A Brief Understanding and the Benefits of corporate hospitality
Corporate hospitality is a marketing strategy used by companies of all sizes. Also called corporate entertainment, the process entails entertaining employees, investors, shareholders, clients or other corporate allies. This is done in a bid to establish and maintain a favorable relationship with those the company deems it necessary; the aim can be achieved in many ways and can have numerous benefits if done correctly.
Why People Use It
As established before, the overall focus is to cement good relationships with those the company relies on for longevity and profitability. Organizations use the method because it is one of the easiest ways to interact with or reward people. It is also a way of fostering employee bonding, bridging the gap between different groups that are involved in the company's growth or showing a specific group how valued it is.
Where Can It Be Used
Corporate hospitality can be accomplished in a number of different arenas. In fact, the type of company, size and structure will have a lot to do with how it entertains or rewards. Options include:
- Special travel and accommodation arrangements
- Exclusive offers for big/global events (e.g. tickets to major sporting tournaments or concerts)
- Corporate dinners
- Employee/company/holiday parties
- Award shows
- Conferences and conventions
- Private concerts put on for a target group
- Entertainment segments that are worked into general meetings or assembles (e.g. famous guest appearances, live music etc.)
- Pre-dinner get-togethers or parties
Most Suitable Events: In many cases, galas, award shops, retreats, conventions and conferences offer the greatest corporate entertainment opportunities. However, with the proper planning and execution, companies can employ the tactic in just about any of the above mentioned situations. In fact, with creativity and vision, it could even be used outside of the above list which means it is not exhaustive.
Benefits of Corporate Hospitality
Corporate entertainment or hospitality has many advantages that can all translate into new acquisitions or retention. Firstly, these events can make people more excited about the company and/or cause them to look forward to the next event. Secondly, they can be used to create a laid back or celebratory atmosphere as a backdrop to otherwise mundane discussions that must take place. Thirdly, some companies use entertainment to get attendees interested in the meeting to follow. Done right, the entertainment can also foreshadow the meeting's actual theme.
In addition to this, it is generally accepted that people are more open, give more freely or are easier to negotiate with in a relaxed, celebratory settings. It is also much easier to maintain morale when people feel rewarded or valued. Both of these principles remain paramount when companies plan a schedule of events each year. This means corporate hospitality will remain a crucial factor in marketing for many organizations.