Return On Investment: Corporate Hospitality at the Cricket
In recent years, the role of corporate hospitality at big sporting events has grown at an exponential rate to match the increased expectations of VIP clients. For many companies, the corporate hospitality model has become a vital strategy, as they invest thousands into meeting clients at major events. In 2020, the ICC T20 Cricket World Cup in Australia is sure to be one of the hottest tickets in town.
With excitement for the Men’s (Oct 18-Nov 15) tournaments mounting rapidly, the ROI of corporate hospitality at the cricket could be a key ingredient for businesses across multiple sectors wishing to achieve success in 2020.
The Effects of Sporting Corporate Hospitality
Corporate hospitality at major events like the ICC T20 World Cup is more than a passing opportunity to boost egos or promote a false sense of success. These events are an essential part of cultivating stronger relationships with VIP clients in a setting that merges business and leisure.
Aside from encouraging personal relationships, memorable sporting events are shown to improve the emotional connection between brand and client, especially when the hospitality endeavours are handled in a professional manner.
Studies show that over 70 per cent of clients will be likely to increase their spend with a company as a direct result of a memorable day at the sport, a figure backed up by the fact that 80 per cent of companies conclude sporting hospitality has helped their business.
While it’s impossible to quantify the exact return on investment of corporate hospitality at the cricket, the fact that a five per cent increase in client retention rates can almost double a company’s profits make it obvious why it is now deemed one of the greatest weapons in a business’s arsenal.
Why Corporate Hospitality at the Cricket?
While the Olympics may take the number one slot of sporting events over the next 12 months, the ICC T20 Cricket World Cup is definitely the most exciting cricket tournament for businesses and VIP clients to attend. The Women’s event is sure to be bigger and better than ever, while Melbourne’s MCG (host venue for the finals of both tournaments) is one of the most iconic venues in sport.
The T20 format is ideal for corporate hospitality too, lasting long enough to make a huge impression without dragging on like a test match. The adrenaline and drama, combined with views from the best seats in the house, are sure to have the perfect impact.
VIP treatments and corporate hospitality isn’t only about the event itself. Companies can look to use limo hire or extend their welcome to hospitality for the whole family at other local attractions. These in turn promote stronger client relations, leading to increased spending for many years to come. The outlay is smaller than other sporting events, like the FIFA World Cup, but has the potential to bring even greater returns due to the luxurious setting.
When supported by the networking and PR opportunities afforded, corporate hospitality at the cricket has never looked better. The ICC T20 World Cup is the event to reap those rewards in style.