No matter the industry, sales leaders have two levers to pull to improve performance: the number of heads and the revenue per head. Adding heads requires budget and good forecast management. Revenue per head requires high level talent and resources focused on improving effectiveness. In this post, we will discuss improving win ratios through the optimization of event management resources.
Three Sales Effectiveness Challenges
1. Hotel Group Sales
Group sales teams struggle driving occupancy around need dates. With few opportunities to bring groups in, the ability to win those that do exist is critical. Influencing the win ratio on these opportunities is at the top of group sales executives’ minds. Event management software helps influence group sales in two ways:
Ensures that you are getting qualified leads – Event management software sets criteria that are important for you. Only those that meet your qualification standards will sent your way.
Improves brand preference – When leads are selecting venue options, the way your brand is represented came make all the difference. Event management software builds brand preference by ensuring placement at the top of sourcing searches.
Sales leaders rely on meeting planners to fill seats in meetings. There are two main ways meeting planners can help drive revenue: put more people in seats, and improve the revenue per attendee. Event management software can help improve win ratios for prospective attendees in two key ways:
Facilitate the ease of registering attendees – With multiple locations, venues and onsite teams, registration can be a nightmare for meeting planners. When systems are slow or hard to use, attendees drop before registration is complete. When locations are not ideal for the audience, demand decreases. Event management software helps speed up the process, and improve the attendee experience.
Limit the no shows around each meeting and location – The campaign to fill a seat is not over at registration. Maintaining consistent communication and information sharing between registration and the meeting date is critical. The ability to email and engage your attendees improves the likelihood a registrant becomes an attendee. Event management software helps share real time updates and information the day of the meeting.
Sales leaders love events because they provide an opportunity to drive awareness and influence people. While generating leads at events is critical, a big driver of revenue is improving win ratios of deals already in the pipeline. Event management software can help sales leaders improve win ratios at events in two key ways:
Better understand the buyer – Events are a great way to build client and prospect intimacy. If you can better understand their motivations, actions and questions, you can prepare better for the opportunity. By capturing lead data quickly and effectively, you can ensure that you are best positioned in the future.
Meet more decision makers – Before an event, be sure to get an attendee list. Researching those attending will ensure you are networking with the right people. Perhaps you are in a deal with one economic buyer, but you can identify two users and one buyer in advance. Focusing your attention on meeting these people and bringing them into the deal will improve your probability of success.
Improving win ratios is critical to the success of a sales or marketing leader. By optimizing your resources, win rates will go up, and more money will go in your pocket. The return on investment becomes clearer, and you can feel more at ease in your tech stack.