Sure, Tripleseat helps you easily get organized, eliminate clunky binders and folders, and streamline your private events business. But are you taking full advantage of our customized reporting features? If not, you could be missing out on crucial data when it comes to your events program.
From lead conversion to opportunity generation, pulling reports for your program sheds a light on how your business is performing. See what event types bring you the most success, where you’re getting the most leads from, and so much more. Below, we explain six major ways Tripleseat’s custom reports will benefit your venue’s private events.
1. They provide transparency to your events program
When you’re managing a private events business, feeling like you’re flying blind can be scary. Luckily, Tripleseat’s robust reporting features eliminate that feeling. Our various reports provide you with transparency when it comes to sales, leads, your staff, and more.
Not only does this help your events managers and coordinators know where they’re at with their events to date, but it allows everyone else on your team to be on the same page about metrics. Clients with multiple venues find reporting particularly helpful when it comes to comparing performance by location.
2. They help you create a predictable revenue model
It’s difficult to create realistic goals when you’re not sure how your private events program is scaling. Reporting allows you to see where you’re excelling, and where you should focus more energy.
Run the numbers from your last quarter or year, pinpoint areas of improvement (such as lead follow-through and conversion rates), and use that to create manageable goals for your program moving forward. You can also see which event types close most often, and which event types gross the highest revenue.
3. They allow you to better focus marketing efforts
If you’ve got marketing strategies in the works for your events, it’s crucial to monitor those to see which campaigns bring you the most success. You can create a custom report that shows which leads came from which campaigns (such as paid Facebook ads or email marketing blasts), as well as how much revenue those opportunities generated.
From there, you can better analyze which marketing efforts are worth your venue’s time and money, which initiatives need to be tweaked, and which ones to potentially cut out entirely.
4. They let you customize filters for the exact reports you need
Reporting won’t do you much good if you can’t pull the exact numbers or data you’re looking for. Thus, customizable reports let you narrow down the exact information you need through filters. Many helpful reports are already created for you, like lead conversion, opportunity generation, and closed revenue.
If you’re looking for something more detailed, simply choose your own filters, and save them for later to revert back to them in the future. (Want more? Reach out to your Tripleseat account manager, and check out our support resources.)
5. They show you where your leads are coming from
Leads are the bread and butter of private event success. Our lead conversion reports can show you how many of your inquiries turn into sales opportunities.
This shines a light on how lead source impacts conversion (for example, a phone inquiry might have a higher close rate due to getting a verbal commitment). It can also show which salesperson (if there are multiple) sources the most leads and converts the most to confirmed business. Just don’t forget to put all of your leads into Tripleseat.
6. They offer a bird’s eye view of your entire program
It’s easy to get caught up in the day-to-day tasks of managing events. But it’s immensely helpful to be able to see the big picture of your program, particularly when you’re hiring, growing, cutting costs, and creating goals.
Taking advantage of reporting features can show you data that highlights how your events business is doing on a weekly, monthly, or yearly basis. Not only is this helpful when communicating with your staff about goals, but it provides insight into your program as a whole and shows what methods are bringing you success (and returning guests) over time.
Now that you know how Tripleseat’s reporting features will benefit your business, see how our event management platform can take your events to the next level, schedule a demo at your convenience to take a closer look.
Editor’s Note: This post originally appeared on the Gather blog and was written by Caroline Cox