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3 Important Findings from the IRF/MeetingsNet Incentive Travel Survey
- It's All About the Wow: It would be tempting to think that increased budgets immediately lead to longer, larger programs, but as other IRF data and this survey show, that is not necessarily true. In fact, planners working with a budget increase were most likely to react by adding “wow” elements, upgraded accommodations, or off-site events. Adding room nights was a much lower response. Per-person spend is hovering at of $3,050, with 20% of respondents saying their budget exceeds $5,000.
- It Takes More Than Sales: The majority of in-house incentive travel managers said company revenues were up in 2014, but a good year for sales did not necessarily translate into more dollars for incentive travel: Only 54% of in-house planners said incentive travel budgets increased in 2015. This shows that incentive budgets are not as responsive to sales increases as always assumed. Many factors other than sales impact incentive travel budget growth. Meeting planners need to consistently justify a program beyond revenue growth, tying the program’s purpose to other company objectives, such as innovation or core values.
- Location, Location, Location: It is good news for the U.S. economy that almost 80% of respondents plan to use destinations within the U.S. borders for their incentive travel. It may also be good news for planners, most of whom report having less than 12 months to source an incentive location. Europe also had a strong showing, rivaling Mexico for 2015 incentives.
To learn more, go to http://meetingsnet.com/datasheet/are-your-incentives-working?