Corporate Entertaining
Main topic
What is corporate hospitality?
Corporate hospitality is usually sold in the form of a package which includes a good quality ticket or seat for the event along with drinks, a meal and sometimes a gift.
The most popular events for entertaining guests are:
football matches
concerts
horseracing meetings
the major sporting tournaments such as the 6 Nations rugby, Royal Ascot, Test Cricket, The Open, Wimbledon and many more
Corporate Hospitality can be described as any event where an organisation entertains clients, prospective clients or staff at the organisation's expense. This includes spectator sports, participatory events and activities, art or cultural events, and any other events.
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Justifying the cost
Worcestershire County Cricket Club - Corporate Hospitality
Imagine that you have a contract worth several thousand pounds or dollars. Spending a few hundred on a hospitality package is as close as you can get to a guarantee of retaining this contract and, in the longer term, can be far more cost effective than cutting the customers' prices by a few percent.
Hospitality packages can often seem highly expensive when compared to the broken down cost of a ticket, a meal and a few drinks but this is not a fair comparison. The hospitality package is an exclusive opportunity and should be likened to other forms of marketing rather than socialising.
Why use Corporate Hospitality?
A hospitality event has a much greater appeal than, say, inviting someone for a meal as it is often a highly prestigious event where tickets are not readily available. The event itself also serves as a focus for conversation - an easy ice breaker.
Hospitality could be seen as a form of bribery - a way to treat the individual in return for their custom but there is often more to it than this. Often these people would only ever speak on the phone or, at least, meet in a work environment. An invite to a corporate hospitality event offers the invitee the benefit of attending the event whilst offering the inviter, or host, the opportunity to get to know his customer.
The basic idea behind corporate hospitality is to strengthen relationships. Hospitality really targets the individual rather than the company.
