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The definition of “Corporate Hospitality” is the entertaining of clients by companies in order to promote business, especially at sporting or other public events. However, in reality, it is far more complex than that. Hold on to your seats as Hospitality Critic® delves into what Corporate Hospitality is and what it can do for your business.
Corporate Hospitality is a platform to entertain prospective and existing clients to promote business growth through strengthening and building relationships. Corporate Hospitality can take many forms, from small intimate team-building events to large scale global sporting occasions.
The most common form of Corporate Hospitality occurs at large sporting or cultural events such as during The Championships Wimbledon, or the Cheltenham National Hunt Festival. These huge events provide a wonderful backdrop to engage with and entertain your guests in the hopes of forging stronger relationships, new levels of trust and all the benefits that come from that.
Corporate Hospitality works because it provides a successful medium by which you can get an invitation accepted by an important customer and spend quality time with that person. Spending valuable one-on-one time with a key customer is priceless. However, unfortunately, your customers are busy people, so getting an appointment to see them can prove difficult. However, an invitation to attend, for example, the world’s premier tennis tournament as your guest, the Wimbledon Championships, is likely to be accepted, which then gives you precious time with the customer to get to know each other and to develop a friendly and rewarding business relationship moving forward.
It’s no secret that business is easier between friends than with strangers. Corporate Hospitality is the perfect platform to entertain potential clients and demonstrate the kind of company and/or individual you are, whilst in a more relaxed and friendly environment.
These events are also an excellent way to reward key staff members. Sharing fantastic experiences is a sure-fire way to build trust, gain loyalty, increase productivity, innovation and perhaps most importantly, happiness and satisfaction in their job.
The key to business success in an ever more connected world is the individual connections we continue to forge. Corporate Hospitality helps create, build, and develop these all-important bonds, setting businesses up for success.
When considering Corporate Hospitality, the business must, of course, focus on the potential return on investment. Assessing the need against the cost and choosing the proportionate experience to match is essential.
Hospitality Critic® understands this need and exists to inform and direct businesses towards the appropriate Corporate Hospitality package. A good rule of thumb is to expect any business deal to be worth five times the initial hospitality cost, i.e. when the outlay is £1,000, the business should aim for the result to be worth at least £5,000.
Spending trends do vary significantly over the years, dependant entirely on which major sporting or cultural events are taking place. In 2012 the London Olympics was a premium draw and increased the industry expenditure substantially. There are, however, evergreen events that occur annually, which are always popular choices regardless of the year, such as rugby internationals at Twickenham or the British Grand Prix at Silverstone.
Thankfully the Corporate Hospitality market is now maturing, where once it was akin to the Wild West, now a true cornucopia of options is available. In the past, ticket touts ruled supreme, virtually cornering the market. In recent years the system has been significantly regulated, with venues taking control, and with that has come an increasing quality of packages on offer.
Sometimes though, that choice can be overwhelming. Even with best intentions, the venues can only do so much, often appointing multiple agencies to either run their products, take stock, or even organise and develop products on their behalf. The benefit, of course, is this encourages competition, which in turn breeds innovation, pushing the market in new and exciting ways, but unfortunately fragments the market.
Hospitality Critic® was born out of the ambition to organise these products into one place, offering businesses an opportunity to compare all available packages from all different sources to allow truly informed purchases.
Corporate Hospitality is more than just a day at the races. For the majority, a hospitality package incorporates a full day of entertainment, food, and service. The same core principles are mirrored in almost every type of Corporate Hospitality package from rugby internationals to tennis grand slam matches with some subtle variations in-between. What tends to elevate one package above the other is its location, admission type, food and drink options, on-the-day entertainment, service, and the facility itself.
A typical Corporate Hospitality package begins with receiving the event documentation, usually neatly presented and personalised in premium packaging. All the information needed to attend, such as the itinerary for the day, admission ticket, menu, and any necessary security passes, will be included.
On to the day itself, after arriving, you may receive a welcome drink of some kind before being shown to your table by a helpful and personable hostess team. Food will then be served and could take the form of a formal sit down 4-course luncheon or stand up buffet depending on the package purchased. Entertainment may be included at this point, ranging from a live band to Q&A’s with a celebrity guest speaker from the world of sport that you are attending.
Before long, the main event will start, and you and your guests can enjoy world-class viewing of the occasion. Many events encourage you to return to your hospitality facility for additional food and drink throughout; or post-event depending on the type, providing ample opportunity to discuss the events of the day, forging those all-important relationships.
In conclusion, Corporate Hospitality is now a vital marketing tool, providing businesses with an unrivalled opportunity to engage with important clients and key staff, generating success through relationships. In an age where business and the world is increasingly conducted digitally through a screen, it is an essential pillar in maintaining trust and creating profit opportunities.
Hospitality Critic® is here to help businesses identify those opportunities and help them on the road to success via our in-depth review system and our encouragement of “real users” to share their experiences of the packages available in the market.