Hospitality
THIS TIME , MAKE IT PERSONAL
The best thing to happen to the corporate hospitality industry was the pandemic , says Dan Bull , director , AOK Events
S ince the reopening of the world in 2021 , our agency has seen a huge increase in corporate hospitality bookings from both corporate and private clients alike . Covid-19 disrupted the traditional methods of building and nurturing client relationships and the rebound has resulted in an unprecedented influx in demand . Corporate hospitality is very much at the forefront of clients ’ marketing strategies .
The landscape of corporate hospitality has shifted significantly . Prior to the pandemic , corporate hospitality was being booked very late and , in some cases , not at all . However , today , clients are planning much further in advance and the invitation itself has become highly competitive . A client texted me recently stating their client had cried when receiving an invite to an Oasis gig : The power of a well-directed invite .
With many businesses not having returned to full-time office work , securing a client ’ s engagement by booking time in their diary well in advance is incredibly important . Since 2022 AOK Events has seen a 24 % increase in hospitality sales booked in the year prior to the event and a 59 % increase in client spend generally . The most popular events are selling out months in advance and some events ( Taylor Swift , Wimbledon and Oasis ) are generating a feeding frenzy of interest .
In this digital age when you can call , email , text , WhatsApp , LinkedIn InMail , Slack / Teams / Zoom in order to communicate with a client , nothing beats face-to-face time , when trying to nurture a relationship . A recent study by Harvard Business Review stated
Above : Dan Bull
‘ Securing a client ’ s engagement by booking time in their diary well in advance is incredibly important ’
Left : Corporate hospitality is at the forefront of marketing strategies that in-person meetings were 34 times more effective than digital communication . Face-to-face interaction both builds trust and opens doors . It ’ s incredibly powerful .
It has always been hard to measure the ROI of client entertainment , but it has become a part of the investment clients make into the lifetime value of a customer , as well as an incredibly useful tool to open up new sales channels . Securing the participation of your most senior contacts and minimal last-minute withdrawals are also important KPIs .
Since the start of 2022 , AOK Events has seen a 168 % increase in bookings made by individuals and a 119 % increase in spend . Modern high net worth individuals are not simply happy with having financial capital , they are looking for cultural capital , too and taking friends and family to see an Olympics , top concerts , a Superbowl or an overseas Grand Prix is almost as important as having the funds in the first place . Nobody wants to waste the free time that has been created by being financially successful and there are events out there to suit all budgets .
Think now of what your corporate hospitality plan should be for the next year . There is currently availability at many major sport , music and cultural events , so make sure you know what your invitees ’ interests are , invite early and invite memorably .
Don ’ t email your best client asking if they want to go and see Coldplay . Call them up and ask them ‘ live ’ or send an old Fix You CD with your invite on . Stand out from the crowd ! If you don ’ t , someone else might . Corporate hospitality is fun and if you get it right you can nurture relationships that will last for years .
n This article first appeared in AOK Events magazine The Quarterly . Email hello @ aokevents . com if you would like to receive their next issue .
ISSUE 134 / CONFERENCE & MEETINGS WORLD / 57