When it comes to the business world, it’s crucial to stand out from the crowd while growing and strengthening client relationships. Corporate hospitality is one means of doing just that.
The rise of corporate entertaining
Corporate hospitality has become more popular and this growing trend has driven up the value of the industry to £1.2 billion, with the events industry overall being worth around £39.1 billion.
A study undertaken by the Rugby World Cup 2015 within the domain of sports hospitality revealed that 80% of businesses considered corporate hospitality to be significantly beneficial in strengthening client relationships.
The boost to business
Corporate hospitality can be used as an arena in which to expand upon business objectives secondary to the office, allowing for an embellishment on product and service information, and on the thoughts, hopes and goals of the brand that are communicated to the client.
The return on objectives that corporate hospitality offers is potentially endless. It shows clients and stakeholders that you are willing to invest time and money outside of the the office, and that you are focused on building personal, meaningful relationships. Valuing a return on experience rather than investment results in memories that can be shared, leading to longer-lasting, higher-quality connections.
An event that is enjoyable and distinctive is likely to be memorable and will positively affect how the business is seen. Corporate hospitality is therefore an excellent way of improving brand values.
Getting it right
Preparation is key. There are countless types of events to choose from, but businesses should wisely consider how they are investing their money and efforts to best represent the brand and appeal to their clients. For instance, more exclusive, expensive events or personalised packages should be considered for clients with greater value to your business. Specialist organisers can help with planning and arranging events to suit your budget and specifications, such as providing a floor at Ermanno Palace for your clients to watch Formula 1 with https://edgeglobalevents.com/f1-hospitality/.
Events needn’t be reserved for individual clients. A group setting, such as a party or dinner, is a means of collating clients and growing existing relationships while also making new ones. It’s also an opportunity to develop a positive company image across various clients, stakeholders and investors in a potentially more time-effective, wide-reaching and cost-effective manner.