Corporate hospitality in times of economic instability
(Advertising feature)
In times of economic instability, business owners are encouraged to expand. To push the limits of their business to encourage the growth of the economy. You also need to think about your own back. If you push too far when the market is unsteady you could end in financial turmoil. So what do you do? Do you enter into new markets? Do you employ new staff or run a graduate programme?
These are all questions that will be individual to your business. We can’t answer those for you. But one thing we can do is highlight the importance of your clients; both existing and new. You need to attract new and you need to hold onto your existing, with one of the best ways of doing this being though a
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Corporate hospitality to secure new business
When pushing for new business you need to pitch. That remains the same regardless of the state of the economy. You can do everything you possibly can to pitch the reasons why your business should be awarded the contract, but sometimes it just isn’t enough. Why not use corporate hospitality as an added incentive?
Treating a prospective new client to corporate hospitality at a Premier League football ground for example would instantly show them their true value. What they mean to your business and how far you’re willing to go to secure their business. The informal atmosphere prior to kick off and after the match will also enable you to iron out any potential business issues that have arisen previously. Chatting without the formalities of a business meeting can often bring the important decisions to the surface.
Corporate hospitality to keep existing business
There are various ways to keep hold of your current clients. Clearly you need to provide them with a top quality service and you need to offer them a competitive price. However, during times of economic instability sometimes this isn’t always enough. If your competitors can afford to undercut you (and even when they can’t) your clients may move. However, if you’ve invested time and energy in building a lasting relationship they may be reluctant to do so. It may not work every time, but it will stand you in the best position.
Investing a little money in a corporate hospitality package you can use for a variety of clients may well be money well spent, even in difficult economic times. If you hold onto your client base, whilst adding to it; expansion could be just around the corner.
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