If you’re not in the events industry, you may be wondering what the heck organising events have to do with you. What are the benefits of corporate events, anyway?
What if we told you that almost nine out of ten CEOs believe that events will increase their marketing reach and help them generate more sales?
In this article, we’ll discuss the benefits of corporate events:
- Additional revenue
- Improved company culture
- Team cohesion
- Expanded marketing strategy
- Staff and client education
- Thought leadership
- Audience insights
- Customer conversion and retention
… and, of course, beating the competition by getting (and staying) ahead of them.
1. Create additional revenue
The main concern of business people is the bottom line, and rightly so. Therefore, it may seem like an unnecessary expense to organise a corporate event.
But that’s not the case if you plan the event the right way. Sell sponsorships, ad space, VIP tickets, and merchandise, and you’ll not only break even—you’ll be in the black.
Tip: Read more about how you can generate revenue at events to find some inspiration.
2. Improve company culture
What makes your company a special place to work at isn’t determined by the products you sell or the service you offer. It’s determined by the company culture that you create.
Corporate events can be a great way to cultivate a good atmosphere. Why not bring people together for regular themed events like “Innovation Mondays” and “Feel Good Fridays”?
Tip: Check out these ideas on how to improve company culture—many of them are events.
3. Strengthen team cohesion
It’s not always easy to get people in your office to work together as part of a team. After all, the only reason they’re all gathered in the same place is that you hired them.
Team building events are a great way to remedy any lack of team cohesion. That’s why there are so many different activities available, from escape rooms to sports tournaments.
Tip: Read this guide on how to organise team building events so you do it right.
4. Educate staff (and current clients)
Team building activities tend to focus on abstract challenges that have the potential to translate into the office setting. But you should also organise staff training specific to your company.
If you have a new product or service you’re about to release, it makes sense to organise a company event around that to educate your staff and clients on the new features.
Tip: Use this guide on product training to plan your next staff or client training event.
5. Expand your marketing strategy
It’s no secret that companies use events to promote their products or services. So much so that the term “event marketing” refers to using events as marketing and not the marketing of events.
Your product or service may solve a problem for your customers, and that’s great in the short term. But an event gives them a positive experience they’ll associate with your brand in the future.
Tip: Read this comprehensive guide to event marketing to discover your many options.
6. Be seen as a thought leader
A thought leader is a person or company that is an expert in their field. Clients prefer working with experts because they have a proven track record of success and forward thinking.
Use corporate events to elevate yourself to the status of a thought leader. You may not personally be the expert, but you can be the person that brings together all the bright minds of the industry.
Tip: This article outlines 20 different ideas for thought leadership events that you can use.
7. Stay ahead of your competition
You would think that with all the hype surrounding the benefits of corporate events as a form of marketing, everyone and their mother would have jumped on the bandwagon by now.
Yes, many companies are seizing the opportunity. But how many are not? How many of your direct competitors have organised, or are planning, any kind of corporate events?
Tip: Read this guide on how to beat your competition in case they are also planning events.
8. Get deeper insights into your target audience
One of the keys to success in business is to know your customers. The more knowledge you have about them, the easier it’ll be for you to grab their attention.
Corporate events are a great way to collect personal details that you may otherwise not have been able to get with a simple customer satisfaction survey.
Tip: Read this guide on how to gather valuable customer data at your corporate event.
9. Improve customer conversions and retention
Let’s face it: Marketing can be an expensive endeavour. It takes creativity to devise new methods of reaching your target audience. And it takes skill to turn them into customers.
A corporate event will enable you to try different methods of conversion out at once. You can combine face-to-face meetings with interactive games and activities to increase engagement.
Tip: Use these four rules to maximise customer conversion and retention at your event.
10. Show some gratitude
Finally, a corporate event can be an excellent opportunity to show some gratitude for your success, your clients, your partners, and, most importantly, your team.
You can organise a celebration of your company’s achievements. Give out awards to the key performers in your team and some of your favourite clients.
Tip: Check out this guide on how to organise a successful award ceremony if you plan on giving out prizes.
Ready to throw a party?
As you can see, there are many benefits of corporate events and many reasons to organise them.
The figures speak for themselves: Event marketing is on the rise because it simply works. Not all companies have the resources to organise them, but those who do will reap the benefits.
Just to recap, a well-organised company event can help you…
- Make more money
- Cultivate loyal customers
- Create a great atmosphere
- Understand your audience better
- Educate your staff
- Beat the competition
Hopefully, you’ve been inspired to have a go at organising your own event, whether you want to sell more, get to know your team better, or just show them some gratitude.