How to Forecast Your Venue’s Revenue and Fill Your Seats with TARP
Tripleseat Advanced Reporting Platform, known in short as TARP, is an advanced reporting tool that may be useful to use when looking at your venue’s reopening plans. TARP’s 20+ reports generate with the touch of one single click and look at your Tripleseat data from the event, booking, and sales perspectives. While an annual pace report may or may not be the most useful right now (we understand events are not where they were this time last year, but still great data to have), numerous TARP reports can show important trends that would be helpful to your team today when planning for the rest of 2020.
Let’s take a closer look at five TARP reports that will enable your venue to forecast your revenue and fill your seats throughout the rest of the year.
Event Sales Overview Report
One important task that you can do right now is to softly reach out to clients who may be interested in putting their private events back on the future events calendar. According to trends we have been seeing from Tripleseat data and hearing from fellow customers, this will probably be social clients first, and then corporate clients further down the line. TARP’s Event Sales Overview report can help you find and organize these social clients via the market segment category in the report. Simply run the report and locate past social clients during any desired time frame by referring to this column.
Lost Events Report
While it may feel discouraging now, the Lost Events report in TARP will be helpful for viewing the details of events that have been lost over the past few months. Find the silver lining, and use this report as a tool to help you reach out to the clients lost due to COVID-19. Rebuild your events calendar with the help of this detailed TARP report showing you only the lost event details that you need. In combination with the Event Sales Overview report, you will be rebuilding your events calendar in no time.
Need more information on the Lost Events Report? Watch our video below:
Room Revenue Summary Report
Takeout has been a lifesaver for restaurants as a way to continue making revenue while the restaurant was closed for in-house operations. In fact, takeout is still booming while restaurants have re-opened their doors again. If you have been using Tripleseat to manage your takeout orders, now is the time to report on your successes. By using TARP’s Room Revenue Summary report, you can check the revenue across your takeout “room” that you had set to capture your takeout orders. The report can show how successful your takeout business has been over the past few months, and it can be something to continue monitoring even after your doors have reopened for in-house dining.
Check out our video on the Room Revenue Summary Report below:
Booking In-Period vs. Pipeline and Booking Sales Funnel Reports
TARP sales reports will also be useful as clients start booking events once again. Looking at the Booking In-Period vs. Pipeline and the Booking Sales Funnel reports, for example, can help you monitor your sales numbers and goals right in Tripleseat! Monitor where new events come from, including what is booked during a certain time period vs. what was already in the pipeline when the period started. This data will be useful to have when looking at your event revenue for the year, especially with all the postponements and rescheduled events due to COVID-19. The sales funnel report will also give direct insight into how events make their way through the stages of the sales lifecycle. Events are making a comeback, so Tripleseat Advanced Reporting Platform can help you monitor these sales patterns in just one click.
Plan the rest of 2020 with TARP
It is important for you to report and track your Tripleseat data as you plan out the rest of 2020. Whether it’s looking at specific contacts in-depth, measuring takeout revenues, or monitoring sales activity, Tripleseat Advanced Reporting Platform is a tool that can help you do it all. To learn more about TARP, schedule a demo, or view our playlist of TARP video tutorials.