To sell or not to sell? That is the question!
We’ve all been in a situation where we receive a great inquiry for a hugely profitable conference, only to find out we’ve already blocked the function space by accepting something far less interesting. It’s heartbreaking but we’ll have to kindly inform the organizer we won’t be able to help and miss out on a great opportunity.
The question is simple: “To sell or not to sell?”. Do we accept an inquiry with the risk of missing out on something better or do we kindly deny with the risk of ending up with nothing at all? This is a question not to be answered lightly as in Meetings and Events we work which large revenues which means the impact of one good or one bad decision could easily make or break your month.
It’s a simple question that is very difficult to answer as you need to take into account so many different parameters going from lead time to demand pace, revenue on the books to conversion and occupancy of both function space and hotel rooms. Not to forget a deep understanding of segmentation. It’s easy to get lost and settle for the first come first serve approach. We don’t want to settle for anything less than ideal. That’s why we bring to market our new Strategy Dashboard built on a simple traffic light principle. If an inquiry gets a green light the AI advises you to sell. If it gets a red something better will come along. Orange requires further investigation which can be done by looking at the function space occupancy, hotel room occupancy and demand pace at the bottom of the dashboard.
Bear in mind that an inquiry that is a “no-go” 3 months prior to arrival might become interesting closer to event date. To show you exactly where you are you simply consult the faded graph.
The reactions so far have been great. At Opportunity2020, the renowned revenue management conference that takes place in London every year, the new tool even managed to win a silver medial in the RevFactor, a pitch competition looking for the most innovative tech.
To sell or not to sell? A question no MoRe!
We’ve entered the final testing phase and expect to launch this game-changing tool start of summer. Prior to official release date we are looking for hotels that want to pilot. Feel free to be in touch if you are interested.