Corporate Hospitality is arguably a fundamental tool in enabling you to grow your business. The term ‘speculate to accumulate’ should always be at the forefront of any mind that considers using such a tool.
Investing in Corporate Hospitality
Ideally when you invest in business you would eventually expect a return. It is the same for those that use Corporate Hospitality. Hospitality is simply an investment. The aim is that you are able to maximise a return on that investment or generate an ROI. Alternatively some organisations will invest in corporate hospitality to increase their shares within the market.
Using entertainment is also a method of ensuring that you have solid relationships with your clients/peers, and provides you with the opportunity to discuss business away from the office. Whether that is a new or an existing relationship is irrelevant.
Good businesses will value their existing clients as well as new ones; they will also guarantee that their clients feel that value. On those bases, you could choose to reward your existing clients or thank existing clients for the business that they have done with you. This could fortify a solid foundation and secure a sound relationship on which to build.
In order to make corporate hospitality work for you it is important that you have an idea of the amount that you wish to invest and the amount that you would expect to gain in return. For example it is hardly beneficial for you entertain your clients if you are only expected to receive a small profit, effectively you will be slicing that small profit in half. This is why it is very important that you select the right hospitality options. It is also imperative that you work with a budget in mind.
A good corporate entertainment provider will use these details to help you in your quest. They will have options to suit you and your budgets and supply packages that will create a maximum impact on your guests. Your provider should always work with you and be mindful of your intentions.
When it comes to selecting those that you wish to entertain it is vital that you get the mix right. A poor example of this would be to have three senior members of your business and just one of the businesses you are targeting. The ratio of your business members to those that you are entertaining needs to be right.
Provided you will not be potentially introducing rivals, taking an existing client along with a new one could be beneficial. Especially if you have a solid relationship with the existing one, who could unwittingly sell your business for you. You could also include different levels of staff from your business. Doing so would imply that you treat all of those that work with you well no matter what their position in your company.
Each of these actions will sell your business without you having to enforce a hard sale on your client. The common ground amongst you will be your business and so it will certainly be discussed, but importantly it won’t be a forced topic of conversation. The finer details of your business, or potential, business could then be discussed at a later date, and your client will have a face to put to your name.
The time frame between the event and when you pursue the client is an important factor leave it too long and they could have taken their business elsewhere. Too little time and they could feel pressured, but whilst you are fresh in the mind of your client you should contact them even if it’s just to check in and discuss the great time you had. Contacting the client should be something that is pursued so that you can build on the foundations that you will have laid. You should aim to see some sort of return or promise of a return within a month of the event, if your investment has been successful.
A lot of companies choose to entertain at major sporting and cultural events. It is important when you choose your supplier that you are aware of various different points. You should always expect the highest level of service from anyone you choose to do business with. In all instances, picking Official Hospitality providers is imperative. Choosing an unofficial supplier could lead to all sorts of complications, from you never receiving your packages right through to entertaining at a poor facility. The latter of course would not create a very good impression to your guest. It is also advisable that you choose a suppler that is willing to provide you with references.
VIP Event Butler are proud to be official suppliers of corporate hospitality. We pride ourselves on our ability to look after our clients from the moment they book right up until well after the event has taken place. We work with an ethos that our service is second to none. We are open and honest with all of our clients and are proud of all the work that we undertake. We are happy to help in any way whether you book with us or simply enquire. Should you be thinking about using Corporate Hospitality please don’t hesitate to get in touch.
There is some controversy that often surrounds Corporate Hospitality, and there are those that link it to a form of bribery. However it is important to point out that, by law, Corporate Hospitality is in no way considered a form of Bribery. You can discover further details on the matter by clicking on the following link – http://vipeventbutler.co.uk/bribery-act-2/