There’s no denying it: a virtual event strategy is a must-have for event marketers. As we adjust to the new normal of shelter-in-place and self-isolation, it’s more important than ever that we seek out moments of human connection. Still, it can be difficult to make the change, even for seasoned professionals. So why change up…
The Benefits of Hosting Corporate Events at Your Venue
Corporate events are a $500 billion industry. Whether you operate a restaurant, hotel, craft/specialty school, escape room concept, scavenger hunt company or retail store, not developing programs and events that tap into this multi-billion dollar market is leaving money on the table. Not only do corporate events allow you to tap into a new revenue stream, but they can increase awareness of your venue and brand.
Using technology to market your venue is imperative, and this is even more relevant when marketing to the corporate crowd — they’re looking at their computers or phone most of the day! Kapow’s online marketplace for corporate events includes everything from happy hours at local hot spots to sports and concert tickets, and incentive trips to Punta Cana. Kapow is a one-stop online resource that connects corporate clients with venues in real time — so, you get more customers and they get cool, memorable events to impress clients and colleagues.
There are a number of benefits of offering creative corporate event programs at your event venue. We’ll go over a few with specific examples of best-selling Kapow experiences. If you think your venue fits the bill, contact our event experts to put together a pre-packaged corporate event at your venue.
1. New revenue streams
Corporate events help venues acquire guarantee revenue by requiring contracted minimums and pre-paid deposits. Take, for instance, these Kapow experiences from retailers Niketown and Sunglass Hut. Each requires a minimum spend on gift cards in exchange for use of store space. The National Retail Federation said it best, Kapow gives retailers a way to “predictably drive dozens of customers in two-hour windows to spend hundreds of dollars each, and scale this over hundreds of events per year.” Kapow gives venues the ability to generate profit through their brick-and-mortar retail space by partnering with a caterer, and selling the space and staff expertise as an event.
Restaurants such as Delmonico’s and newcomer Shay & Ivy in NYC also benefit from contracting corporate events with minimum guarantees. The fixed price and pre-paid deposit allow for more consistent revenue vs relying purely on a la carte business, which can be fickle. Another advantage for restaurants and bars is the deep pockets of corporate salespeople. While a group of friends enjoying dinner might be conscious of the tab, corporate groups are willing to spend a little more when entertaining clients. Wining and dining their clients leads to more business, so they’re not likely to be pinching pennies.
CraftJam also benefits from offering its classes (such as body scrub creation and leather wallet making) to corporate groups. Rather than selling individual seats, venues can offer events to corporate groups, who will buy out the whole class for a team-building event. CraftJam might otherwise risk having chairs go empty during their ticketed classes.
2. Pre-determined menus
Picture this: every seat in your dining room is filled with patrons who have all arrived at different times and are ordering from a menu of 35+ different options. Potential chaos, right? While that’s the nature of owning a restaurant, corporate events are a nice break from the chaos without breaking from the revenue. Typically, events have a prix-fixe or limited menu to simplify the flow of the night. Do your chef and waitstaff a favor and create an event in your venue or private room where all guests arrive and are served pre-determined menu items in an orderly fashion. Not only do Kapow’s contracted events have set menus, but they also require that service charge/gratuity are paid immediately upon booking. Your staff will, no doubt, thank you for the guaranteed funds.
3. Free press and social media
During an event at Princi Italia in Dallas and Atlanta, groups break up into teams to knead pizza dough and compete in a pizza tossing competition. This encourages some guests to pull out their phones and capture the antics. This ends in a win-win situation for both the venue and the event host. Because the attendee is sharing the fun they had online, Princi Italia get a bit of free publicity.
Corporate events, particularly creative and interactive events, encourage guests to capture the fun and create buzz around your brand on social media as they Tweet, Snapchat, Facebook and Instagram photos of the action. The fun times are seen by friends, family and co-workers who may see the amazing food, drinks, activity or clothing and want to experience the fun for themselves. Also, if a guest attends the event and has a good time, they’re likely to come back to your venue the next time they’re looking for a good dinner or drink spot.
4. It’s repeatable
While events can be a great source of revenue, they can also be a lot of work. Kapow has alleviated some of that work by helping venues to create events that are repeatable. We, along with our venue partners, build event packages that include a set menu, drink package and run of show that are consistent from one event to the next. By not reinventing the wheel with each event, it simplifies the work for your event staff.
In a nutshell, creative corporate event programs drive revenue, and Kapow helps guarantee that your programs reach the right audience. Contact us to learn more.
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