After a period of doom and gloom ushered by the great recession, corporate events industry is undergoing a dynamic transformation and growth. It is bigger and more regulated than ever before and at the same time demand for hospitality services is on the rise, surpassing all expectations.
Another recent development is that the sports sector is branching out and diversifying, creating new business opportunities. This has all fostered a positive climate for the marriage of the two sectors. More and more organizations of all shapes and sizes are eagerly hosting events to retain their staff, attract new clients, and build the brand.
More Than Strange Bedfellows
Business and sports now get mentioned in the same breath a lot, which was not the case a decade or two ago. Namely, corporate hospitality has established itself as an integral part of the sports industry and marketing strategies that often involving sponsorship deals and other facets of the business of sports.
Forward-thinking companies determined to become major players are leading the race, albeit other businesses are catching up, realizing what long-term benefits can be reaped. Of course, the types of sports that are in the spotlight vary from country to country. In U.K, for example, sports hospitality encompasses cricket, football, horse racing, rugby, golf, and tennis.
Things Are Looking Up
Many people overlook that promoting businesses and entertaining clients at sports and other public events is not a novelty strategy. What is new is the level of its popularity and widespread adoption across industry sectors. Before, there were only a handful of examples of entrepreneurs entertaining clients on Super Bowl and Final Four.
Nowadays, though, Silicon Valley startups cleverly combine activities like vine tours with baseball matches. Entrepreneurs and investors come together there to strike serious deals and have fun. Some packages even give them a chance to meet sports celebrities as a highlight. The only problem is that they although they provide good ROI, they can cost quite a bit. Then again, the trick is to factor in long- term benefits and dividends.
Business And Pleasure
What is the catch here? I would stay that the gist of it is this: an informal setting of sports events has greater appeal and networking potential than sterile round-table dinners. Sports simply have that unique power to bring people from diverse backgrounds together and let them immerse in shared, positive experience.
As such, they hold great potential in terms of building and deepening relationships, bringing that blend of business and pleasure that is often missing in the dead-serious corporate world. The hospitality package can include paid admissions to events, use of exclusive facilities, pre-event champagnes, refreshments and catered meals, corporate gift/memorabilia, as well as programmers and event documentation.
The Best Of Both Worlds
So, sports clubs and event management companies now work hand in hand to offer premium corporate experience and sports packages. How has this come about? Well, stadiums and facilities are modernized, hooliganism is held in check for the most part, and there is better access to external funding in general.
All of this is to say that businessmen can now engage in face-to-face meetings in a casual and pleasant environment that is a far cry from the formality of conference rooms and similar corporate spaces. And to ensure everything runs smoothly, they often employ specialist even planners with extensive experience and good connections.
A Match Made In Heaven
The hospitality industry has regained its footing and is poised to grow in 2024 and beyond. Sports are no longer a mere afterthought or a last-minute addition to the hospitality mix— they are paramount to business dealings and successful events.
A relaxed ambiance is highly conductive to nurturing strong relationships and facilitates positive business outcomes. One can rub elbows with professional athletes and big-time celebrities and talk some businesses while at it. This is an opportunity to go well above and beyond of what is expected of traditional team-building events and meetings.
I hope you enjoyed this article about how the corporate hospitality and sports industries are merging to benefit both business landscapes.
Interested in more articles about sports and hospitality industries?
Read My Posts:
- The Effect Of Sports On Social Media & Vice Versa
- Social Media & PR Lessons From The World Cup
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