Some business people view client entertaining or rewards as an after-thought, an expense that is not needed and see no real value from it.
Other businesses value their customers and look to reward them and also entertain them for better business relationships that ultimately improves retention and opportunity for growth. Investing in your clients is more important than ever.
Here are some key steps to undertake to ensure you deliver the best outcome for your clients and your business:
1. Who is it for?
Who are you entertaining or rewarding? Is it a particular category of customer? A Top 20 client, mid tier client who may grow or are they prospects that you are wanting to secure as new clients?
If you are doing this as a Sales Promotion or Incentive, it is critical to build a package that has broad appeal to your customers or channel partners. The best results often come from delivering that memorable experience - meet n greet with celebrity or sports stars, VIP access or something they haven't experienced before.
Be very clear about who it is for and think strategically about what they will respond best to.
2. Are you entertaining or rewarding
Depending on the customer, you will need to decide on whether you go and spend the day or evening with that customer or if you simply send them tickets or information to go along themselves. You need to be careful with what you decide.
Know your customer - would they like being entertained? Do they have a partner or family you could involve to make it more meaningful? Would you achieve the same result by simply giving them a gift card, tickets or an experience they can enjoy in their own time? Do you know if your customer loves their wine?
Know your objective - if its a major customer and a big potential deal at stake, it may be better to entertain, giving you time to better connect and understand the client while building a better overall relationship.
3. One size fits all sometimes doesn't work
Carefully consider this....unless it is a major event experience or a unique experience, doing one event or one thing as a group for all customers won't work out.
People these days are wanting a personal touch, a personal experience and something that is meaningful around what they are interested in. This shows them that you know them on a personal level and have put in the thought and effort to appreciate their business.
Think about customising the experience for each client so it's more personal and there is a greater chance for connection. This might mean sending them a dining package for a game with their favourite team, a golf experience with a celebrity or something for their family and having their child run out on the ground with their favourite team.
Dragging all of your clients into one event such as a corporate box at the football may be great or some clients, but it is guaranteed to be not as effective for others.
4. Short Term or Long Term
Many businesses look to purchase corporate memberships, reserved seats or take out 12 month leases or more and then look to best utilise from there. There are some inherent dangers here.....
Committed Investment - you are committing your budget to this one type of experience and like any business expenditure you need to reflect the ROI.
It is now up to you to maximise this purchase - utilising these events or tickets for your customers is up to you. Time consuming, not core business and often a burden to manage internally.
Customers aren't guaranteed to attend - giving out tickets to events is great, but not all customers will appreciate this and some will not even attend. You might as well donate this money to charity as it will have more effect.
Flexibility is important and there are strong trends towards shorter term agreements, one-off casual purchases that suit a specific need or requirement for business. Don't get fooled by long term offers where you basically buy the "right" to fulfil and utilise these tickets and events for your customers. It's up to you to maximise this and many businesses are set up to manage this effectively.
Business today is busier than it's ever been - so you need to be effective when entertaining or rewarding clients and efficient when searching and purchasing.
TIXSTAR aims to solve both of these for you by giving you a platform to efficiently search, compare, find and purchase directly from some of the best brands in sport & entertainment. TIXSTAR gives you flexibility to find amazing experiences and events and a multitude of purchase options to suit your budget and unique requirements.
Next time you want that memorable experience for your client - 'Go There'