Rugby Hospitality As A Business Strategy
For many years, businesses have utilised rugby hospitality as a business strategy in order to build relationships with potential clients, for networking purposes, to differentiate themselves from their competitors and to hold meetings in a unique setting that differs from the usual meeting room. As the popularity of rugby hospitality continues to grow, so does the way that businesses use it in order to implement their business strategy
With Rugby World Cup 2019™ in Japan fast approaching, there are an array of hospitality packages through STH Live which have been created to suit any businesses preferences, to ensure that the experience is not only a once-in-a-lifetime for the business themselves but also their clients.
Read below to see how rugby hospitality can be used as part of, or solely as, your business strategy.
It will make your business stand out from its competitors
Everyone knows that a key aim of any business is to secure a competitive and high position within the market in which they operate. With rugby hospitality, not only will it make your business stand out from your competitors as you are offering your clients an experience that they will never forget it also differs to the usual boardroom setting. Rugby Hospitality will also showcase your professionalism and enthusiasm in working with them.
If you want to achieve a return on investment (ROI) in the money that you’ve spent on the hospitality package, you will want to think carefully about what you want to include within it. As the popularity of using hospitality in the business world continues to grow, you want to find new and innovative ways to showcase how your business is worth more to potential clients than your competitors does.
Rugby hospitality can be used to achieve higher profits and ROI
As the relationship between your business and your clients grow, inevitably, so will your profits. As seen from our article detailing the benefits of rugby hospitality, “research conducted by Frederick Reichheld of Bain & Company shows that increasing customer retention rates by 5% increases profits by 25% to 95%, so make sure to stay ahead of your competition by ensuring your customers and clients are always praising your company’s name”. Retaining the relationship with them, businesses will be able to develop their services and products, as well as ensuring that there is brand loyalty with rugby hospitality.
As a key part of a business strategy, it will be far more beneficial than purely focusing on marketing efforts. Corporate hospitality has been proven as a way of receiving a good ROI, due to the face-to-face interaction that it offers, in a more relaxed setting. Rugby hospitality will make your meeting and/or event more memorable, therefore allowing it to stick in your client’s minds. Boosting brand awareness, it will not only cause them to initially invest in what you’re offering but it will allow for repeat purchases and a relationship that will grow over time.
Rugby hospitality is an investment
Even though it might seem like a large initial expense (depending on the size of your business), rugby hospitality is an investment in the long term. An innovative and extraordinary way to connect with clients, it will, as mentioned above, result in an impressive return on investment if used efficiently. Alongside your business strategy and goals, you will be able to align rugby hospitality with your budget. For example, if you are using rugby hospitality to develop a relationship with your clients, the value of the clients should reflect on what your budget is. As you can tailor the hospitality package so that it matches the value (e.g. if they are high-value clients you will want to give them a VIP treatment), you will be able to align it with your business goals.
Also mentioned in our previous article is that “71% of clients who are treated to corporate hospitality events say they are likely to increase the amount they spend with that company as a result.” This directly impacts your business strategy as it will ensure that you receive a higher ROI. As a business, you will want to achieve more than double of what you put into the hospitality package. And through these statistics, it’s clear that through rugby hospitality, you can not only achieve this, but you will be able to justify the spend.
It gives your business a platform to show what it’s all about
A crucial part of your strategy is matching your business aims with the output. Rugby hospitality represents an opportunity to successfully develop and deliver messages to your clients in a way that’s creative. A valuable opportunity to network with them, you can demonstrate to clients your approachability, management skills and attention to detail. In order to get the word out about your business, you can invite a wide range of clients (or perhaps one high-value client) and impress them with fine dining, the best seats in the house and a location that’s guaranteed to have them in awe.
Final thoughts
Those are just some of the benefits and ways that you can use rugby hospitality as a business strategy. It’s an invaluable way to draw your client’s attention to what you are offering away from your competitors, be used as a way to achieve a high ROI and profits, be a long term investment and it will give your business a unique platform to advertise what you’re offering. No matter what your business is, corporate hospitality and therefore rugby hospitality will break down the impersonal barriers that might exist between yourself and your clients. Making the experience seem more personal and human to them, you can make the package however you want it. By using it as a business strategy, you will also be able to consider your budget and measure it against what you want to achieve with the meeting/event.
