Here we are. It’s the beginning of the end… of the year. You’ve reconciled your year-to-date numbers and made an assessment of organizational needs to finish the year strong. Here are the top questions you should be asking yourself as to build a plan for success:
- Am I going to make my budget?
- What is my current function space occupancy?
- How will I fill identified need periods?
- What trends can I forecast based on previous years’ activity?
- How am I doing against my competitive set?
- How can my team more effectively prospect for new bookings?
- Who are my top customers?
- How can I ensure top customers are booking with me when they are in town?
- What is the best way to identify key new prospect accounts?
- How can I incent prospects to meet at my property?
Evaluate your business to gain critical insights. Identify if adjustments are needed in your organization’s business plan.
On average, 80% of your business comes from 20% of your customers. What is your strategy to stay in touch with key accounts and retain their business? Leverage all your resources to maintain commitments with them.
Beyond those key accounts, you need to effectively prospecting for new business. Since it takes upwards of eight contact points with prospects to engage in dialogue, you need to work with a highly targeted prospect list. Use all your resources in this effort. Combine CRM data with meeting intelligence data to quickly and easily build your most highly qualified list of prospects.
To increase sales specifically for the end of the year, I’d suggest taking a look at our HolidayView report. This custom report will provide details for the most lucrative holiday events and parties in your market.
Effective prospecting requires ongoing, dedicated effort. At times it may be frustrating but if done effectively it is quite rewarding. Through it all, just remember that nobody said that a life in sales would be easy, but when you use effective strategies you can be sure that it is definitely worth it.