Wow. This article that challenges the importance of savings is one of the most popular ones I’ve ever written.
Still, the question is can you really afford to focus on the benefits of travel, rather than on the cost?
The good folks at Prime Services and I will show how build a business case for better travel using my Travel Policy Impact model. We’ll walk through the data you need and the assumptions you have to make, and show the ROI as we go.
You’ll see how easy it is to estimate the costs, and how to make reasonable assumptions about the benefits. Travel Policy Impact 101, here we come!
The webinar starts at 1:30 pm EDT on Thursday, March 15th. You can register for your free seat here. I hope you’ll join us.
Prime Services is a division of Prime Numbers Technology. Kate Saab and Robin Carter will co-host this session with me. You can download the Travel Policy Impact model and the User’s Guide from within this post.
The most common question I get after speaking about the benefits of reducing traveler friction is “OK, we get the idea, but how are we supposed to sell this to senior management?”
Here’s the answer:
The whole idea is to balance the costs and the benefits of better business travel, right? So that means we need a way to quantify those things, in a way that makes sense to senior management.
The good news is that there is now enough research out there to help us frame the question with some clear logic and pretty good assumptions.
Gillespie’s Travel Policy Impact Model
I’ve developed a simple – and free – approach that any travel buyer can put to work right away. It’s an Excel model (see below) that asks you to fill in 16 things. Do that, and you’ll see the results. Your results could look like this:
“If we spend an extra $35K per road warrior to give them better quality, lower-friction trips, we’ll get back a net gain of $90K each, for an ROI of about 260%”
Credibility Is Key
Travel managers, you’ll be able to plug 10 of the 16 data things into the Cost section pretty much off the top of your heads. You’ll probably need help with the 6 things in the Benefits section. Continue reading