Is Corporate Hospitality worth the investment? (Yes!)
I organised an event for a client, who was celebrating three years in business and wanted to thank her clients and staff for helping her to be successful.
Two weeks before the event, she called me, worried about the cost of the event. It was a big spend I told her, but one that I was sure she would recoup in new business afterwards.
The aim of the event was also to let existing clients know about new services and others that she did that they may not realise.
It was part of a strategy that has continued to communicate better and well with clients – and it worked. The cost of the event was covered many times over within the six months following and even a few years on, that one event is still reaping rewards for my client.
So, read on and see if it’s something you might like to consider.
People see you on social and digital media, but value seeing you in person. Hospitality events strengthen relationships in a way digital cannot, through face-to-face interaction.
By meeting clients at your event, you put your name to your brand/business, deepening your relationship with them and strengthening loyalty.
Unique customer experience:
An event is memorable and valued. It will shape their perception of your company positively. They are more likely to remember you over a competitor.
You are giving them something beyond what they expect from you or paid for, which rewards their loyalty.
A great opportunity to remind people of your services, what else you do and deepen the trust they have in you and then they are more likely to recommend you to others.
Personal relationships: Client events show your interest in building personal as well as business relationships.
Word of mouth:
It’s the cheapest and most trusted form of promotion. Say no more…!
Acquisition v Retention:
The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% (Marketing Metrics).
This provides clients the opportunity to get to know you rather than focussing on business, which they normally would at an appointment or other times they see you.
You will know most of your clients but they may bring partners etc that you haven’t already met, so you are selling yourself and your business to these new people too.
Clients spend more if the relationship is stronger. They will not shop around as they are loyal to you, as long as this relationship is maintained.
The cost of corporate hospitality pales in comparison to the lifetime value of a key client. Entertaining a client demonstrates your continued commitment to the relationship and signifies their continuing special status to your business. It is also the perfect gesture to thank a client for their loyalty.
Differentiating your business:
The event will make your company stand out. Competitors aren’t doing this kind of event – tailor it for your audience.
If you want a hand to plan ab event, run an event, or publicise one, just get in touch and we can talk about what you need.
Networking: Your clients can meet each other, compare services they have had from you and even make business relationships with one another. If they meet a key client at your event, they will remember it, further strengthening your relationship and their loyalty.