Business Travel iQ
FOMO, or fear of missing out, usually applies to social gatherings but it's dripping into the corporate world. Around 20% of executives recently surveyed said they are more likely to expand overseas because they are worried about missing out on the newest venture or growth markets (see story here). More than a quarter are looking to stay ahead of competitors with their expansion plans.
Have you seen an increase in executive travel in recent years? This could be one of many reasons behind that rise. We know that people prefer face to face interaction and if a business is looking to acquire or merge with a company it's only right to meet in person. We also know that consolidation and globalisation are rife, so the numbers aren't really a surprise.
But while this type of fear might be eventually driving the business towards bigger and better things (and potentially travel spend), other types of FOMO might not be delivering as well. When it comes to business conventions for example, it's common that people attend a particular event out of habit or to see friends rather than with a clear plan for ROI in place.
Does that mean you stop that travel happening?
Do corporations miss out from not attending those 'must-do' events? © woraput/iStockThere are arguments and factors good and bad that will affect the decision, from the importance of relationship building to just bad timing. The company might even be a sponsor and need to show some support.
Our Expert Carol Randall backs pre-trip approval as a way of assessing travel behaviour and the reasons behind it. She argues technology has helped simplify the process and the buyers' need to save money is driving its popularity again.
Others, such as our other Expert Paul Hussey, argue that it is questions like this that lead companies to creating a strategic meetings management programme. You'd argue that all travel starts with a meeting or business purpose so it would seem logical to tie them up somehow.