Eight-five per cent of respondents said they believed making face-to-face meetings a priority would drive considerably higher business revenue.
On average respondents said they thought revenue would be 36 per cent higher over the next year with more in-person meetings.
“The potential 36 per cent revenue gain from meeting face-to-face will be worth billions to the global economy,” said Accor’s chief sales officer, Sophie Hulgard.
The research also quantified that 35 per cent of those polled believed the better business outcomes expected from meeting in-person justified the time and monetary cost of meeting face-to-face rather than virtually.
Ninety-two per cent of those surveyed said meeting in-person was important for external clients while 85 per cent believed it was important for internal meetings.
The research also showed that workers equate the value of one in-person meeting with three meetings held virtually.
Forty-one per cent of respondents agreed that in-person interactions were good for business, especially for sales and closing deals. Thirty-seven per cent of respondents believe in-person meetings are important for company culture and 33 per cent said virtual meetings made it harder to build relationships.
The biggest driver for business travel is closing commercial deals – flagged by 34 per cent of respondents, with events and trade shows coming in second as the driver for 30 per cent of respondents.
Most business people also prefer client presentations in person – 68 per cent – and even more prefer site visits in person – 77 per cent – despite the proliferation of 3D tour technology during the pandemic. Seventy per cent of respondents also prefer to undertake contract negotiations in person.
“People need to connect and while technology brings us together from around the world, it doesn’t replace the connection, culture and commercial value that comes from in-person interactions. Digital is powerful, but face-to-face is valuable,” said Hulgard.
“Business is about people. Whether you are driving culture or commercial priorities, people are central to business strategy.
“Our study reveals that businesses stand to benefit greatly from prioritising in-person meetings, particularly for important negotiations and client engagements.
“As the world adapts to a new business as usual, companies that find the right balance between virtual and face-to-face interactions are likely to see stronger results, both in terms of deal closures and revenue growth.”
Accor surveyed one thousand people each from the US, the UK, India, Brazil, France, Germany, the UAE, China and Australia to gather these results.
