23 December 2015
7 Reasons to Invest in Corporate Hospitality for your Clients
Corporate hospitality is a great way to help businesses improve relationships within their network. It can be expensive when doing it right, however the investment has several advantages. In today’s world there are various ways of entertaining clients; you can take them out on for an A-list gala dinner, create bespoke entertainment or even attend a sporting event within a hospitality box, the list is endless. Here are 7 good reasons why businesses of any size can benefit from client hospitality.
1. A more informal setting
The work setting is very formal and sometimes we can’t really share all of our thoughts and opinions freely. However, at these events, clients are far more informal and are open minded. When in such a social setting, we are able to express ourselves more and get our points across far easier than in an office.
2. Making a great first impression
You can impress your clients at the beginning of your relationship and show that you value them. This makes them feel important and therefore they will be more inclined in the future to do business with you.
3. Nurturing relationships
Clients with a stronger relationship with their clients are proven to spend more and are also more likely to become an advocate of a firm. Word of mouth is an extremely important way of getting your name out there and this can generate more leads and business.
4. Maintaining relationships
Most industries are becoming more competitive with less barriers to entry and maintaining relationships with your current clients is key. If you are not able to maintain your relationship with them, they may end up working with your competitors and this means lost revenue to the competition.
5. Differentiating your business from the competition
It is important to ensure the hospitality you provide your clients exceeds the competition. Client hospitality is an opportunity to show off your business’s commitment and personality by going the extra mile. For more established clients, it demonstrates your knowledge of them by hosting the perfect event to suit their taste.
6. Networking opportunities
These events can be vital to help build new relationships as most of the time, other businesses are there for the same purpose. This gives you the perfect opportunity build new relationships with and establish relevant contacts.
7. Entertaining key staff
Client entertainment is important but it is equally important to entertain your staff members. This is a great way to reward your hard working employees to show them they are much appreciated. Not doing this may lose you a lot of employees to your competitors who reward their staff in an impressive way. For this you could also choose an incentive trip?