ATLANTA, Nov. 13, 2013 /PRNewswire/ -- 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%) 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%) 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% - a significant loss for any business.
- In fact, 81% 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%) reported that the number of virtual meetings they attended has increased in the past 5 - 10 years further demonstrating that the value of face-to-face meetings is being overlooked in favor 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, added:
"The scale and diversity of our family of brands means that our hotels can meet our guests' needs whatever the occasion. We listen to our guests closely to ensure we continue to do this and this research has helped us to further understand the needs of business travelers.
"The findings are clear. Virtual meetings can save time and money, but there are times when sealing a deal requires a handshake and 'seeing the whites of the eyes' of a business associate. At Crowne Plaza Hotels & Resorts, we empower our guests to do both. Our highly trained Crowne Plaza Meetings Directors tailor meetings to individual needs, whether physical or virtual, to ensure they are set up for success."
Additional findings from the global survey reveal:
- Business men and women worldwide attend more face-to-face and virtual meetings than they did 10 years ago – the biggest increase seen for virtual meetings.
- Starting a new business relationship (57%), finalizing a deal (54%) and contract negotiation (53%) are the top subjects respondents prefer to discuss face-to-face.
- 53% of respondents believe that connecting with a business associate on social media can help them develop a stronger and more trusted relationship. Facebook came out more popular than the business networking website LinkedIn, with 48% saying they had used Facebook and 42% had looked at an associate's LinkedIn page.
- Small talk is recognized as a good business meeting tool, with the average meeting starting with about 7.5 minutes of light-hearted conversation.
- The UK & the US spend the first few minutes of a meeting discussing the weather, as opposed to news and current affairs, which is the main topic of conversation in China (64%), India (59%) and the UAE (49%).
Crowne Plaza's Business Meetings in a Modern World report includes detailed findings from the global research study and was created in association with business psychologist and meetings expert, Hazel Carter-Showell.
Crowne Plaza Hotels & Resorts is part of IHG, one of the world's leading hotel companies. IHG has a broad portfolio of nine brands across over 4,600 hotels, in nearly 100 countries and territories. IHG is also the first and only hotel company to offer free Internet in all hotels to all loyalty program members globally, starting with Elite IHG® Rewards Club members now and extending to all members during 2014.
About Crowne Plaza Meetings Survey
The findings of this study are based on an internet survey of 2,170 business professionals and meeting attendees across UK, USA, India, China and UAE. Interviews were conducted by TNS Global in August 2013.
About Crowne Plaza Hotels & Resorts
Part of the IHG global portfolio, Crowne Plaza® Hotels & Resorts is a dynamic upscale hotel brand located in nearly 65 countries around the world in major urban centers, gateway cities and resort destinations. As the fourth largest upscale full-service hotel brand in the world and one of the fastest growing, the Crowne Plaza brand has a solid foundation for further growth. The portfolio has doubled since 2003 to nearly 400 hotels, and the global pipeline has increased fourfold to nearly 100 hotels. Crowne Plaza® properties offer comprehensive meetings and event facilities, the Crowne Plaza Sleep Advantage®, 24 hour business services and fully-equipped fitness centers, ensuring guests can work productively, connect with colleagues, and re-energize in order to perform at the top of their game.
The brand's signature meetings program currently includes: Two-hour Response Guarantee, Crowne Plaza Meetings Director, Daily Meeting Debrief and IHG® Rewards Club Meeting Rewards[i]. Guests can learn more about Crowne Plaza meetings services by visiting www.ihg.com/crowneplaza.
About Hazel Carter-Showell
Hazel Carter-Showell is a founding Director of CarterCorson, a UK based firm of business psychologists providing leadership development, assessment and coaching in the public and private sectors. With 18 years' experience of executive recruitment, development and management consultancy, Hazel is a graduate in business and psychology, Fellow of the CIPD with postgraduate qualifications in management learning and an expert in human behavior at work.
IHG (InterContinental Hotels Group) [LON:IHG,NYSE:IHG (ADRs)] is a global organization with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts.
IHG manages IHG® Rewards Club, the world's first and largest hotel loyalty program with over 76 million members worldwide. The program was relaunched in July 2013, offering enhanced benefits for members including free internet for Elites across all hotels, globally.
IHG franchises, leases, manages or owns over 4,600 hotels and 679,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihg.com/media, www.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc.
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[i] Program is only available at IHG hotels in the US, Canada, Mexico, Caribbean, Central America, South America, Greater China, Australia, New Zealand, South Pacific, Japan, Korea, Southeast Asia and Southwest Asia. Redemption varies by country.
SOURCE Crowne Plaza(R) Hotels & Resorts