Tuesday morning is identified as the optimum time for a successful face-to-face meeting in the UK and US, while Monday mornings in China, India and UAE.
Crowne Plaza Hotels & Resorts, part of the InterContinental Hotels Group (IHG), has released its first-ever Business Meetings in a Modern World global research report, revealing that businesses around the world could be missing out on nearly a quarter (24 per cent) of additional revenue because they are not investing enough time in face-to-face contact.
The report surveyed more than 2,000 business men and women across five major markets – the UK, US, United Arab Emirates (UAE), China and India – to better understand how business professionals are using both virtual and face-to-face meetings and the possible economic impact.
The survey found that, nearly half (47 per cent) of business men and woman surveyed believe they had lost a contract or client simply because they didn’t have enough face-to-face meetings, which resulted in the estimated yearly revenue loss of 24 per cent - a significant loss for any business.
fact, 81 per cent of business men and women state that face-to-face meetings are better for building long-term trust and ensuring strong client relationships. However, nearly two thirds (63 per cent) reported that the number of virtual meetings they attended has increased in the past five - 10 years further demonstrating that the value of face-to-face meetings is being overlooked in favour of cost and time-saving technologies, such as video conferencing
Hazel Carter-Showell, business psychologist and body language expert, said, “Although developments in technology allow business men and women to make achievements in meetings that would have been impossible a few years back, meeting face-to-face continues to bring significant benefits that are much harder to obtain through virtual channels. One of these benefits is building trust, which research has shown is behind many profitable companies. Trusted companies have higher morale, productivity, lower employee turnover and create deeper relationships with their customers”.
According to the findings in the report, not only how a business meeting is conducted, but also when, could change the outcome. Tuesday morning is identified as the optimum time for a successful face-to-face meeting in the UK and US, while Monday mornings are considered the best time of the week for productive meetings in China, India and UAE.
Janis Cannon, global vice president, Crowne Plaza Hotels & Resorts, IHG said, “The scale and diversity of our family of