SITE
Time to win back our industry ‘ emigrants ’?
PÁDRAIC GILLIGAN , CHIEF MARKETING OFFICER , SITE , LOOKS AT THE STATUS , ROLE AND FUTURE OF INCENTIVE TRAVEL AND LISTS SOME TAKEAWAYS FROM INCENTIVE TRAVEL INDEX 2023
R egular readers will know The Incentive Travel Index , a global study of the nature , purpose and direction of incentive travel , is conducted annually by SITE and the Incentive Research Foundation ( IRF ). This year ’ s edition was launched at IMEX America ( see IncentiveIndex . com for full presentation results ) and included a number of quickfire questions around the status , future and role of incentive travel in the world of business . Some interesting takeaways emerge .
Status of ‘ the business of incentive travel ’ On the status of incentive travel , the vast majority of buyers believe that the skill set and capabilities of incentive travel professionals have NEVER been more valuable – great news for anyone who is a job seeker . However , they also said that planning and delivering incentive travel has become more challenging and higher costs / reduced availability are making it much more difficult to satisfy senior leadership .
As we move beyond the shadow of a global pandemic that drove so many out of our industry , we ’ re left with significantly reduced resources , both human and infrastructural , to service ongoing , pent up demand . In that context the capabilities of experienced incentive travel organisers have never been more valuable .
What remains to be seen for 2024 and beyond , is whether our industry can win back those emigrants now working for corporations or as freelance entrepreneurs , perhaps earning more , and with a better work / life balance ?
Role of incentive travel ITI 2023 highlights the importance of incentive travel in building engagement and company culture , with over 81 % of global respondents stating that incentive travel has become EVEN more important now that workplace norms have been disrupted – a cue for us to set our own house in order ?
And 66 % of respondents agree that the role of incentive travel professionals is growing in importance with more of them being invited to take a seat at the table where decisions are made - particularly good news for the professionalism of our industry .
It ’ s certainly encouraging to note the overwhelming agreement around the growing importance – and obvious application – of incentive travel for changing workplace dynamics . The benefits of this new application , backed by stories and case studies , need to be front and centre as we build out the rationale and compelling reasons for using incentive travel .
Future of incentive travel When it comes to the future of incentive travel and how various trends will play out , there ’ s an intriguing divergence of opinion .
When asked about AI and specifically ChatGPT , 24 % disagree that it will disrupt MarCom in incentive travel while 31 % believe that it will . That ’ s a net 7 % who see AI as a disruptor ! This figure is pretty consistent across the buyer / supplier sectors , coming in at 5 % for DMCs , 8 % for Corporates and 9 % for Agencies . Clearly more agencies than DMCs have discovered the dark art of using ChatGPT to create RFP responses and craft itineraries !
Likewise , a net 26 % of all incentive travel professionals now believe that DMC pricing models are outdated and should be fee based . Corporates and agencies are clearly of the impression that massive margins are hidden in the models currently deployed by DMCs .
Finally , as we face into more and more geo-political uncertainties , a net 35 % of all incentive travel professionals believe that politics will play a role in destination selection in the future .
As with all studies of this type , the devil is in the detail and it ’ s really important to filter responses by sector , segment and geography – all of which you can do with the Tableau version of the study which is available for your delight and delectation at incentiveindex . com . n
ISSUE 127 / CONFERENCE & MEETINGS WORLD / 13