What is is about taking important clients to events and entertainment that so important? Why does it work?
Why has this been done for years and years? Why?....because it works...
We all have an inherent need to connect with people that you deal with regularly and we deal with colleagues and clients more than our own family in many cases. Becoming like-minded in values and interests makes communication easier and allow you to get better outcomes.
As humans we are shaped by our social surroundings and suffer greatly when a social connection is broken. Relating to business, this has a significant impact. Simply, companies cannot afford not to connect with their clients both in an outside of work. More than any other time, this is critical to business success.
Our team have conducted a short survey with a number of clients recently and have uncovered some interesting feedback on their view of investing in client events:
- Sales teams highly value investing in client activities and view as a critical sales tool to deliver revenue
- Marketing teams for B2B business very positively value client activities that align with the businesses' values and overall brand message
- Finance teams view client activities as an unnecessary expense that does not result in commercial outcomes
- Over 30% of companies stated they have difficulty entertaining clients in managing the experience
- 85% of clients indicated they win significant business as part of investing in their clients
- 90% of clients have seen positive results from new experiences that their clients connect with
The term 'Corporate Hospitality' does not reflect what companies taking clients to events actually does. The model of entertaining a client is to get to know them outside of work environment, build better relationships, build trust and authenticity in you and your business. It is about long term relationships, not short term transactional relationships. It is NOT providing hospitality to a client in isolation.
Remember, engaging clients with experiences is a vehicle to better connect as individuals and achieve mutual business outcomes.
Think long term and always align to your objectives.
We work with companies to better structure and align their client activities with the companies objectives. We do this through a 4-step process below:
- Understand your Customers & Influencers
- Relationships that Drive Revenue
- Cost Savings & Efficiencies
- Measurement & ROI Reporting
It is a proven process that generates real insight, business outcomes and better future decision making.
The activity being conducted is a major factor in helping achieve these outcomes. Far too many businesses purchase a corporate box, ticket package or membership without really knowing what their clients are interested or will best respond to. This is the main factor of success.
Face to face experiences are critical to relationship building and have never been more important in today's demanding digital world.