How Corporate Hospitality Planning Should Equal New Revenue
“Business is all about who you know…”
“You do business with people you like…”
“What have you done for me lately…?”
Three business idioms that double in importance for companies operating in the business-to-business and business services market.
In a country where more than 600,000 new businesses are started every year, it is crucial that sales-forward operations not only understand and appreciate their personal connections and favor banks – but that they optimize them.
We founded Best.Day.Ever. with the belief that each person in a given business situation has a specific “win” that needs to be delivered for a deal to move forward.
That “win” is unique to an individual – from promotions to making their family proud – it is important that businesses looking to engage with their decision makers convert on this information.
And that is what makes sports such a powerful tool. Good hospitality planning in a luxury suite or on a golf course can move a relationship from casual acquaintance to BEST FRIENDS FOREVER.
But the window to make that happen is small – and the longer you wait to move, the smaller the chances you have of closing the deal.
There is a period of diminishing returns to capitalize on the amount of good an event creates for your business relationship equity. It’s important that each and every corporate event your organization puts on accomplishes three things:
(1) The right people attend defined by their potential to impact your bottom line
(2) The event itself provides thoughtful, participation-based engagement that drives the relationship forward at that moment
(3) Most importantly… the event follow-up is done strategically, tactfully, and with speed!
Too often the responsibility to execute corporate hospitality ends up on the desk of someone without the ability to navigate a sales pipeline.
The next time your organization is courting key customers and prospects – consider assigning a salesperson as the lead project manager. If they’re any good – they will see the “wins” before they happen and realize hospitality at its purest form is A Favor Bank!