Corporate hospitality is an excellent marketing tool as well as a means of building both internal and external business relationships. However, as with every tool, it is one that must be used correctly. An inquiry currently going on in Ireland provides a good example. The inquiry, involving banks and property developers, demonstrates the need for companies to foster effective corporate hospitality policies.
To begin with, it should be noted that the players in the Irish inquiry appear to have followed the law in all respects. Nevertheless, public perception can be a fickle thing. Therefore, corporate hospitality needs to be governed by a particular set of guidelines. For example:
- Hospitality Budgets – Companies providing corporate hospitality to clients need to establish budgets ahead of time. Budgeting for hospitality events prevents excessive amounts of money being spent above and beyond that which the company considers reasonable.
- Hospitality Acceptance – Individuals and companies accepting corporate hospitality offers need to be cognisant of who is making such offers. Conflicts of interest need to be avoided at all costs. Some companies or organisations may want to limit the types of offers that can be accepted.
- Hospitality Venues – There are hospitality venues that may be appropriate in some cases and inappropriate in others. It is up to each provider and guest to determine the appropriateness of any given venue.
- Hospitality Response – As a marketing tool, corporate hospitality is used to build relationships between companies and their vendors or large corporations and their executive management or staff. Care must be taken to ensure that such events do not create a tit-for-tat atmosphere that could be perceived as less than desirable.
We offer these guidelines not as a means to dissuade you from engaging in corporate hospitality. We believe wholeheartedly in our industry for the reasons already mentioned. As long as policies are established and adhered to, hospitality offers a number of significant benefits that cannot be achieved in any other way.
Sports, Theatre, Special Events
DTB is constantly challenged by the opportunity to provide our clients with the finest corporate hospitality in the business. We cover a full range of events and venues including sport, theatre, special events and bespoke corporate activities. Our goal is to provide you with the perfect event for your needs at a price you can afford. We welcome the opportunity to serve you and your business.
1.Herald.ie – http://www.herald.ie/news/developers-sent-on-golf-and-f1-trips-by-banks-31476354.html
Return to DTB Blog