Perhaps it’s because I have worked in the sports and event industry for 21 years but the question of whether a company’s money is well spent on entertaining clients on corporate hospitality events is a key question.
Aside making sure your business has accurate CECL Implementation, I want to give many positive reasons why corporate hospitality is key in the business world and an integral part of the marketing mix. In terms of choosing the actual corporate event and it’s delivery is not covered in this blog but will be covered at a later date, as, though we truly believe entertaining clients is key, we also believe you have to choose the right event and its delivery.
For any firm, it’s the bottom line which is the crux. Yes corporate hospitality requires an investment but we feel an investment which you will get back in spades!
Here are 7 good reasons how business can really benefit from Corporate Hospitality.
- Out of The Office
We all know that it’s good to get out of the office, get a different view on the world other than the four walls of our office and get away from the constant pressures of everyday work. Corporate Hospitality days out are all about getting your key clients or prospective clients out of the office into a more relaxed and informal setting.
Showing your clients how much you value their custom is important and can only enhance business relationships on a more personal level. The old adage ‘ You only work with people you like’ is so true today as it was years ago. The personal touch in the modern day of emails at a wonderful corporate event is a fabulous gesture to your client and will be appreciated. On many occasions, I hear of deals that have been verbally agreed over an event.
2. Building Relationships
Corporate hospitality and entertainment is an ideal option to win favour with clients. Why, then is this good for your business? Corporate hospitality can build strong relationships with new and potential clients as well as nurturing and establishing solid relationships. It’s the Law of Reciprocity… you give someone an great experience (an extra as it were) and they feel need to reciprocate.
3. Establishing New Relationships
As an event organiser I often see our client mixing existing client with potential clients. This is absolutely the right thing to do. At such an event, the potential client can get an impression of what working with a company is like and generally gain a positive impression, key to any success of clinching any deal.
People like to feel appreciated, so may be you want to thank a particular client for placing a large order, for spending more with you, or for their loyalty as increasing amounts of competition for reducing budgets seems to be the current landscape.
4. Networking Opportunities
It’s not what you know… it’s who you know is what really makes the business world go around. At an elegant, professional event you will have time to mix and mingle with your own important clients but you’ll also have the opportunity to meet like minded individuals and businesses who may provide you with new and important. At Opus Events we provide many events where you can create more opportunities time and time again… just like at our Question of Class event. Face to face meeting at a corporate event with a shared interest as opposed to impersonal emails as a means of increasing business is a winner.
5. Thanking Loyal Customers
Over the 16 years of Team Tactics we have run many events where clients want to say Thank You to their existing client or to a few key clients. A million pound contract compared to a wonderful day out at Wimbledon Tennis is a small price to pay. Sometimes it’s interesting to hear at the end of an event, the MD will stand up and personally thank everyone in the room for coming, explain how appreciative their business is to them and..are running the same event next year…we hope to see you there!!! Everybody knows what they are to do!
5. Cement Relationships & Create Loyalty
6. Launching New Products
A corporate hospitality event is sometimes used as a platform to launch a new product in style, combining both the two in one costed event. The event can be anything but usually created exclusively for that client, often over some food and drinks. Whatever the event, it will engage guests and maximise the interest and create the desired effect – maximum impact.
For this you don’t always need to have the best resources, even if the company is not doing profits enough to be able to provide this, is important enough to get the clients happy, that this could be a great step to find more business, and if the company doesn’t have the resources at that moment, they could use services as nation 21 loans to get a money advance to invest from the company website.
7. Differentiating Your Business from the Competition/ Be Better Than Your Competition
Now is the absolute best time to be on the front foot, whilst some top cheeses are wanting to cut the marketing spend, demonstrating that business is still good for you. By entertaining clients to events whether it be a box at Cheltenham Festival or a stylist day out at Henley Royal Regatta, you can demonstrate you are offering something above and over what competitors will be doing for them. If you’re office is going to have clients come to it often, than you should think about your office decor seriously. Consider hiring an Office Plant Hire company to come in and liven up the rooms of your office. Plants in the office really bring it to life! Just a tip!
I hope this has helped you, the reader, as I guess many of us are asked to submit their reasons why corporate hospitality is effective and worthwhile and I hope to have answered this for you? Best of luck with your next corporate event.