What is business travel?
Business travel, also known as corporate travel, is a term used to describe travel that is undertaken on behalf of a company, or for purposes of dealing with another person. The term applies regardless of the frequency of travel, or how remote the traveler (s) is from the daily work.
Some examples of common types of business trips include travel to a different branch of the same company, travel to a different location to meet suppliers or business partners, or travel to attend a conference or business event. According to most definitions, it involves travel away from a place of business that requires at least one night's stay.
Work travel is increasing
This commercial travel market is receiving an increasing concentration from many in the travel industry, and business travelers often spend more money on their travels, especially when their costs are covered by the business owner. However, most importantly, business travel is growing thanks to factors such as globalization and the availability of flights.
Research compiled by Finances Online helps highlight the extent of growth. For example, a study from the Global Business Travel Association showed that between 2016 and 2018, global spending on business travel grew by more than five percent. Meanwhile, Deloitte's analysis estimates further growth in the coming years.
The growth of business travel is particularly attractive to hotels. After all, according to Certify, companies spend 13 percent of their business travel budget entirely on accommodation. Plus, another 21 percent is spent on meals, and hotels may be able to secure some of that through restaurants and room service options.
8 of the latest business travel trends
For hoteliers and others in the travel industry interested in taking advantage of the business travel growth, it is important to keep up with the latest developments. Below, you'll discover more about eight of the latest business travel trends, and how they're disrupting the industry as a whole.
1. Recreational travel
Recreational travel refers to travel that combines the elements of work and leisure. Often the main drive behind this is work, but the business traveler finds time on their trip to engage in leisure activities, or prolong their business trip, in order to see sights and participate in recreational activities.
Crucially, research shows that it is growing. In fact, according to Expedia, more than 40 percent of trips are extended for leisure purposes, and this represents a major demographic that attracts hotels.
This large demographics of business travelers can be persuaded to extend their stay at your hotel with the appropriate offer. Aside from granting easy access to nearby attractions, hotels need to think about the services and amenities they can provide, so that business travelers can enjoy their time.
According to a study by SAP Concur, Millennials are the generation that makes the most fun trips, accounting for 38 percent of them in total. However, the other generations are not far away, with Generation X and Baby Boomers each accounting for 31 percent of their leisure travels, highlighting their growing popularity across the board.
2. Personalization
The aviation industry has been very effective in capitalizing on the business traveler's need for personalization, and in the realization that these travelers can become loyal, loyal, and high-value customers if treated as individuals This desire for customization also extended to other areas of the travel industry, including hotels...
In fact, the customization options hotels can offer are nearly endless, especially given the tendency of business travelers to travel to the same places frequently. This allows hotels to use data from past trips to make recommendations, forecasts, or adjustments, based on the individual's habits, services they used, payment methods, etc.
3. Internet of Things (IoT)
The Internet of Things refers to devices, devices, and other “things” that, through an Internet connection, can send and receive data. IoT devices are increasingly popular in homes, with examples such as smart energy meters, smart TVs, and smart amplifiers, and business travelers expect the same from hotels.
Hotel guests want personal control, a seamless experience, and IoT devices that allow them to remotely control the heating or use voice commands to request information, are two possible examples. Additionally, hotels can set themselves apart by offering seamless check-in, automatic payments, and rooms that can be unlocked via a smartphone.
4. Share the economy
The sharing economy continues to disrupt the entire travel industry, but it may have particular appeal to business travelers, given its ability to save money and share experiences with people. who travel under similar conditions. In addition, companies are increasingly concerned that their business trips are environmentally friendly.
Business travelers benefit from the sharing economy in several ways, including carpooling, which can reduce transportation costs, and home-sharing, which can offer financial and social benefits, over traditional options. Hotels are responding to this by offering room sharing options and access to share trips.
5. Customer experience
A big part of managing travel is focusing on the customer experience. This is important for all businesses associated with the travel industry, from airlines and car rental companies to hotels and restaurants, as customer experience becomes more important than product or price.
Various statistics compiled by Camelion Collective confirm this, as 86% of customers want to pay more for a better customer experience, while 84% of companies that focus on customer experience report increased revenue. Good customer service can also boost your reputation and attract more business travelers.
Finally, virtual reality technology has become mainstream in recent years and travel customers expect to disrupt the travel industry even more in the near future. In fact, according to research from the DCC Forum, 79% of business travelers expect virtual reality previews to become the new normal within 10 years.
The business traveler can use the virtual reality previews on the hotel's website, or other hotel booking platforms, to get a clear idea of what your hotel will look like. Virtual reality tours can also be great for showcasing your facilities, such as a meeting or conference room, so travelers get a feel for the layout and size.
7. Healthy options
As the notion of "leisure" increases, it is also important to understand that many business travelers are forced to travel more frequently, which means that they will want to keep some elements of their usual routine, rather. than seeing travel as an excuse to profit. For this reason, there must be healthy options available.
There are a number of ways that hotel employees can meet the needs of business travelers who want to take care of their health, from providing healthy snacks in hotel rooms to healthy meals in hotel restaurants, the provision of a gym or outdoor sports facilities, and de-stressing possibilities, such as massage services...
8. Workspaces with fast and reliable Internet
With the growth of business travel, the primary motivation for many hotel guests is no longer the services, amenities, and amenities provided in their hotel rooms. Alternatively, the average business traveler also wants to know that the business locations they can access in the hotel will provide a fast and reliable internet connection.
Hotels can take advantage of this by renting our workspaces or using those workspaces to attract business travelers in the first place. The reliability of the Internet access you can provide is essential, as business travelers will likely need to access their corporate intranet, upload, download, or send files, and use online communication tools.
List of business travel agents to attract more business travelers
Business travel agencies present a unique opportunity for travel agencies, such as hotels, airlines, or rental cars, to attract more business travelers. Hotel owners can achieve this, for example by communicating with major global distribution systems and forging close and mutually beneficial relationships with specific travel management companies.
In the article “Business Travel Agencies for Hotels to Acquire More Business Travelers,” you will learn more about how travel management agencies can help hotels and find eight of the best travel agencies. business travel.
Tips for Attracting More Business Travelers to Your Hotel
Business travelers are particularly attractive to many hoteliers because they offer opportunities to attract return habits and their travel habits are less seasonal than with vacationers. Plus, when you can attract business travelers, you open up opportunities to earn money through meeting rooms, facilities, or other services.
In our “Tips for Attracting More Business Travelers to Your Hotel” article, you'll learn more about the benefits of generating business from business travelers, as well as seven specific tips for attracting them to your hotel.
The commercial travel market is becoming more and more lucrative for the actors of the hotel industry who can benefit from it. The eight business travel trends listed in this article provide a solid foundation for attracting business travelers.
More advice on business travel
The business travel market is receiving increasing concentration from many players in the travel industry, and business travelers often spend more money on their trips, especially when their costs are covered by the owner. of the company. Most importantly, business travel is growing thanks to factors such as globalization and the availability of flights. In the following articles, you will find more information about the business travel market...
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