KPIs (Key Performance Indicators) are a necessary to ensure your sales and marketing strategy and annual budgets are met. KPI's should not be considered as a system for meeting monthly and annual targets, KPIs should also be a way to performance manage your team. Each KPI should be targeted, strategic and measurable.
It’s important to keep a balance with your KPIs. Too few and you’ll miss the potential to maximise your business impact within the industry, too many and you’ll run the risk of complicating your staffs’ sales objectives. Be clear and concise, always keeping your business strategy in mind when setting KPIs and know what to set forward to get the best results from your staff. You also need to be aware of balancing the types of KPIs you set for all-rounded results. Just focusing on financial targets alone can leave your business under represented within the industry, giving your competitors the advantage.
Focusing all of your staffs’ energy on financial KPIs can be a common trap that some companies fall into. It is vital to encompass your businesses’ core values into your KPIs, always keeping best-practice clear and present in your staffs’ actions. Your company’s KPIs can be rounded out with objectives that address behaviour, activity and good business practices. An excellent example of this is the expectation of networking events, two per month is a reasonable industry standard and this will build a strong industry presence and set your business and staff up for future sales.
A true sales person is driven by financial targets. Always set individual budget goals, which as a team total the annual sales budget. The fact that every member of your team is responsible for meeting the business’ sales budget will create a sales force that is focused and fosters a goal-orientated team.
Retaining business you have is one of the simplest and most-often overlooked component of sales. Maintaining what you have is about working smarter not harder. An average retention KPI would be reasonable to maintain from 60-80%, dependant on your business.
For tailored advice on setting your sales team KPIs, contact the team at Conversion Management, who will work with you on developing targeted, strategic and performance-measured objectives.
To produce a sales budget, you need to have an understanding of the existing and trending market. It is no longer acceptable to simply add 10% on last year's sales revenue.
Review last year's growth and failings but also remember to review and update the cyclical calendar. Annual and biannual events should be broken down and include, Parliamentary sitting weeks (state and federal), school holidays, public holidays, Easter and Christmas Day etc. These all contribute to the success of meeting budget. Historically, with the arrival of Easter the meetings and events industry halters. However, in recent times, May, July and August have shown significant growth in the conferencing and meetings market. If you haven’t noticed this trend, you need to reevaluate your sales strategies.
A sales budget is the foundation that sets the goal for the year. Management rely on the team to meet budget not only for financial reasons, but growth, development, expansion and further business opportunities. Tracking your budget will allow you to make informed decisions; protect your business in projected loss periods and assist you to maximise profits and spend smartly in periods of growth.
“Planning is bringing the future into the present so that you can do something about it now” Alan Lakein
As a business owner, business development manager or a sales manager you should be preparing and reviewing sales budgets year on year. This practice will assist you to maintain growth, develop a sales strategy and protect and prepare from loss or quiet periods. As your business grows you can look at employing more staff, purchasing new equipment or expanding your portfolio. Having a sales budget advises you when to (and when not to) spend.
This type of planning sets the foundation for strong, informed decisions. Look at the sales budgets as the steel frame in which to house your assets, build successfully upon and protect you from bad weather.
Search, translate and utilise the information you have through your own systems that are available for your review.
Apply and foster self-education for you and your staff to be able to reach the goals your business requires while encouraging goal-setting and achieving behaviour.
Always strive for increased growth year on year. Make your budget aggressive, but achievable.
Not everyone enjoys performing phone sales campaigns or proactive sales calls. It can be a daunting exercise for those who are not confident in sales. However, for small to medium events businesses, it is a critical reality that sales calls need to be performed each week. Here are our top five ways to prepare for a sales call so that you can be cool, calm and confident in your approach.
Research the company
You need to know everything about the business, their brand and their events schedule before you pick up the phone. Know what their business does and understand their brand values by researching their website and social media channels. If possible, find out what style of events they have held in the past and which suppliers they regularly use. Ask yourself if your brand is aligned with theirs – this can be a good ‘foot in the door’ approach when you go to call them.
Research the client
In the digital age, finding the right person to speak to about events is pretty straight forward. Gone are the days where you have to make multiple calls to find out who the event organiser in an organisation is. Websites and social media platforms such as Linked In can provide you with the information you need such as the event organisers name and contact details, how long have they been in the role and where they were previously. Finding out if there are any common interests i.e. charities / networking groups you share will be a good ice breaker when you perform your sales call. Boost your confidence by knowing as much as you possibly can about your prospect.
Set your objectives
Before you make a sales call, know the reason for your call. It could be as direct as arranging a site inspection of your new venue or to invite the client to your upcoming showcase or famil.
Develop a script
Have some clear sentences written down, focusing on your objective. If the objective is to arrange a site inspection of your venue, develop the script to focus on your product features for example; 'our new event venue has both indoor and outdoor space. The indoor area is ideal for large meetings and the outdoor space provides the perfect break out space for your guests to get some fresh air and refresh during breaks’.
Timing can play a huge part in how receptive your client is when you make the call. Plan your phone sales for first thing in the morning, before your prospective client has too many distractions. Generally speaking, Monday mornings and Friday afternoons can represent times that client won’t be as receptive to your sales call.
In summary, speaking to a qualified client with a key objective and a well thought out script at the right time, should lead to a high level of conversion. Sales calls are all about planning and research so make sure you allocate time each week to prepare before you hit the phones!
If you or your team need to develop and better their sales skills, our upcoming training programs in Sydney and Melbourne is your answer.
It's what every business wants, it's what every business needs - new business. Sales budgets increase year on year, making pro active or sales calls a necessary part of our every day business. Here are four tips to find new business.
Print off your historical lost business data from two or more years ago. Look at these names, businesses, event types for new opportunities. Make sure you plan your sales call though, ensure you have read all previous account history of this particular client. If you know why they didn't confirm with you in the first place, make sure you have the solution at the ready.
Review your local bureau and convention centres websites on a monthly basis. You will often find a list of events months in advance. Each event then generally has a link to the exhibitors website, creating an opportunity to contact the prospect for an offsite dinner, furniture equipment or styling etc.
If you are in the position where you have a high retention rate of business, use this to your advantage. Speak to your clients, ask for any further opportunities including the office Christmas party or annual AGM. For example, if you're a supplier in the industry and the client has asked for table centrepieces for their AGM dinner, ask where the AGM is being held, do they need flowers or gifts for the speakers, can you provide this or share a lead with a fellow industry colleague.
With the annual AIME event coming up on the 21 - 22 February, it's the perfect time to make connections and pound the event floor for opportunities. Visit your local area, make contact with new names, new businesses. See old faces and create new opportunities. Be the solution to their next event.
Remember, to convert you need to follow up and be top of mind for every opportunity the potential client has.
If your team is having difficulties finding new business, try to identify if it is their skills or systems that's preventing them to achieve? If it's skills, join our training Sales Skills to Convert on Monday 6th March. If it's systems and you're wanting to find new ideas for business leads, join us on Wednesday 10th May for How to Find New Business.
You have made the sales call to your prospect, secured the site inspection, now it’s time to focus on the sale. One of the main aims of your sales activities should be to secure venue site inspections to all new business prospects, giving you the opportunity to sell face to face as well as the chance to develop rapport. Performing an effective site inspection will make or break the sale, here’s how to ensure your site inspection stands out.
Nicole Bates, Managing Director, shares sales strategies and solutions for your hospitality business.
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