Corporate Hospitality at Golf Events - An Exciting Strategic Tool in your Marketing Arsenal!
Companies across various industries - mainly from Asia - keep asking me about the value of corporate hospitality programs at high-profile PGA TOUR golf events in the US. And many executives and business owners are suprised to learn that carefully selected Hospiatlity packages can be significantly more effective than any other traditional marketing initiative - if set up properly of course. In fact, research firms suggest that Corporate Hospitality programs are the most effective tool for Strategic Growth in your company or organization. Attending prestigious premier sporting events with key clients, business partners, colleagues and friends as your guests will reveal their importance to you and express your appreciation for them - one of the key psychological reasons why this marketing tactics has proven successful.
Your spend on corporate hospitality should be shaped largely by the relative value of your clients to your business as well as your overall business objectives. That´s why it is instrumental that you know your numbers: What´s the Life-time-value of your most profitable clients/accounts? What´s your average acquisition cost of highly profitable new clients/accounts? What´s the impact on your bottom line if conversation rates or client retention improves just by a small margin?
There are numerous reasons why Hospitality programs at high-profile golf events can be of high value to your business, these are just six of the most important ones:
Reason #1: Build Customer Relations & Personal Rapport
In today's connected world of smartphones and social media, salespeople and executives are in need of actual face time with their clients. An exciting experience at this prestigious sporting event is an ideal way to make that happen. Building this strong personal rapport with your clients will guarantee a long-term and profitable relationship, significantly increasing the life-time-value of them; guaranteed!
Reason #2: Win New Clients
In today´s business environments it's crucial to think outside the box. A business of any size should consider utilizing the power of corporate hospitality; not least because they can be certain that their competitors are busy doing so. The chance to experience this event live in an exclusive setting, maybe even rub shoulders with players & celebrities, will make this invitation and your corporation unforgettable. It will stand out in prospective clients' minds for the rest of the year. This will in turn keep your business at the front of their minds and increase the number of new client leads as well as conversion rates.
Reason #3: Reward & Retain
Reward your top sales executives or third-party company representatives. Not only will they have a memorable experience, they may also make new contacts with future customers.
Reason #4: Executive Networking
High-end events like golf majors and particularly emotional team events such as the Ryder Cup or Presidents Cup offer an environment conducive to networking with C-executives in your company. Informal settings at sports events are better suited to networking than formal roundtable dinners.
Reason #5: Boost Your Brand
A high impact event will place your business in the consciousness of a range of clients in a manner which might otherwise take many months, multiple initiatives and a considerable marketing spend to achieve. It will massively boost brand awareness, and help to get noticed by potential clients and stakeholders.
Reason #6: Measurable ROI
Corporate hospitality has become an integral part of businesses' growth and development strategies. Research has shown that corporate hospitality is outstripping telephone calls, advertising, online and print as a popular means of improving business relations and driving brand metrics.
Besides, it is difficult to measure the Return on Investment (ROI) from many marketing or sales expenditures whereas it is simple to determine the effectiveness of the returns from any hospitality program. In fact, many fantastic deals have been made right at such golf events. You will be surprised about the positive emotional impact on business decisions!
So know your numbers (every business owner should know metrics such as CAC, LTV...etc in any case!!), chose the Golf event and Hospitality package that´s the best for your business and make sure that this tactical step is not just a stand-alone activity but an integral part of your overall marketing strategy.
See you at the Presidents Cup in New York!
To your success,