When, where, and why you should be looking to deliver incremental value through events with your current customers
CASH IS KING…
Ahh yes, one of the oldest business mantras in the game is still very true today – and for good reason. For the point of going into business it to generate profit. Anything else is, well… a not-for-profit.
Those of us looking to generate profits and maintain cash flows must recognize that our current customers are our current best friends. What do you do with your friends? Spend time with them; Take them to a game, a concert, a golf outing… in short, show them you care about them.
This second piece of our five-part series is dedicated to the current customer, because the companies that are spending money with you deserve your time and attention.
That time spent together shows your appreciation and, more importantly to your organization, allows you capitalize on the retention and upselling opportunities that corporate hospitality offers.
Let’s take a deeper dive into this and more.
First up, retention—because there is nothing worse than a bad breakup. Not everyone is a sports fan, but almost everyone is a fan of something. It is important that your account representatives understand your current customers’ favorite things to do in their spare time.
Best.Day.Ever. loves to utilize post-event surveys and social listening tools to learn about people’s wants and needs, but the best way to mine personal data is to ask them directly.
“Hey Customer – what do you have going on next weekend? Oh, you’ll be spending it with your kids? How old are they? Six and seven! What a great age! I just so happen to be bringing my kids to Disney on Ice that weekend and have some extra tickets. Would you like to join us?”
Just as important as knowing the right event to offer is knowing when to offer these events up. The obvious moments are when initial deals are signed and when renewals are coming up. These are obvious for a reason – but it should not be the only time you extend an invite to entertain.
“You do business with the people you like…” and becoming a true friend of the decision maker means knowing when you can offer something that will make an impact in their life. Imagine if you could deliver an event that leaves your customers’ spouse or kids in absolute awe on a regular basis.
Proper representation in conjunction with strategic event engagement lets your company get personal. Making a customer event intimate is one goal Best.Day.Ever. is always looks to accomplish for our clients.
When you can deliver against your customers’ personal passions you will be well on your way to elongating the customer’s lifetime value and, better yet, forgoing any lost revenue from attrition.
CUSTOMER SITUATION & UPSELLING
Your company’s account representatives should already be having regular check-ins to ensure that products and/or services are being received and utilized in a way that is adding value to their organization.
But are they going the extra mile to learn about their clients’ businesses, listening to their investor calls, setting google alerts, subscribing to (and actually reading) their blogs and press releases, following their social channels, watching their customers’ stock price and that of their competitors?
It is crucial that your company keeps a pulse on the business situations your customers find themselves in. Are they in growth mode, as noted in their quarterly results or through a share repurchase? Did they recently announce a slew of cost-cutting initiatives, such as reducing head count or closing a location? What are they doing from a marketing standpoint that reveals their latest partnerships and products?
By answering these questions and consistently making an effort to understand the markets that your customers play in you’ll be able to find opportunities to grow your current customer into, well… an even bigger current customer. Assuming your product or service solution continues to add the prerequisite value that your customer bought into from the onset, then introducing new features and capabilities at times when new needs are discovered will build trust and is a great method to renew at a premium.
And there is no better time to have these conversations than when you have your point of contact as a captive audience.
Truly skilled event hosts will confirm the conclusions they reached in their own research through organic conversations with their customer… even if that conversation is had at Disney on Ice with the kids.
YOUR MARGIN ANALYSIS
Did we mention that the point of business is to make money? Thought so. Then why in so many organizations do the event marketing & hospitality team hardly ever sit with the finance team to understand their perspective and goals?
As part of our mandatory client onboarding process, Best.Day.Ever. sits with the department heads of each business group to understand the ongoing initiatives and history. Then we tie it all together through a sit-down with the finance team.
We want to know not only which lines of business are driving the largest revenue amounts, but where the margin is being made.
Sitting with the finance team is something we encourage every employee in every business to do for the simple reason that it helps drive understanding from a macro–level. With the context behind various line items, your events can become more strategic and targeted to support the parts of your business that are in growth mode.