Corporate Retreat Professionals
Problem & Solution
Problem Worth Solving
Companies need to make sure their employees have the best training and tools available. They use the retreats to help colleagues get together and work well together which helps avoid turnover. Happy coworkers mean happy customers
Corporate Retreat Professionals will provide companies with the highest level of event planning. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
Market Size & Segments
CRP will serve the corporate customer in the event planning market. CRP will be specializing in two important niches. The first is leadership development and teaming skills development. With the recent trend in corporate downsizing, corporations are ditching their in-house solutions in favor of outsourcing. Even though we are in the midst of an economic downturn, investments in human capital are generally not reduced. Corporations still have the need for leadership development and teaming skills development. These are investments that cost a bit up front but pay nice returns in the long run. These are the services that CRP will specialize in.
Additionally, CRP will offer event planning for product launches. Product launches are an integral stage in the release of a new product, communicating to the public about the new "thing" the company has just released. Our customers will be companies seeking to raise awareness about their new product release. CRP will provide a complete service of planning and hosting these product release events.
4.1 Market Segmentation
CRP is providing services to corporate customers only. We will not be going after the "social market" which is an alternative market within the event planning niche.
The corporate customer is a company that contracts with CRP to plan and typically host an event for the company. Corporations will be turning to CRP to plan the events because:
- It is cost effective for a third party to plan the event. This is the case because the third party only does event planning so they can plan and host the event more efficiently.
- The company does not have additional people that can be taken away from their daily tasks to invest time in this infrequent event.
Our event planning services for corporate retreats will typically be utilized by larger corporations. A larger company can be generally defined as one with more than 40 employees. Smaller companies sometimes will utilize this service of ours, however, it is the larger corporations that typically have the budget for this activity.
For our product launch event planning, we will be servicing companies of all different sizes. Typically the companies that use this service will be product based companies, but we will also offer this service to service-based companies who desire to announce a new service that they are offering.
CRP is targeting large companies for our corporate retreat event planning. The large corporations typically have the budget and the foresight to recognize the value in corporate retreats. In addition, it is the larger corporations that typically use the corporate retreat as a training session for their employees. The training is typically in leadership development or teaming skills. While they do have these retreats at different intervals through the year, it is more cost effective for them to hire a service such as CRP to plan the events when needed instead of paying the carrying costs of having a full-time, trained employee ready to do the planning when it is needed.
CRP’s product release planning services will be targeted at all different size companies. Companies of all sizes have product release and it is unusual for them to have product release many times a year requiring someone to be a full-time planner on staff. Therefore, it makes sense for them to hire an outside service to plan the event using their expertise in event planning to drive down the costs of production and hosting.
Currently there are three other companies that offer event planning specifically to corporations. They however, tend to do events that are more general in scope such as parties to reward customers or employees, or events to change the company image. There is no company that specializes in event planning of corporate training and product release events. There are companies that offer corporate training, but these companies provide the actual training and do not do any of the actual event planning/ logistics of the entire event.
There are companies that provide product-release services, but they do not specialize in it. Because event planning is a tight market, CRP will benefit from their specialization in this area.
CRP’s competitive edge will be based on two factors, specialization and strategic relationships. CRP will be specializing in two distinct areas of corporate planning. While specializing essentially precludes CRP out of a lot of different markets, it allows CRP to excel in the markets that it has chosen to participate in. Specialization allows CRP to be an expert in the two areas that it is in. Additionally, the expert knowledge allows CRP to provide the service as a cost saving to the company because the fewer services CRP offers, the more they can concentrate on improving the current offerings. Improvements that CRP strive for is a reduction in cost charged to the client and an improvement to the level of services offered.
CRP’s second competitive edge is based on the use of strategic relationships. CRP clearly realizes that they cannot be good at everything. CRP believes it is better to concentrate on a few things, excel in those areas, and form strategic partnerships with companies that excel in the service areas that CRP doesn’t. Applying this philosophy, CRP has decided in addition to planning corporate retreat training sessions, they want to offer the service of hosting/leading these events as well. The service of hosting/leading however, is quite different than planning and CRP believes that it would be more cost effective to form a strategic relationship with an expert in this field instead of trying to become proficient themselves. CRP then is able to offer a top-notch service offering of hosting/leading the training seminars but does not have to invest heavily in developing the program.
The use of strategic relationships is unusual in the event planning space. Most event planners are generalists and try to do a little of everything. CRP is following the model of benchmark companies in other industries that have recognized the value of specialization and the use of strategic relationships.
Keys to Success
Keys to Success
Our keys to Success are:
- Create a service-based company whose #1 value is exceeding customer’s expectations.
- Utilize of CRP’s services in 10 of the 100 top performing companies as listed by the Seattle Business Journal.
- Increase our number of served clients by 20% per year through superior service.
- Develop a sustainable, profitable start-up business.