Corporate events. On the surface to many, they’re a reason to spruce up, dust down the finest evening wear, and indulge in fine food and drink.
However, away from the gastronomic delights and experiential activities , corporate events hide a secret superpower: they’re fantastic for doing good business.
Corporate events not only help to cultivate company culture by promoting a collaborative environment for employees, they’re also a great tool for prospect nurturing, celebrating team successes and boosting company revenue, well beyond their investment cost .
And there are more corporate event benefits than that. At The Tasting Quarter we’ve held, managed and attended enough corporate events to know that they bring huge benefits to businesses both big and small. Some of the most notable include:
Positioning the business as a thought leader
Thought leaders are people or companies that have a proven track record of success in their field. Thanks to their notable previous successes, clients are eager to work with them because of their confidence and innovative and forward thinking solutions that few else would think up.
Corporate events can elevate a businesses reputation to that of a thought leader, especially if the business takes the opportunity to assert its position as an expert in its field by offering insightful discourse, actionable takeaways, and a memorable experience.
If the business is not necessarily an expert in its field, it can still position itself as a thought leader by instead bringing together all the best minds of the industry in an unmissable event that others will be clambering to attend.
Which brings us nicely to our next benefit…
Boosting business revenue
When some hear the words “corporate event” the first thought that springs to mind is “costly”. It’s best to reframe thinking here by thinking of business event activity in the wider economy as a whole. As an example over £31 billion was spent on business events alone in the UK in 20219 (BVEP) and corporate events are an integral part of the business mix for a huge diaspora of companies from multinational firms to plucky start ups. Would there be anything like this level of activity if corporate events weren’t a highly successful tool?
Businesses can generate revenue at their events through multiple channels, including things like; selling ad space, selling sponsorships, selling software solutions and much more.
Improving customer conversion and retention rates
It’s all too easy to discard companies as faceless entities, particularly in our ever encroaching digital world. Corporate events give businesses the opportunity to provide the human touch. Prospects can meet executives and account managers face to face, can get a better understanding of the company and the departments they’ll be working with, and can quickly create a repertoire that results in deals and project sign offs .
Existing customers can also benefit from corporate events. Such customers are provided with a fresh opportunity to get face-to-face with the business in a convivial setting – resulting in them feeling valued and appreciated, and in turn, cementing their customer loyalty and boosting their lifetime value.
Providing deeper insights into target audiences
With the rise of data in marketing it’s never been easier for businesses to be able to know more about the people they’re trying to target.
But despite this, corporate events provide an often overlooked opportunity to gather personal information that businesses may otherwise have not been privy to using digital marketing methods.
It may sound a little sci-fi, but using tracking and gamification at corporate events are two ways to collect insightful information that can empower businesses marketing communications.
Tracking technology like RFID technology, beacons or touch points can show businesses how attendees received your targeted messages and how your content and event resonated with them.
Gamification (using interactive games) on the other hand can collect data that shows how compelled your audience felt by your content, as well as identifying how your guests interacted with your business or brand during the event.
All this data can then be supplied to marketing departments who are able to better structure and target their campaigns, resulting in increased successes and more leads.
Improving company culture
What separates a good business from a great business is its culture. Corporate events provide a great opportunity to build and harmonise that team cohesion.
Corporate events give employees the opportunity to interact with each other on a more personal level, and develop relationships which they may not have previously had the chance to do if they are separated by departments.
These strengthened relationships benefit the entire organisation in terms of employee morale, productivity, loyalty and motivation.
Sharing new, innovative ideas
Corporate events foster good collegiality between employees from different departments. They promote productive conversations and allow people to get to know each other better, which in turn boosts creativity.
These conversations are great opportunities for your employees to look at things differently. Is it too daring to think that some conversations may even produce innovative solutions that are capable of edging ahead of competitors and securing bigger market share?
Showing appreciation returned in loyalty
Corporate events are a fantastic opportunity to celebrate milestones and achievements with the people that make it all possible: Employees.
Whether it’s sales team success, an overall business goal achieved or even just celebrating a successful year, showing appreciation will go a long way with employees. Involving everyone and celebrating the success as a team also strengthens team bonds, improves morale and can be rewarded in improved staff retention levels.
As an added benefit, many businesses see the overall performance of the company experiencing an upturn if employees are made to feel valued.
Do you need a corporate event provider?
At The Tasting Quarter we’re experienced in planning, managing creating and hosting in-person, hybrid and virtual events for businesses, and we don’t do run of the mill. In our events, we draw on a variety of influences including busking, comedy and even theatre. We combine our unique approach with expert subject knowledge and guest participation to create warm, convivial environments. Our events are tailored to your objectives and are accessible to all. To find out more, visit our tastings page.