As the U.S. economy continues its struggle to rebound in 2011, EIBTM reported some encouraging trends for the Meetings and Events Industry in their Annual EIBTM Global Industry Trends and Market Share Report.  While not completely out of the woods yet, the report highlights some trends that show significant improvements for the year ahead.

Highlights of the report include:

• Corporate restrictions on business travel have eased significantly
• Cost management for corporate meetings continues to be a key issue for Buyers but keen negotiations and a greater focus on “basics” is the driving force
• Lead time for corporate meetings has shortened from 30-45 days
• Incentive travel has also show a recovery, although not as dramatic as meetings
• Average number of nights for incentive travel has decreased from 6.5 to 4
• Greater focus on domestic or short-distance international destinations to reflect shorter trip lengths
• Predictions for travel in 2011 and 2012 show a positive growth trend

Trade shows and conventions are ideal places to promote your meeting planning services, and are a great way to come in contact with large numbers of potential clients in a cost-effective, efficient manner. While there are many ways to advertise your business, few allow you to enjoy face-to-face contact with prospects like conventions and trade shows. As an added benefit, if you select events that are related to business, meeting planning, travel, event planning and related topics, the prospects with which you will come in contact have an increased likelihood of being members of your target audience.

This type of targeted marketing allows you to increase awareness of your services and expand your business, while staying withing your set marketing budget and avoiding incurring unnecessary costs. Advertising can be expensive, but you can rein in these costs by opting for tabling at events that focus on your market. If you plan to table at multiple events, it is well worth the initial investment to purchase a creative, professional display that is easy to put up and take down, and convenient to transport. This will cut down on your set up and break down time, and will keep your table looking organized and professional, allowing you to focus on meeting prospects and introducing them to your brand.

According to a new  research study conducted by Oxford Economic, for every dollar invested in business travel, businesses experience an average $12.50 in increased revenue and $3.80 in new profits.

Face-to-face meetings and incentive awards to top performers seem to improve the bottom line.

While many companies have cut travel budgets, this study may help change the minds of the decision makers.