The Future of Business Travel
As we all know, in 2020, business travel came to a screeching halt in the wake of Covid-19. Now, a year later, we’re beginning the realize that no matter how “normal” things become, the pandemic is likely to have a lingering and lasting impact on business travel.
Just last month, the Wall Street Journal (WSJ) came out with an article stating that a new analysis of travel purposes post-pandemic estimates a 19%-35% permanent loss of corporate trips due to travel budgets being slashed and meetings/conferences remaining virtual.
When searching for a silver lining, one thing to remember is that although we’ve lost business travel, we’ve seen substantial budget increases as money gets reallocated. With daunting predictions such as those from the WSJ and keeping to our theme of enabling a fast start to 2021, we must find new and innovative ways to recuperate the opportunities lost, ensure we take advantage of this increase in cash flow, and remain relevant and top of mind as the sales industry remains unstable and uncertain.
So how, what, and where do we capitalize on this influx of money?
First, we must take a look at what we’ve lost. It’s no secret that the loss of business travel and conferences have been a relatively large blow. Phone calls, emails, and virtual meetings are essential, but there is no replacement for the impact of face-to-face human interaction.
Often, the product or salesperson, a customer, goes with is the one they have the most personal connection to. From our experience, much of this relationship stems from dinners, donuts, and coffee or drinks. The loss of these meetings has caused huge setbacks in both personal and companywide budgets.
Possibly even more impactful, we’ve lost all the benefits of conferences and tradeshows. Last year, when conferences began getting canceled, one of the most significant concerns we heard about was the loss of leads. For many companies, tradeshow and conference season is when they generate the most leads. A study conducted by ExpoStars showed that depending on how effective and disciplined each person at your booth is, during an 8-hour show day, they could generate 40-48 qualified leads per person. This equates to a considerable loss over an entire season!
Now that we’ve determined what we’ve lost, it’s time to identify which tools (or tools) can be added to our channel technology stack to recuperate what is now missing. Enter Qotient.
The first technology of its kind, our “just-in-time” sales enablement platform, allows your sales channel to generate leads and drive them to closure through rewards and customized sales programs. Empowering them with the tools you need to salvage these lost opportunities, retain mindshare, and remain relevant.
Are you ready to learn more about how we can help you recover the revenue, deals, and leads lost from the lack of business travel? Contact our team today and in the meantime, check out Part 3 of our blog series, Building an Effective Channel Program. Miss the first two parts of our blog series? No worries! You can find them below: