This was another week that clearly showed that business-travel spending continues to be slashed. We all heard about Wells Fargo Bank and how its recognition bash to be held in Las Vegas was cancelled based on pressure from our nation’s executive office. Then I heard on the radio that corporate travel budgets have even impacted the NFL. How you may ask? Well, based on a recent report by the Hawaiian Tourism Bureau, corporations, which have historically purchased the majority of the accommodations and entertainment, cut back this year, resulting in very disappointing bookings for the NFL Pro Bowl. Though some feel these reductions are temporary, many others believe that while event travel will return in the next 18-24 months, it will not return anywhere close to the level it once enjoyed. The method of conducting business has changed.
As the travel and entertainment budgets continue to get reduced across businesses of all sizes, companies contact us every week looking for ways to move all or a portion of their physical events to virtual ones. The ability to conduct Sales Meetings, Human Resource Update Sessions and Customer User Conferences are the primary areas of interest. Interactive tools like Video Chat, Group Video Chat and Live Presentations with engaging Q&A are just a couple of ways that business can be conducted virtually.
Here is an interesting set of metrics from our customers who conduct internal virtual events: over 65% of those invited to a virtual session attend, spend multiple hours and have a high level of participation while within the virtual session. Look for additional postings on how corporate events are changing business.