In the post-recession climate, the corporate hospitality model is changing with businesses now demanding more added-value. In the latest of Bath Business News' weekly Expert Panel series Bath Racecourse explains how it is responding to this change . . .
It is becoming increasingly difficult for businesses to justify spending an afternoon out of the o
ffice entertaining clients. Entertainment budgets have been slashed and in some cases scrapped altogether because many top executives don’t want to be seen to be having fun and splashing the cash in a period of austerity.
The corporate hospitality industry is still suffering in many ways from the economic downturn with unsold tickets and empty boxes as businesses have shied away from accepting gifts or compliance rules no longer allow it.
As talk of the recession begins to subside and businesses tentatively resume their marketing activities, corporate hospitality is returning back into the marketing mix – but this time in a new form. Gone are the days of just providing tickets for a race meeting or hosting a lunch in a private box overlooking the racecourse. Businesses now want more for their money with more targeted, flexible hospitality options in order to get their message out to consumers and to maximise the potential for partnerships with clients.
In the past year we’ve seen a marked increase in the trend for tailored corporate hospitality packages, businesses are looking more for those ‘money can’t buy’ experiences for their clients in order to strengthen their relationships and offer something different from the masses.
There is an emerging trend for corporate hospitality providers to go the extra mile for their clients and add value to packages wherever possible. Many of the established events that make up our ‘season’ at Bath have incorporated additional elements to enhance their traditional offering over the past few years. For example at Ladies’ Day we’ve started offering our clients tipster talks, alongside other additional extras to make their day extra special.
As a racecourse it’s not just about adding value to our corporate clients it’s about adding value to their customers too. In 2013 we’re looking at offering packages to competition winners and creating more consumer promotions around corporate hospitality packages with our partners.
This flexible approach to corporate hospitality is helping the industry to bounce back. But businesses are having to work a lot harder to justify a hospitality offering that is not only unique but also offers a substantial return on their investment.
For more information on our raceday hospitality packages in 2013, visit www.bath-racecourse.co.uk or call the hospitality team on 01225 424609.
