Attention Venue Managers: Are you in the position where your venue is sold out for the next 3 years? If so, you can save a few minutes of your time and stop reading here.
If you’re not one of those lucky few, however, and are responsible for filling the empty spots on your venue’s booking calendar, you may want to read on. Instead of waiting for the inquiries to roll in, your sales team needs to up their game by actively picking up the phone, calling customers, and generating business. While this seems like a pretty straightforward solution, managing all of these tasks can prove to be difficult.
So, what can you do to streamline these processes and increase your business?
Simple - Adopt a CRM platform.
What CRM can do to Support Business Growth?
A customer relationship management (CRM) platform helps increase the success and efficiency of the sales team, which leads to business growth. Rather than bore you with a long list of benefits (there’s a lot, trust me), check out this handy infographic put together by FinancesOnline that details the key benefits of CRM.
As a sales manager, a purpose-built CRM used specifically for event venues will give you a truly 360-degree view of your customer. Viewing previous events they’ve held or inquired about in the past, billing history, payment history– these are just a few of the tools CRM integration brings to your business. Further, you’ll have access to crucial information for prospective customers, such as expected attendance, number of rooms required, etc.
It’s What’s Not on Your Calendar That Matters
More often than not, sales forecasts are created with a considerable amount of guesswork --sent off to management with the hope that they’ll be relatively accurate. CRM can help add some confidence to this process and its results.
According to ERP software expert, Adam Bluemner, CRM software is a great fit for increasing the accuracy of sales forecasts. “CRM software offers the ability to track the precise position of each prospect within the sales cycle in real-time,” said Bluemner. “Historical data can be called upon to translate this data into a realistic forecast.”
Filling in the Gaps in Your Sales Process
But enough about theory – what does this look like, practically speaking? If you want to capture and track potential business and expected revenue opportunities that do not have a place in the calendar yet, you might want to consider a CRM with an “opportunity” feature. This kind of functionality will allow you to add opportunities for all deals that might close within a certain time frame (e.g. a year) and track information such as expected revenue, probability of win, decision date, event date etc.
Entering data in a structured way will allow you to:
- Track Potential Business
- Predict where the sales person is in the sales cycle
- Drive Business Decisions
- Analyze the Sales Rep Pipeline
In addition to tracking opportunities, CRM software also allows you to work with your existing database or create a new database of potential customers. Identifying business opportunities and generating interest, defining follow-up activities, documenting conversations, and tracking reasons for non-interest to evaluate at a later time are all possible with the use of a proper CRM.