The Value of Corporate Hospitality
Cranfield MBA Dissertation by Emmanuelle Clement explores how effective the industry is on measuring the return on investment
The corporate hospitality events industry is growing as companies are motivated to entertain their existing and new customers to build and cement relationships. Despite the belief that corporate hospitality affects bottom line and the demand for measurement of the return on investment that events deliver, companies still find it a difficult task due to lack of time, budget and resources.
Companies have been interviewed to evaluate how they assess the value of their corporate hospitality events. They agree that a strategic approach is required to ascertain the right process. However, only a few have adopted a suitable approach to corporate hospitality event measurement and one respondent’s research shows that companies are not prepared to pay for measurement. A focus group with the major event industry players has been formed in order to demonstrate best practice measurement and encourage a culture change.
Identifying best practice in corporate hospitality and the research conducted on measurement frameworks has helped to define a process and measurement model.
The corporate hospitality industry is moving towards innovative events but still has a long way to go until companies see the benefits of measurement and develop a more strategic view around events to be more successful.
Cranfield University MBA Dissertation by Emmanuelle Clement, Jan 2008