April 14, 2016, was the first Global Meetings Industry Day, a day of advocacy to showcase the substantial value derived from business meetings, conferences, conventions, incentive travel, trade shows and exhibitions. In case you missed it, we’ve distilled five ways meetings contribute to the economic well-being of individuals, organizations, and communities.

Face-to-face business meetings drive positive business outcomes.

Organizations depend on face-to-face meetings to win new customers, close new deals and develop high-performing talent. The business outcome of a face-to-face meeting far exceeds any other. Meetings create a shared sense of missions and purpose, foster empathy across organizational lines and create camaraderie that positions an organization for success.

An Oxford Economics report highlights the industry’s value to businesses, finding that companies that invested more in business travel during the economic downturn grew the fastest. In fact, the report found that every dollar invested in business travel realizes $9.50 in new revenue and produces $2.90 in profits.

Face-to-face business meetings produce a return on investment for executives across industries.

A Business Leaders Survey by Meeting Mean Business (MMB) found that ninety-seven percent of executives say that meetings deliver a return on investment. A majority (53%) says they deliver a great return. Four in five believe they have attended an in-person meeting, conference or event that would not have yielded the same success as one conducted via video or telephone conference.

Government travel for meetings also leads to greater productivity and efficiency. A recent study found that canceling government participation in meetings and conferences can actually cost taxpayers more in the end.

Important business activities such as networking and teambuilding are best accomplished in-person.

Face-to-face meetings more effectively capture the attention of participants, inspire positive emotional climates and drive collaboration by building meaningful business relationships. Executives agree that networking (89%), new business opportunities (86%), workforce engagement (80%), training (73%) and staying up-to-date on industry trends (62%) are best accomplished face-to-face.

Government meetings facilitate effective information sharing, employee training, and development, taxpayer services and collaboration with other agencies and private-sector partners in a way that cannot be accomplished by other means.

In-person business meetings are critical to professional development and career success.

Conventions and conferences serve as critical education platforms for professionals and are key components for developing advanced skills and workforce training. 99% of executives interviewed by MMB believe that in-person meetings have helped them succeed in their career.

Personal relationships are at the core of every business decision and face-to-face meetings provide professionals with that personal interaction, which leads to deeper relationships. The ability to sit down one-on-one with colleagues and leaders across industries provides for instant collaboration and real-time productivity.

Meetings build strong communities and stimulate regional economy.

Outside of the results driven by business meetings, the events, and meetings industry creates hundreds of thousands of jobs, generates billions of dollars of revenue and supports communities across the country. Hosting an event, convention or trade show stimulates a region’s economy by bringing in a new visitors, who stay in area hotels, eat in local restaurants, shop in neighborhood stores and bring new revenue to the destination.

The meetings industry contributes more to national GDP than the air transportation, motion picture, sound recording, performing arts and spectator sport industries. It is an economic engine, creating hundreds of thousands of jobs, generating billions of dollars in revenue and supporting communities across the country.

It’s an indisputable fact that business meetings strengthen the bottom line, not only of the organization but the individual participants and the communities in which the meetings are held. To find out more about how Covington Meetings & Events can assist your company in creating and executing distinctive, winning meetings, company events and incentive programs, contact us today.

*Source: meetingsmeanbusiness.com