Business Development – The key to making revenue goals
It is a proven fact that your best customers are your current customers, but if you aren’t gaining new business from your existing customers or generating new customers in the pipeline, your business can’t grow. To be successful you need to keep your funnel filled with new business from existing customers as well as from new customers.
Gaining new business is time consuming and challenging, and requires consistent contact in order to close the deal. Studies show that 80% of all sales are made after contacting a potential customer 5 or more times. 5 times. How long does it take your sales team to make 5 or more connections with a potential customer and how often do they have the availability in their day to make those calls?
What about the potential booking opportunities that are sitting within your own database of Lost Business, Turned Down or Past Clients? These clients who may not have booked with you before still have the potential to be valuable to your hotel and converted into new bookings. Many hotels leave literally hundreds of thousands of dollars sitting in their accounts management system, and most either do not have a dedicated seller whose sole purpose is to generate new business, or their current sales team is so bogged down with responding to leads, that developing new business never makes it to their To Do list. To this, we need to add the challenge we face with the newer generations’ preference for written, quick interaction versus more personal, spoken & time consuming communication.
According to Inc.com, the millennial generation does not like to make phone calls and getting them on the phone in order to sell your product takes persistence and time, both of which most teams lack nowadays. So how do you reach potential customers and grow your revenue with limited resources and time? The answer, while often overlooked, is simple – you outsource.
By outsourcing, your team gets the help and resources they need in order to prospect and gain new business. These outsourced teams are 100% exclusively dedicated to calling your customers’ lists and digging for prospects, feeding your teams warm leads that they can follow up on immediately and convert into a new booking…newly proactively found business, that possibly could have overlooked your hotel had it not been contacted. Dialing for dollars is not a game anymore; it is the cornerstone of a successful sales strategy that should be employed by sales departments throughout the country.