The idea that it’s not what you know but rather who you know that is the most important thing is a well-worn adage in both business and in life. The fact is, however, that it remains just as true today as it has always been.
Making connections, building relationships and general networking are some of the most valuable and yet often under-appreciated aspects of professional life.
That’s why we’re going to devote this post to explaining not only how such networking opportunities can be beneficial to a business but also how corporate hospitality can play a crucial role. First and foremost, then, let’s talk about the relationship between hospitality events and networking.
Corporate Hospitality to Aid NetworkingCorporate hospitality is a kind of catch-all phrase which describes events where businesses or professionals wine, dine and generally provide entertainment for clients and other specially selected guests. Such events might take place in a simple venue like a restaurant or bar or may involve inviting guests to special sporting, cultural or entertainment events.
Such hospitality events give professionals and bosses a chance to meet their clients or staff in an informal environment and can also put businesses in touch with potential new clients, suppliers and contractors.
Increasingly termed ‘face to face marketing’, entertaining at key occasions remains a major business factor to cementing client relationships. In fact, there are a wide variety of different ways in which corporate hospitality can benefit any business which carries it off effectively.
The Various Benefits of & Uses for Corporate Hospitality
The different ways in which corporate hospitality can be employed by a business are almost as varied as the number of different types of hospitality event which can be put on. Simplifying things a little, there can be said to be three main uses for corporate hospitality, each of which deliver their own individual benefits. The best official providers will also offer far more than the standard one-size-fits-all packages, offering you the option to tailor your experience depending on the needs of your guests.
Hospitality Events for Current Clients & Connections
In business, retaining your current clients is just as important to ongoing success, if not more so, as attracting new ones. Corporate hospitality can play a crucial and very useful role in that process, and delivers a number of benefits when it comes to client retention.
Hospitality tickets or an invite to a special hospitality event, firstly, can be used as a way to reward client loyalty. Laying on an event for your clients shows them that you appreciate them and their business, and will as a result make them more inclined to continue working with you.
What’s more, a hospitality event also allows you and your employees to meet your clients in a more informal environment when everyone is a little more relaxed. That is inevitably likely to create friendlier, more personal relationships which clients will be more loathed to break up than purely professional ones.
Corporate Hospitality to Meet and Woo New Clients
We’ve already talked about the importance of networking, and to that end hospitality events can also be great for meeting potential new clients and working towards securing their business. The aforementioned informal environment associated with corporate and especially sports hospitality also helps in this regard. This is far more relevant as the demographic of hospitality purchaser and guest continues to evolve. These new audiences are purchasing hospitality differently too; this online economy books with a much shorter lead time and in more intimate groups as it’s becoming more about the experience.
In general, however, the biggest benefit of corporate hospitality when it comes to generating new business is how such events allow you to impress those potential clients. When you also consider an average day’s hospitality still equates to 7.5 hours of face-to-face time, that is a hugely beneficial asset to develop any client and stakeholder relationship.
Getting them exclusive hospitality tickets or inviting them to big events, after all, suggests to them that your company is doing well and is influential.
Rewarding Staff with Corporate Hospitality
Some companies view corporate hospitality as something reserved solely for clients or individuals they would like to turn into clients. Hospitality events can, however, also be used really effectively to motivate, incentivise and reward your staff.
Offering the chance to earn hospitality tickets through good work performance, for instance, is certain to get employees thinking about how they can do better. Invites to sports hospitality events, what’s more, are a great way to show staff who are performing well how much you appreciate them, and to ensure that they don’t think about taking their skills elsewhere.
Corporate Hospitality from Keith Prowse
If all of the above has convinced you that your business could benefit from employing corporate hospitality, Keith Prowse are sure to have an option to suit you. We specialise in corporate hospitality packages which are sure to impress and astound any guests who you wish to invite. Those corporate hospitality packages extend across the worlds of art, sport and entertainment, and include options to suit all budgets, sizes of parties and individual client preferences.
Some of our most popular sports hospitality options include top class packages for major tennis, football, golf and rugby events, across a wide range of iconic stadia and venues. In the worlds of art and entertainment, meanwhile, we offer similarly high quality packages for all kinds of concerts and other enduringly popular events like the Chelsea Flower Show.
However you wish to utilise corporate hospitality and whoever you want to invite, therefore, Keith Prowse are sure to be able to deliver a package which will show off your business in the best possible light.
*This post was originally published in July 2018 but has been updated as of March 2020.
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