Retail businesses can rake in around £378,000 in annual revenue boost from arranging face-to-face meetings, according to a report published today by the Centre for Economics and Business Research (Cebr).
The Measuring Face Value report – published in partnership with hotel chain Premier Inn – demonstrates that for every £1 spent on business travel by organisations in the sector, there‘s a 400 per cent return on investment.
The report also establishes that when it comes to securing new business in the retail sector, going to meet prospective contacts in person helps increase revenues by an average of 31 per cent per year – equivalent to an average of £116,100 per company per year.
Nationally, face-to-face meetings make an annual contribution of £193 billion to the UK economy, according to the Cebre/Premier Inn report.
The research also indicates that the average UK company gains an average income boost of £147,200 per year as a result of meeting face-to-face.
“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,” Cebr senior economist Nina Skero said.
“The proven financial contribution of face-to-face meetings to our economy is considerable and shows no signs of diminishing.”