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event revenue

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The Prospect “Sprint” Roundup: Seeking a “Yes” or “No” – NOW!

By Expo Sales, Sponsorship Sales No Comments

We’ve all been at a stage in our sales cycle where we “cherish” names on a list.

Let’s say that our sales cycle is for an annual event that is coming up in 60-90 days. For months we have had steady closes, and we are closing in on our goal of a sell-out. Meanwhile, we’ve engaged with hundreds of targets and leads, and have cultivated an ever-growing prospect list, of perhaps dozens. Often, we have developed personal relationships with many prospects after multiple conversations and exchanges. We have our prospects listed and graded with an assessment of their likelihood to close. The list has grown, and we truly, sincerely believe – because these people have personally given us their positive indications. We trust them that they will come through. Yet they have not – yet!

It’s Time: De-personalize, Stop Cherishing, and Stop Trusting      

The best mindset at this late cycle stage is to go into full-on robot mode (de-personalize your thinking about these fast “friends”) and treat any and all Prospects the same! It is time to expect that each and every one can give you their answer now.  Whether they’ve been graded as “Verbal” or at 75%, 50%, 25%, or 10% – it is time to seek out a specific answer – now.

Sprint Week: Risk Getting a No

  1. Canvas each name on your list that is still alive. It is time to be even more direct than ever.
  2. Relationship time is over.
  3. Set your goal for Monday and Tuesday for contacting all accounts personally via email.
  4. Call Days: Call after the email has been sent, make sure to call each one, by Thursday.
  5. Leave voicemails with the same elements that are in your email.
  6. For Live conversations, stick to the direct – are you signing up today or tomorrow?

Get the No’s Now and Determine your “True Action” List

  1. Build in a Yes or No question. (Will your team be signing up this week?)
  2. Put each prospect “on notice”.
  3. Give them a deadline for action, actually several.

For an event that is less than three months out, relish getting a No! It pares down your list, and enables you to narrow your focus and activity to only deal with the Prospects who verify pending action. You are assessing reality and feasibility – theirs and yours…are they truly “actionable”?

There are multiple real-world urgent reasons why it behooves and benefits them to give you a Yes or No now. Come up with your own list…here are some samples:

  • Space is selling out; now is the last chance to guarantee a spot (or a best spot).
  • Logistics: Deadlines for their teams’ travel plans for ___(City). (This is an acid-test for their reality.)
  • Deadline to be included in the Show Directory (or Show App). Give a date.
  • Deadline for badge registration (perhaps rate increases). Give a date.
  • The Hotel room block selling out. Give a date.

A note about “Maybes” or “We don’t know”

Unless they tell you it is under review and they will have an answer by  ____(near-term date) – which you should ascertain – maybes and “I don’t know” are “hollow” at this stage and indicate that the person is not the decision maker. In that case you should kick your last chance inquiry to a higher-up or to additional contacts if you have them. Yes – risk losing your “friend” – it may actually get you a Yes or No.

Or simply move on.

By the end of your “Sprint Week” you will have a much smaller prospect list. You will have knocked off the No’s (for this year) and trimmed the dead weight. However, you will also have re-heated or driven quite a few would-be names on your list to take earlier action. You’ll be in a much better position, not only because of the resulting sales that are coming in. You will gain full control of your time and a razor-sharp focus for the final key stretch run, enabling you to optimize your late stage sales cycle.

Setting Goals for Event Revenue

By Association Non-Dues Revenue, Expo Sales, Sponsorship Sales No Comments

Association professionals might have more challenges, in the beginning, to gain focus for long-range planning and shorter-term deliverables when it comes to executing a non-dues revenue-generating event. How can associations share in the excitement about continued growth?  PAI Sales provides guidance and expertise to association staff to deliver and sell events.

Keep it about the Goals

Whether the challenge is getting a new event off the ground, maintaining a growth trajectory, or getting key team members on the same page, we follow this blueprint to get everyone marching together. Here is an overview of the process with six simple steps:

  1. Create a shared Vision of what the event will look like in the future.
  2. From the vision, make a future Plan, and make the plan about Goals.
  3. Establish a Longer-range Focus on the event as an evolving business (key term is evolving business.)
  4. Establish, communicate and share the goals – for long-term and for each event – will the full team and key member committees.
  5. Plan together as a team, including Quantitative and Qualitative goals blended into one business plan that is flexible for adjustments.
  6. Look backward for Lessons Learned and to build on prior success, and look forward for Improvement and Growth.

Qualitative Goals

  • Develop and set goals for both attendee and sponsor/exhibitor satisfaction. Collect feedback and make adjustments accordingly.
  • Develop and set goals for Service Level, Responsiveness, and Business Practices.
  • Develop other goals for attendee Experience, program/content QualityEngagement, and other key items including the incorporation of any creative, memorable, or “wow” factors.

Quantitative Goals

For each event, set goals for:

  • Total Revenue
  • Attendee/registration Revenue
  • Sponsor/Exhibitor Revenue
  • Net Revenue
  • Number of total attendees
  • Number of paid attendees
  • Number of paid sponsors
  • Establish and share the goals by a specific date each year for the following year.

The quantitative goals will involve related “time and space” goals with hard calendar deadlines. Create a document so that everyone is sharing in the goal-driven deadlines with related steps and tasks.

Team Sharing, Communicating and Planning

  • Establish a monthly meeting to exchange updates and to track progress.
  • Set a twice-yearly meeting to revisit and make adjustments to the future plan.

 Just remember… Have fun as a team, root for and celebrate success!