance of face-to-face and virtual communications, it clearly demonstrates that businesses should be striving for a blend of both. The proven financial contribution of face-to-face meetings to our economy is considerable and shows no signs of diminishing.”
Denise Taylor, chartered psychologist and career coach, added a compilation of some of the drivers behind the effectiveness of face-to-face business meetings: