18 Apr Increase event sales revenue
Tradeables and Added Value Items: How these can increase event sales revenue
What are they?
Adding Value: Added value increases the worth of the rate you have offered by including things that are low cost to the venue.
Tradeables: A tradeable is something that has high perceived value to the client, that can be traded with something important to the business.
Some of your team members may be new to sales and therefore having fool-proof lists to help them along is a great idea. It’s not going to insult anyone’s intelligence and will mean that they will be easy to refer to even when someone is on the phone or mid-flow writing an email.
To start with…
I would suggest starting with a list of negotiation products or services. Splitting these up into added value items and tradeable items will also help protect your bottom line and give your team the chance to offer things without checking with you all the time. This will ultimately increase event sales revenue at within your entire business.
When putting together a list of added value items, it is important to remember a few things. The nature of adding value means not increasing the rate but increasing the worth of what you are selling. It gives you the opportunity to sell at a higher rate by including a product or service that makes it sounds more appealing to your client. However, because you are not increasing the rate it needs to be low cost to you. Think along the lines of upgraded bedrooms (that you know won’t demand a supplement on that night), adding cakes to a tea and coffee break or offering a fast check-in on arrival.
With regards to Tradeables, you may find that lots of the ‘high perceived value’ items are similar to those on your Added Value list but concentrate on what you can get back in return for these. There are lots that can be important to be business, such as getting a signed contract back quickly or confirming an event on a date that works well with your diary.
Get your team involved!
Come up with a list of each of these by brainstorming with your team. It is key to get your team involved in putting together the lists so that they understand it well and are empowered to use it regularly. You could consider ordering the list by enquiry revenue potential, eg you would be able to offer more to an enquiry worth £15,000 than you would to an enquiry worth £5,000.
Once you have completed the lists, encourage your team to use them regularly as it will help increase conversion dramatically whilst giving them empowerment to champion their enquiries without having to check with you.
Increase Event Sales Revenue: Tradeables and Added Value
What did you think? Have you tried it before? Get in touch and tell us how it worked!