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A recent study highlights what makes a successful business trip for travelers, giving hoteliers a glimpse into how they should be marketing.
The study, "The Value of Business Travel," was conducted by Carlson Wagonlit Travel (CWT), and is based on a wide-scale survey of 10,000 respondents from May to October 2014.
There are several factors that contribute to a successful business trip, according to those surveyed. The three main determinants include: the number of meetings attended, the length of stay and when the trip was booked.
According to the study, business trips are generally more successful when more meetings are scheduled. A trip with one meeting produces an unsatisfactory result 19 percent of the time, and every additional meeting reduces the probability of an unsuccessful trip by roughly 10 percent.
It's not just about how many meetings a business traveler attends, though. It also helps to be in these meetings for long period of time. If you are only in meetings for one hour or less during a trip, the probability of that trip being unsuccessful is 28 percent. This probability is reduced to 8 percent when meetings span for two days or more. In 38 percent of unsuccessful trips, the cumulative meeting time was four hours or less.
In this sense, hotels with more meeting space naturally tend to yield more successful rates because they accommodate more meetings. It's one thing to want to conduct a lot of meetings inside a hotel; it's quite another to find the space and availability to do so.
Length of stay was also an important factor for business travelers. Obviously, the longer you stay, the more time you have to attend and conduct meetings. Same-day business trips were highly unsuccessful, while taking a trip for five days or more is generally a good (and productive) idea.
Also, booking in advance doesn't just save travelers money; it also has "a strong impact on the probability of a bad trip." A trip booked less than three days in advance has a 21 percent chance of being unsuccessful, according to the study. The probability of an unsatisfactory trip decreases threefold when a trip is booked 15 days in advance or more. This behooves hospitality marketers to get the word out on attractive deals and packages long before the expiration date of these deals, giving business travelers time to book the trip well in advance of their arrival.
Interestingly enough, international trips also tended to be more productive than domestic trips for business travelers, despite the additional costs generally involved. A domestic trip, according to the survey, has a 14 percent chance of being unsuccessful. On the other hand, intercontinental trips only had a 9 percent probability of being a dud.
According to CWT, this is because intercontinental trips are typically booked earlier and for longer periods of time. This is yet another reason why it's critical for hoteliers to reach out to international travelers. The more international business travelers who have successful trips at your hotel, the better. Word of mouth can reach across the world.
The good news is that 88 percent of business trips are considered successful by travelers currently, according to the study. However, there is still room for improvement, and understanding what sparks a successful business trip can go a long way in increasing business for hoteliers.
For the complete version of "The Value of Business Travel" study, click here.
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