Corporate hospitality has been a key growth area in sport in the last decade and the revenues generated have been key to the funding viability of most recent stadium developments.
However, the revenue potential of corporate hospitality is not always fully exploited by sports organisations as the range of product offering can tend to be based on historic price, ‘gut feel’ or limited benchmarking, rather than being analysed strategically or based on direct customer feedback.
As a result sports organisations may be missing out on significantly higher corporate hospitality revenues due to relatively poor packaging and pricing. The key is to improve the yield through tailoring each package to target different customer groups and providing a range of facilities and products which match your corporate customer profile.
We have developed a strategic research and analysis process designed to ensure that the corporate hospitality offering reflects the range of customer requirements at price points that will maximise revenue. Our methodology adopts an interactive approach to deliver a comprehensive understanding of your corporate customer base and their requirements, using primary and secondary research including:
- a review of your current situation, quality of facilities and identification of known issues;
- benchmarking of your products compared with other relevant sporting organisations;
- market research with existing, lapsed and potential users of corporate hospitality, including targeted focus group research to deliver key information;
- a brainstorm session with your staff responsible for hospitality, to identify key issues and test potential opportunities; and
- site visits to review the facilities and identify potential opportunities to enhance your corporate hospitality offering.
Benefits of our approach to you include:
- giving you a strong insight into your current and potential corporate customer base, helping you to refine and tailor your existing product profile to ensure their requirements are met;
- delivering improved financial performance and strategic direction through an increased understanding of your corporate customer profiles and their hospitality requirements;
- creating an effective loyalty building tool with your existing corporate base and increasing customer satisfaction and client retention; and
- enabling you to make any future decisions about changes to your corporate facilities based on robust evidence and information.