Using Technology to Navigate the Shifting Sales Landscape
Part 2: Increasing Organizational Knowledge
In part two of this series, we will look at the nuances of technology in today’s shifting sales landscape as it relates to increasing organizational knowledge through Total Account Value metrics available through Knowland’s Estimated Revenue Calculator.
During the pandemic, much hospitality talent walked out, potentially never to return. With them went an extreme amount of institutional knowledge about accounts, contacts, preferences, etc.
Now is the time to reimagine how the CRM is used because, chances are, entirely new staff will need guidance. Now is the time to train them on how to optimize your CRM. This goes beyond the events accounts have had at your hotel. Teams should be capturing every conversation, lost piece of business, or prospecting for new contacts within the account. Make sure the team is tracking that and that for every account there is a clear understanding of what the overall potential is.
When marketing to potential customers directly, does the hotel have a clear understanding of how those contacts respond? Are they using a tool like HubSpot or Salesforce to understand how customers interact with marketing? There’s something to be said about the philosophy of “plan your work and work your plan.” This extends to selling.
In the past, sales teams have had to painstakingly dig through CRM data to see if a prospect has booked at their property in the past and research the account online to learn about their business. Then, make an assessment as to the probability of winning based on a standard response.
For each account, understanding the Total Account Value and what percentage the hotel is getting is key to expanding market share. If the hotel doesn’t have that insight, then doing so is mission-critical. Once the value of an account is established each account should have a plan of attack to determine what the hotel is going to do to capture more business. And don’t forget to target both group and transient spend and have plans to target both.
Today, Knowland’s Estimated Revenue Calculator feature allows you to understand the total revenue value of the potential account, across all meetings – not just one deal.
Deep Dive Into Your Target Prospect’s Total Value
with Knowland’s Estimated Revenue Calculator
Today, Knowland’s Estimated Revenue Calculator feature allows you to understand the total revenue value of the potential account, across all meetings – not just one deal. Opportunities with greater revenue potential deserve the time and effort of a custom proposal to demonstrate how your property fits the unique needs of the meeting. Using the organizational knowledge to better understand an account before reaching out will give sales teams the power they need to gain market share and increase your hotel’s profitability.