It’s easy to dismiss corporate hospitality if you’re a startup. After all, it’s been around for a while, and if you Google “startup marketing” you’re far more likely to come up with cutting edge online marketing techniques to set you apart from the competition. But for that same reason, don’t overlook corporate hospitality. It’s likely your immediate competitors are ignoring it and you could have the edge.
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New Vs Existing Customers
We see so much about how to acquire a new customer to your business. It’s natural for startups to want that growth. But did you know that it costs 5 times as much to attract a new customer than to keep an existing one (source: https://www.invespcro.com/blog/customer-acquisition-retention/). What’s more, existing customers will spend more money with you, and are 50% more likely to try new products.
Existing customers are also the ones you’re going to relying on as a business to provide recommendations, testimonials and case studies. So don’t underestimate the value you should place on them, or what lengths you should go to when it comes to keeping these customers happy.
Corporate Hospitality – Building A Stronger Relationship With Your Client
And that’s where corporate hospitality becomes so important for a new startup. It’s all about building strong bonds, and to do that, you have to get outside the office environment and into a more relaxed, natural setting.
Imagine pitching your next big project. You’re in a meeting room, presentation at the ready. Before you even stand up to begin your introduction, your client sits there opposite, arms folded. Now imagine stepping outside, into another enviornment. Silverstone, maybe, for the Formula 1. Or Wimbledon. Now you aren’t pitching. Now it’s small talk. You’re chatting. You’re sharing ideas. Visions. You’re no longer selling. You’re simply bonding with your customer.
Simple Steps To Picking The Perfect Hospitality Event
The biggest problem for a lot of busy startups is finding the time to pick the perfect hospitality event. So if you are considering hospitality, go with a specialist corporate hospitality company such as Sheeredge who have the experience and background in finding the perfect event and venue for you and your customer. They have access to venues, catering and sports events that you might not have thought about, or VIP tickets that might be hard to come by if you’re new to that type of event (particular sport and music).
When it comes to agreeing on an event, think about what your customer might like, and what will reflect well on your business and your brand. Are you a young, fun, vibrant company? Or are you in a more conservative, traditional industry? Those factors are important when picking the venue, dining options and event type. Similarly, think about location. If you’re in a city with a famous venue, and your client is from elsewhere, then that can be a great way to impress a client.
Once At The Event, Don’t Be Salesy
Finally, take the time to enjoy it! Remember, this isn’t about hard selling and pitching. This is about forming a strong, long-lasting bond with your customer. It’s all about that hugely valuable relationship.
If you do have a new product or service, don’t sell it, but simply talk about your future vision and your ideas for your company. Show your passion for it, and the business will sell itself.
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