Corporate hospitality can be defined loosely as entertaining clients at public events in order to promote your business. A question can always be raised based on ‘is it really worth it?’, ‘what does the company gain?’ Though with the right approach, event and partner, corporate hospitality can be hugely beneficial to your company.
The strength of a business relationship can often control the outcome of meetings, projects and the potential of more long-term partnerships.
Corporate hospitality creates the ability to network, to maintain your knowledge of a client’s professional life, build rapport away from the desk and ultimately strengthen the bond between companies. In such a globalised marketplace it can often be the case that when executives or management teams from other offices around the world visit, as with your current contacts at a company, the right package can help you build relationships across a business and geographical lines.
Improving Business Return
Naturally, any business investment should come with a return attached, and often it can be difficult to attribute the benefit of corporate events when those attending are already likely to be a client.
The most obvious area is renewal of contracts (dependant on value). This is where hospitality plays a significant part in the relationship funnel – either through sealing the final deal, or strengthening the agreement already in place.
Another area where using corporate benefits can help is in the increase in spend you can gain. It’s been debated in the past that the target increase should be a ratio of 5:1 – meaning every £100 spent should bring an increase of £500 in spend with a partner or client.
Diversity and Perks
An area where Prestige Venues & Events’ hospitality and corporate events excel is their diversity of events, packages and venue locations. As an example, not everybody likes horse racing or will be able to attend events like theRHS Chelsea Flower Show in London – but with a wide range of other packages and events across the country there will be options available.
This makes using corporate events a popular choice companies with multiple offices and locations.
Overall, corporate hospitality has become a core part of working culture in 2019 and has grown hugely over the last ten years as companies look for new ways to entertain and engage clients. The benefits of using such as a service - with the ability to tailor packages to individuals and events - will last long in the memory of the attendee.
To find out more about corporate hospitality options please click here.