Welcome to the mantra behind a massively successful new revenue growth strategy we call Branded Hospitality.
Lots of companies use hospitality as a tactic to win and retain customers. And most of the time that takes the form of sitting in some sort of stiff corporate luxury box at a sporting event or concert or even just going out to a dinner. While those can offer opportunities to connect with customers and prospects in a personal way, there’s a growing thought that it’s a tired strategy that doesn’t really work.
It’s not working because our expectations as humans are rapidly evolving.
It’s more difficult to get our attention and things we perceive as fun, engaging and worth it are harder to come by. Simply put, with more luxuries in our everyday lives (ie. on demand services, conveniences, high quality experiences etc) we just expect more today.
I don’t know about you, but when I hear someone offer for me “to come to a corporate luxury box” I immediately think ughh… this is going to feel like work. It’s going to be stiff, have crappy food and be boring as all hell. I’ll probably even get some product brochure that I’ll undoubtedly throw in the trash.
Branded Hospitality ensures that’s never how attendees feel. It most often happens when a company puts on an exclusive activation surrounding a larger event (i.e Super Bowl, Olympics, CES, Formula 1, etc). Instead of just giving people tickets to these events and sitting next to them, the most successful brands are producing their own experiences.
They are brand immersive. They are engaging. They’re catered to the attendee. They are designed to “wow” and create brand enthusiasts.
There’s no doubt that Branded hospitality works. The challenge is that a lot goes into making these experiences.
Want to learn more? We’ll dive into the subtle but critical tactics that are needed to make your hospitality turn into a revenue generation engine. Look out for Part 2 coming soon!