One of the fastest-growing business segments in the U.S. economy has been the middle market, companies with $10 million to $1 billion in revenue that have outperformed larger entities through the financial crisis of 2007-2010 and expanded both their workforce and geographies in which they do business.
It should come as little surprise that travel volume of the Middle Market segment also is growing, along with the challenges of dealing with such expansion, according to our recent survey conducted with The BTN Group. Nearly two-thirds of respondents to an online survey conducted in August-September said travel volume in 2016 increased from 2015 levels.
In 2017, 65% of those surveyed expect volume to rise even more. But an even bigger challenge than managing such growth for many charged with overseeing travel at such organizations is documenting program value and finding the time, management support and technology tools to most effectively manage this spend category, according to 103 survey respondents.
We asked travel managers at companies with annual revenues of $10 million or more and U.S.-booked air spend of up to $12 million for insights on the travel policies, components, practices, management support and challenges. Read on to learn what they said and ways they identified to strengthen their travel programs.
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