We all hope this year we will continue to see a return of all major events without restrictions and 2022 has some big ones coming up. But have you thought about creating business promotions around these national events?
Our Hospitality team have taken a look at what’s coming up and how to make the most of them.
2022 will see the UK getting behind both the UEFA Women’s Euro’s (6th July – 31st July) and the Commonwealth Games (28th July – 8th Aug) both of which are being held on home soil this year.
Although probably the largest event of 2022 is Her Majesty the Queen's Platinum Jubilee. On the 6th February this year Her Majesty the Queen became the first ever British Monarch to celebrate a platinum jubilee. To celebrate, the UK will have an extra four day bank holiday from Thursday 2nd June.
So, what do you need to know to start planning your promotion?
Who are your customers?
However big or small the event you’re planning on wrapping your promotion around, you first need to understand your customer base to make sure that your offers are relevant and enticing to them.
Work out who your usual customers are and why they choose to buy from you. Are you catering for families, for people on their way home from work or to passing trade near a stadium, for instance?
What do you want from your promotion?
If it’s all about the profit, you need to make sure you know your margins inside and out, and that you choose promotions that will still deliver on the bottom line.
You may want to encourage new customers through your door, and that could mean that you’re willing to forego the big revenue opportunity for some positive PR.
Are there any restrictions?
As well as checking you’re legally allowed to run your promotions, you’ll need to have an eye on the copyrights in place for certain events.
Did you know that, for example, while private individuals can use the word ‘Olympics’ in the case of normal conversation or the written word, there are restrictions for businesses wishing to use the word in the course of promotions and it must certainly not be used in such a way as to suggest a false connection or sponsorship arrangement. So, you’ll need to be creative!
Cover all bases
Planning is the best base for any promotion and checking the calendar early in the year makes good business sense. It will also give you time to check you have the stock you need, the staff you need and, if you’re doing something a little out of the ordinary, that your insurance will cover your promotional activity.
As well as protecting your staff, protecting your business premises, income and liabilities is also key.
The Hospitality team at Ryan’s specialise in insurance for your hospitality business. For more information talk to the team today on 01473 343330.