7 Reasons Why You Should Invest in Corporate Hospitality for Clients
As a marketing tool, corporate hospitality could be just what you need in order to put your company on the map. Considering the competitive environment has become ever more intense, clients now have more choices available regarding with who and how they want to do business with companies; meaning your approach towards investing in the relationship could make or break vital opportunities for growth, loyalty and profitability.
The benefits of corporate hospitality are plentiful - you can create excellent first impressions, build relationships around business, reward your staff, and potentially make money all in a day's work at a corporate event. Want to ensure you're focusing enough attention on nurturing relationships for new and retained business? Here are seven reasons why corporate hospitality is your solution:
1. Create a Great First Impression:
Corporate hospitality is ideal should you wish to create a great first impression on potential clients. Most packages are suitable for VIP entertainment and usually consist of superb food and drink, in surroundings that are well situated for the event that they relate to. Failing to create a strong first impression with prospective clients could significantly impact your competitive advantage and ultimately, impact your return on investment.
2. Building Relationships:
Corporate hospitality packages are perfect for those that wish to build relationships with their clients. Taking a step back from the office into a more relaxed atmosphere can help where you might otherwise struggle. In a VIP hospitality environment with food and drink flowing, it's easy to not only discuss business but also to seek common ground and discuss personal lives. Having a good relationship with a client, can increase the chances of earning repeat business.
3. Cement Existing Relationships & Create Loyalty:
Competition in almost any industry is guaranteed. Your clients will need to be sourced, and they will need to know they can trust you before they are prepared to do business with you.
As well as creating a relationship with a potential client, you should also seek to ensure that any client you secure is loyal to you. Maintaining a relationship can be just as challenging as starting a new one. Corporate hospitality can help to make sure that any existing relationships you have remain on going.
4. Making Your Business Stand Apart from Others:
When it comes to gaining a competitive advantage, it is vital that you ensure any corporate hospitality you provide stands apart from anything else. Remember your potential clients, or existing clients could have been offered a corporate hospitality opportunity by another company.
You will have to make sure that you pick the right event, time, date, and facility. If you choose a higher calibre of hospitality then you will be showcasing your business and yourself. You will also situate your business in a favourable position with potential and existing clients.
5. The Potential Return on Investment:
Primarily, a corporate hospitality package provides companies with a marketing opportunity.
Going to an event is a chance to step away from the office and discuss business in a relaxed setting. When you purchase a package keep in mind that it should be considered an investment you could receive much more than your money back.
6. Creating Opportunities:
Corporate events can help in more ways than one when it comes to earning potential business. Not only do you have the chance to entertain your clients, you will also have the opportunity to network with more than one company at a time.
If you are entertaining in a shared facility you could also rub shoulders with businesses that are there for the same purpose. Potentially you could come away from an event with much more than you bargained for!
7. Entertaining Key Staff:
Looking after your clients is very important, but it is just as important to make sure that your staff are happy. Your staff are easily one of the core components in your business. Using corporate hospitality as a reward for staff that work hard, is great way of expressing your gratitude towards them, and what they bring to your business.
Looking after your team will also make sure that your staff are loyal to you. If they know how to do the job well, the last thing you want is to lose them to any competitors. You could also use a corporate hospitality event as an incentive to drive your staff towards targets for the business.
