Leaders from all aspects of the meetings and events industry celebrated the first North American Meetings Industry Day (NAMID) on April 16. To mark the occasion, the Incentive Research Foundation compiled seven quick, important incentive travel stats that every incentive travel planner, manager and executive should know.
1. 46% of U.S. businesses use incentive travel.
2. U.S. businesses spend $22.5 billion annually on incentive travel, with the bulk of that spend used on sales incentive programs.
3. Organizations that provide non-cash rewards such as incentive travel have three times higher revenue increases.
4. 100% of best-in-class companies (those with the highest customer retention and sales growth) offer group travel to recognize year-end sales success.
5. Incentive travel is not just for sales. Of companies that run awards programs, 53% use incentive travel to recognize sales, 43% to recognize employees, 33% to recognize channel partners, and 27% to recognize customer loyalty.
6. Per person incentive travel budgets are now up to an average of $3,440.
7. Properly designed and executed incentive travel programs can increase sales productivity by 18% and produce an ROI of 112%.
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