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Mastering Event Sales: Strategies for Success in a Competitive Landscape

Mar 22, 2024

LASSO’s recent State of the Events Industry report provides valuable insights into what will be top of mind for Event Sales teams, revealing the challenges and strategies that professionals in the field face. Here, we’ll dive deeper into some of our key takeaways and explore effective sales strategies that can elevate success in this highly […]
mastering-event-sales-strategies-for-success-in-a-competitive-landscape

LASSO’s recent State of the Events Industry report provides valuable insights into what will be top of mind for Event Sales teams, revealing the challenges and strategies that professionals in the field face. Here, we’ll dive deeper into some of our key takeaways and explore effective sales strategies that can elevate success in this highly competitive landscape.

Winning Business: The Quoting Conundrum

Only 22% of respondents to our State of the Events Industry Report claim to win 80% of the business they quote. This highlights the competitive nature of the events industry, where securing clients and winning business is no easy feat. On a positive note, 78% of respondents believe they win at least half of the business they quote. This indicates a level of success for the majority, showcasing effective sales strategies at play. In order to get that 80% closer to 100%, event professionals likely employ a combination of compelling proposals, competitive pricing, and stellar client relationships.

Quoting Approaches: Multi-Year vs. Per Job

The report highlights a shift in quoting approaches, with 80% quoting per job (down from 92% last year) and 20% quoting multi-year agreements. This shift reflects the industry’s evolving dynamics and the need for flexibility in responding to client preferences. Understanding the pros and cons of each approach is crucial for tailoring quotes that resonate with clients while ensuring profitability.

Billing Rate Adjustments: Market Finesse

A significant 65% of respondents have moderately increased their bill rates, showcasing a strategic approach to financial management. Adjusting billing rates requires finesse, as it involves balancing the need for profitability with staying competitive in the market. This dynamic aspect of sales strategy requires a keen understanding of industry trends and the ability to communicate value to clients.

Flexibility in Operations: Handling Late Requests

Operational flexibility is a key theme, with 76% of respondents not applying a surcharge for late requests. This underscores the importance of accommodating client needs while maintaining operational efficiency. Staying flexible with late requests demands streamlined processes, effective communication, and a commitment to customer satisfaction.

Payment Terms: Navigating Financial Agreements

The report sheds light on popular payment terms, with Net 30 being the most favored, closely followed by due on receipt. Flexible payment terms play a role in building strong client relationships and managing cash flow effectively. Understanding the financial preferences of clients and finding a balance that works for both parties is a crucial aspect of successful sales strategies.

Deposit Policies: Balancing Risk & Trust

The report reveals that 40% of respondents do not collect a deposit. This poses an interesting challenge as it involves balancing the need to mitigate risks with building trust with clients. Understanding the considerations behind deposit policies is essential for establishing financial agreements that are fair, transparent, and conducive to positive client relationships.

Takeaway: The Art of Smart Quoting & Flexible Operations

The overarching takeaway from the Sales section of the report is clear: winning in the competitive events field requires a smart quoting strategy, market finesse in billing rate adjustments, and efficient operations to stay flexible with late requests. The ability to navigate these intricacies sets successful event professionals apart in a dynamic and challenging market.

The insights from our report provide a roadmap for event professionals to enhance their sales strategies, ensuring success in a competitive landscape. As the industry continues to evolve, the ability to stay agile, understand client needs, and implement effective sales strategies will be paramount for sustained success.

How do you navigate the challenges of quoting, billing rates, and client relationships? Let’s collectively elevate the standards of event sales and create a community of professionals dedicated to success in this dynamic field.

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