The Hidden Cost of Travel
Written by Sam Felsenthal on March 23
In a world full of growth hacks and sales optimizations, in-person interactions are still a critical way to grow your business.
According to a recent Oxford Economics study, 28% of business agreements would’ve been lost without a face-to-face meeting. The same study also notes that 40% new customers were converted from an in-person meeting.
The problem is that business travel is inherently expensive, time consuming, and laden with hidden fees. While it catapults your top line revenue up and to the left, it also has a serious impact on your bottom line.
So how do you balance the two? Simple. Increase the ROI of business travel. Cut costs wherever possible and continue to invest in business travel as a growth strategy.
We’ve developed The Hidden Cost of Travel Report to help you mitigate 2 latent costs:
- Wasted employee time
- Wasted money
Did you know that 60% of travelers don’t use the travel resources their companies are paying for? Couple that with the fact that 70% of travelers spend 2–5 hours on travel logistics per trip and, before you know it, you’re racking up costs before any travel’s even been booked.
Employees opt for travel solutions that give them more autonomy, the best options, and are easier to use than outdated systems. Most companies fall victim to managed travel systems’ marketing ploys that promise less administrative time and cheaper bookings. The data shows, however, that those aren’t true. These resources are actually adding time and cost to your company.
Regardless of whether or not you have a resource such as an agency or software in place, chances are pretty good that your employees are wasting time booking travel on their own. Plus, even if you do have a resource and employees are using it, there are hidden booking fees and annuals service costs to add to the mix.
The Hidden Cost of Travel Report will show you how much money you’re currently losing on these two often overlooked costs.
Here's how it works:
- Take 2 minutes to submit a few data points about your company’s travel.
- Within 24 hours, we’ll send you a custom, detailed report.
- We’ll also send the raw data so you can plan for multiple scenarios.
Really, it’s that easy.
Submit your inputs for The Hidden Cost of Travel Report to see how much you could be saving.