Corporate Hospitality: Why Investing in Clients is Important Even during an Economic Crisis
Corporate Hospitality was originally created as a means of creating an event for the benefit of a company’s staff members and prospective clients at the organization’s expense. These events would create networking opportunities for future business leads and would also support business relationships.
As the current economic recession is continuing to be a burden to most industries, American companies are feeling the pressure and are now utilizing corporate hospitality as a way of investing in their clients to maintain relationships while increasing revenues. By spending quality time with clients, companies can focus on potential clients by providing them with information about services and products in a casual environment.
Additionally, when a country is going through an economic crisis, oftentimes consumers will return to brands they know, value and trust, creating another reason why marketing strategies and corporate hospitality should remain in the forefront. While it’s true that consumers pay more attention to their budgets during a recession, it’s also important to remember that customers will look for the best value on the dollar. If a customer believes that they get more value from your services and products, they may not seek a cheaper, more unreliable alternative if the opportunity arises.
Customer loyalty is an important part of a business’ revenue and referral strategies, therefore taking care of clients first is an important step when managing customer relationships.
LOCATION, LOCATION, LOCATION
Corporate hospitality events are usually held in the corporate facilities of a sporting event or other major entertainment venues – some popular sporting events often include occasions, such as the Breeders' Cup, Belmont Stakes, the US Open, MLB and NFL sporting games.
An upscale arrangement with comfortable seating with meals and provided entertainment allows a company to make a client feel they are important and valuable to that business. These facilities also provide a controlled platform to announce a new product launch of sample offerings of the merchandise or service.
MAINTAINING AN IMAGE
For many large companies who host corporate hospitality events with their clients, their brand and company image have already been established. Large-scale events that invite employees, vendors and clients help to maintain a company’s image as well as staying ahead of competitors.
Simultaneously, the optimization of ROI must also be taken into consideration and serve as a benefit to the company’s budget as well. It’s important to create an experience where clients can relax as well as feel motivated in an effort for continued patronization.
It’s important to remember to scale back when it comes to staying within budget for a corporate hospitality experience. Companies can think of ways to be creative without spending an extraordinary amount of money.
INVESTING IN CLIENTS
Face-to-face interaction is imperative when maintaining relationships with clients and corporate hospitality events allow a company to reinstate their business and brand values. While an economic recession is daunting for business owners, it should be addressed directly, planned accordingly and executed wisely.
Jacob Turnage, Co-Founder and Vice President of Marketing for EB Corporate Sports has worked with many Fortune 1000 clients for their needs for exciting corporate hospitality. EB Corporate Sports provides turnkey solutions when it comes to hosting upscale events for companies to provide a casual atmosphere for their clients.
“We do things differently than our competitors,” Turnage says. “We get a feel of the client and their budget, give them ideas about possible options and provide more of a consulting service to see what solutions will best suit the client.”
“For many people, maintaining corporate hospitality is considered a luxury, but I think it’s actually vital to maintain customer loyalty, especially during a recession. You can’t really cut corners when it comes to your customers; you can scale back on some things, but you definitely can’t forget about them.”
Turnage definitely noticed a difference in his workload since the recession, but is positive that the economic climate is headed for recovery. “We understand our customers and we can get creative when they have limited resources,” he says. “I’ve already had three calls this morning with companies looking to use our services.”
Corporate hospitality may be of one of the most interesting ways to invest in a client. Benefits and perks are appealing to a client and allow them to have a more open mind when it comes to spending money.
Corporate Hospitality Spotlight: Breeders' Cup
The Breeders' Cup World Championships, taking place November 5th and 6th at Churchill Downs will be the prime event for international horse racing competitors vying for a $26 million pot. Last year’s winning and undefeated horse, Zenyatta, will be defending her title and the 14 championship races will be televised in 140 countries. Corporate suites are available to those companies looking to host a memorable hospitality event. Visit http://bcwc2010.com/ for more information.