Evaluating the Period of Diminishing Returns…
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 business 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 against for a deal to move forward.
That “win” is unique to an individual – from promotions to being able to brag to their family – 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. Hospitality 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 to begin with – and the longer one waits to move, the smaller the chances of making it happen.
There is a period of diminishing returns to capitalize on the amount of good an event creates for your relationship equity. It’s important that each and every 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 in that moment; and
(3) Most importantly… the 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 sales person as the lead project manager. If they’re any good – they will see the “wins” before they happen and use hospitality for it’s purest form – A Favor Bank!