Sales leaders love to big game hunt. While all closed won deals are nice, some are better. Most sales organizations rely on big fish to make their year. Sadly, the big fish are hard to find, and are harder to reel in. While other lead sources might provide a better Cost Per Lead, meetings and events typically attract bigger deals, and higher opportunity sizes. So, how do we leverage event management software to increase opportunity sizes?
The Opportunity Size Equation
There are three components to the opportunity size equation:
- Types of widgets – Most sales organizations sell multiple product lines. The number of SKUs, packages and tiers determine how many things can be sold to a buyer. A sales organization is focused on selling as much of the entire suite of offerings to every buyer as is appropriate.
- Number of widgets – The volume of each type of widget sold will impact deal size. To sell a higher volume of widgets requires a greater need to be established in the buyer’s mind.
- Price of widgets – The price of each widget can vary depending on supply and demand. Understanding the highest possible price that can be commanded for an offering will help optimize deal size.
How Event Management Software can Increase Opportunity Size
Sales leaders are turning to strategies and tactics that drive up opportunity size. One important lever today is an organization’s event strategy. Leaders are leaning on this strategy because face to face experiences with the market is more important than ever. While revenue growth strategies are moving to efficient models, such as e-commerce and inside sales, the human experience contrasts well. Event management software is an important tool to realize the potential of your event strategy. So, how are your peers making this happen?
- There’s nothing more painful than hearing a buyer say, “I didn’t know you did that.” Event management software helps you drive awareness before an event by allowing you to send target markets by event and meeting attendees. At meetings and events, mobile apps help you push information on core sessions and presentations that will drive awareness of your entire suite of offerings. After an event, further educational information can be sent along based on the sessions an attendee joined.
- Unlocking the full potential of an opportunity requires a complete understanding of a buyer’s problem. Event management software helps you get a thorough understanding of your attendees. Knowing who is coming, what they have attended previously and what their interests are helps you to understand how they tick. This can be done manually, but takes time and is usually information housed in multiple systems. EMS helps put all of this information in one place, easily shared and understood by an entire sales force.
- Commanding a high price requires you to be able to get into an opportunity early. You must be able to build a customized solution that meets all requirements. Event management software helps identify buying behaviors before a buyer is actively in a buying cycle. Watching who is reading what emails, registering for what sessions and networking with which other attendees can help you align prospecting and sales efforts appropriately.
As a sales or marketing leader, driving opportunity size is one of the key ways to drive revenue. Event management software is built to help accomplish this.