Inspired Travel Group is a full-service corporate travel agency servicing clients right the way across North America. Our people first approach to travel ensures only the highest levels of personalized, attentive service.
When it comes to business, travel remains an essential component of building relationships, closing deals and expanding your company’s reach. But let’s face it, business travel can be expensive. That’s why it is essential to optimize your businesses Return on Investment (ROI) for every trip. In this guide, we’ll explore 10 effective strategies to enhance the ROI of your business trips, ensuring that every dollar spent maximizes value and better supports your business objectives.
Before we dive into the nitty-gritty, let’s talk about why ROI is such a big deal in corporate travel. According to a study by Oxford Economics, for every dollar invested in business travel, companies realize $12.50 in incremental revenue. That’s a 12.5x return! But, not all business travel is created equal. By optimizing your approach, you can push that return ever higher.
We’ve all heard it before, but it bears repeating, planning ahead pays off. Booking flights and hotels in advance can save you up to 40% on travel costs, according to a report by CWT Solutions Group. But, who has time to constantly monitor prices? That’s where expert travel agencies, like Inspired Travel Group, come in.
Pro Tip: Consider using price prediction tools like Hopper or Google Flights to get insights on the best time to book.
If you’re not taking advantage of corporate travel programs, you’re leaving money on the table. These programs often include perks like discounted rates, flexible booking options and loyalty rewards. A study by GBTA found that companies with managed travel programs save an average of 15% on their travel spend compared to those without.
At Inspired Travel Group, we specialize in setting up and optimizing corporate travel programs tailored to your company’s unique needs. We’ll negotiate rates, streamline processes and ensure you’re maximizing every benefit available.
Nowadays, you can easily find an app for everything – including making your business travel more efficient and cost-effective. From expense tracking to itinerary management, the right tech can save you time and money. For instance, apps like  TripCase can help you manage your travel plans, with push notifications and calendar syncing keeping you on track. .
Useful Travel Tech:
Ever heard of “trip stacking”? This strategic approach involves consolidating several meetings, business objectives and even leisure activities into a single journey. By doing so, you significantly reduce travel expenses while also enhancing the efficiency and enjoyment of your time spent away from the office.
Itinerary Optimization Checklist:
When it comes to lodging, cheaper isn’t always better. Consider factors like proximity to your meetings, available amenities and the potential for productive downtime. For longer trips, extended stay options can offer significant savings and added comfort.
Did you know? Negotiating corporate rates with hotel chains can save you up to 25% off standard rates. Let Inspired Travel Group handle these negotiations for you – it’s what we do best!
Effective expense management is crucial for maximizing ROI. Implementing a clear, easy-to-follow expense policy and providing your team with the right tools can make a world of difference. Companies that use automated expense reporting solutions report up to 57% lower processing costs, according to a study by Levvel.
Expense Management Best Tips:
Happy travelers are productive travelers. While it might seem counterintuitive, spending a bit more on traveler comfort can actually increase your ROI. A study by CWT found that travelers who were satisfied with their travel experience were 17% more likely to report high job satisfaction, which in turn leads to better performance.
Well-being Boosters:
Loyalty programs aren’t just for leisure travelers. By strategically accumulating and using points, your company can save significantly on future travel. Some corporate card programs offer additional perks and savings opportunities.
At Inspired Travel Group, we can help you develop a loyalty program strategy that maximizes rewards across your entire travel program.
Sometimes, the best way to increase ROI is to rethink your travel altogether. Could a train trip be more cost-effective and productive than a short flight? Might a car-sharing service be cheaper than a traditional rental? Or could a virtual meeting accomplish your goals without the need for travel?
Travel Alternatives to Consider:
Last but not least, remember that optimizing your travel ROI is an ongoing process. Regularly reviewing your travel data and adjusting your policies accordingly is crucial. At Inspired Travel Group, we provide detailed analytics and insights to help you make data-driven decisions about your travel program.
Key Metrics to Track:
At Inspired Travel Group, we’re not just about booking trips, we’re about transforming your corporate travel into a strategic asset. Our team of expert travel consultants combines years of industry experience with cutting-edge technology to optimize every aspect of your travel program.
We offer:
Boosting your business travel ROI isn’t rocket science, but it does require a strategic approach and ongoing attention. By implementing these tips and partnering with a travel management company like Inspired Travel Group, you can turn your travel expenses into powerful investments that drive your business forward.Â
Contact us today to discover how our expert team can streamline your travel arrangements and provide exceptional service tailored to your needs. Let us handle the details so you can focus on growing your business.
