Businesses are missing out on nearly a quarter of additional revenue due to a lack of face-to-face meetings. This is one of the primary findings of an in-depth study carried out by hotel group Crowne Plaza. Just over 40% of those surveyed believe they lost a contract, deal, or client, or did not secure revenue, simply because they failed to hold a sufficient number of face-to-face meetings. Those polled estimate that the average amount of yearly revenue lost in this way totals 24%.
The study shows that the number of meetings taking place within the business community is rising, with an increase of 63% in virtual meetings and 43% in face-to-face gatherings. There are a number of factors driving the growth of virtual meetings over face-to-face ones: distance was cited as the biggest issue (34% of respondents), followed by time (24%) and cost (20%).
However, face-to-face meetings are perceived to encourage greater involvement from attendees (two thirds of those questioned list this as the biggest advantage of a face-to-face meeting), with less chance of misinterpretation (64%) and a greater opportunity to build trust (63%).
While face-to-face meetings are the preferred choice for sealing a business deal, nearly half (47%) of those questioned say they build trust before meeting by researching their contacts via social media channels such as LinkedIn.
Small talk is recognised as a good business meeting tool; the average meeting starts with approximately seven minutes of light-hearted conversation and 61% of those polled in the UK said using humour to build a relationship is also important. Tuesday morning is considered the optimum time to hold a successful meeting.
On average, the ideal number of attendees for a face-to-face meeting was judged to be seven people. When away from a business location, nearly a third of respondents had been on a conference call in their sitting room, with the next most common locations being in a car (22%), train (13%) and even in bed (12%).
An overwhelming majority of respondents – 96% – say they correctly predicted a positive outcome from a face-to-face meeting based on non-verbal cues, with the most evident being good eye contact. Being well dressed for business meetings continues to be a big consideration for making the right impression, with younger generations especially viewing it as an important factor.
In fact, almost 40% of those under 34 rank ‘being well dressed’ in the top three of non-verbal communications to get right. Other elements seen as crucial include good eye contact, smiling and leaning towards the person speaking in order to demonstrate interest and engagement, nodding in approval, not using a smartphone, having a strong handshake and refraining from fidgeting.
The full study is available to view here: library.the-group.net/ihg/client_upload/file/Crowne_Plaza_Meetings_report_November_2013.pdf
