The Power of Corporate Hospitality

Corporate hospitality is becoming one of the most successful marketing and sales strategies utilised by B2B businesses. With many benefits including networking, maintaining relationships, establishing new contacts plus increasing your brand’s reputation at the same time. Corporate hospitality has fast become a proven growth strategy for businesses of all sizes. The flexibility corporate hospitality affords you, through the unparalleled variety of hospitality events available all year round, allows you to tailor to your clients or partners exact needs. The benefits of corporate hospitality to businesses are not to be overlooked, continue on to find out how the key advantages of corporate hospitality can empower your business strategy.

Strengthen relationships with existing clients

On average, acquiring new customers costs five times as much as retaining existing ones, according to Huify. Thus proving, nurturing existing relationships and strengthening your current network are some of the most valuable and yet often under-appreciated aspects of professional life. Entertainment at key business events forms a part of a powerful sales tactic to cementing client relationships and corporate hospitality events provide the ideal setting to reinforce these relationships. Attending corporate events creates a friendlier, more personal relationships, which hold more weight with clients than purely professional ones. Existing customers are up to 65% more likely to buy from you than a new customer according to Nerdwallet. So maintaining a strong, professional relationship with your existing client base is vital to driving revenue growth. Chosen and tailored in the right way by the right people, a corporate hospitality programme can deliver massive value by keeping, developing and securing those key relationships, both across your workforce and with external stakeholders and clients

Incentivising your employees

Corporate hospitality events are an effective tool to motivate, incentivise and reward your staff. Rewards that are illustrious or hard to get on can be utilised as a motivation for workers and targeted around your business's key objectives to further your brand's goals. Businesses that successfully implement staff corporate hospitality incentives benefits from higher employee retention rates and improved staff engagement, leaving the company with a more productive workforce and lowering the overall costs for the organisation by reducing the need for recruitment and retraining of new starters. A corporate hospitality programme specifically curated to your workforce's demographic and interests can provide great value by engaging and retaining the highest performing employees.'

Create an impressive first impression with potential new clients

First impressions can have a massive impact on the future of new business relations and that's why it's crucial to ensure potential clients get the best welcome to your brand possible. New clients are more likely to stay with your business for a greater length of time if you illustrate the benefits of the partnership from early on. Inviting a prospective client to a corporate hospitality event creates an impressive introduction to your business that clients would miss out on from a standard boardroom pitch. The impact of corporate hospitality on new business and potential investors is immense, allowing you to create stronger, interpersonal bonds that increase the chance to secure those new clients. The flexibility and variety of options for corporate hospitality means it can be utilised by any businesses, regardless of size, creating opportunities for growth.

Set Yourself Apart

Getting new or existing clients exclusive hospitality tickets or inviting them to major events, shows them that your company is doing well and is influential. This immediately put your business on the right foot in the mind of your clients. Hospitality has the power to make memories that matter for your stakeholders, impressing them with a day they will never forget and creating an association between your business and those good memories. This effect also has longevity and will have a knock on effect on future endeavours, ensuring all interactions have that positive affiliation attached to them. 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 or stakeholder relationship and therefore be a step ahead of competition.

If your business could benefit from using corporate hospitality, speak to one of our team members to discuss your bespoke event tailored to your audience. For more details, get in touch now at hospitality@inconnection.com or browse our hospitality calendar to see the upcoming event.