Benefits of Holding Corporate Events and Business Functions

Corporate events and business functions such as conferences, annual dinners, seminars and product launches are frequently viewed as nothing more than a public relations exercise. In fact, during economic downturns or period of falling sales, these events are frequently the first victims of cost-cutting measures.

However, this strategy is just about the worst thing companies can do to improve their bottom lines. These events actually play a crucial role in improving staff morale, strengthening brands, boosting market share or penetration, and increasing revenue. We've listed below three powerful examples that explain the benefits of business functions and corporate events to organisations.

  • Morale and Stress: The mere mention of corporate retreats or annual dinners usually elicits groans from the staff. However, these are usually reflex responses cause by social and peer pressure. The truth is, almost everyone looks forward to Christmas parties. Fancy dress competitions or exotically-themed events will excite the rank and file for months in advance. Many major companies today are even using corporate retreats as a job perk to entice prospective employees. The truth is, these events strengthen the camaraderie-ship between employees after a long year toiling behind the trenches. And the end result? Better morale and lower stress among the workforce, which translates to higher productivity!

  • Branding and Advertising and Promotion: Given a choice of spending £42,000 between a double page spread advert on The Times and a product launch at a glitzy London hotel, businesses will always choose the latter. While a large ad will create a certain level of exposure and public interest, a professional product launch will generate an even bigger spotlight for the event. Members of the press who are invited to the event will write about the launch in multiple publications over a period of time that will provide a product or service with an even broader exposure in terms of branding. Invited or walk-in customers (or event prospective ones) will walk away from the launch with a stronger connection to the product or service. Let's not even begin to talk about the goodwill created from the free goodie bags!

  • Networking: Catching up with the latest technology, learning new or proven sales or management techniques, or keeping abreast of industry trends are just some of the reasons why people attend seminars and workshops. The other reason is, networking. Spending time with peers, whether in the same or different industries, will allow participants and companies to create and develop networks which will assist them professionally, both in the short and long term.