3 Steps to Unlock Real Corporate Hospitality ROI

NFL and CFB Premium Seat Holders:

You’re gearing up now for this Fall’s hospitality events. No better way to begin than ensuring you have goal alignment with your stakeholders.

In this post, we walk you through a 3-step planning exercise. The goal: Determine 2-3 pre-revenue, “Lead Metrics” (we describe lead metrics later) that set you up for future revenues.

A leader should be designated to manage this all-important alignment check.

 

Download the Excel template here

 

Step 1

The leader brings the following 4 workgroups together on a call.

Executive
Sales
Marketing, and
A Guest and their Plus-One

(Ideally, you want to include “customer voice,” whether that’s live customer participation or their written feedback.)

Review the process and share the worksheet with the group. Each workgroup is assigned to complete Step 1 and submit it to the leader.

It’s important for groups to work independently before moving to Step 2. This ensures you have authentic feedback.

Step 2

The leader compiles all responses and identifies common themes (ideally 1-2 themes).

For example, you may find a common theme of “revenue generation,” “product awareness,” “branding,” orĀ  “engagement.” This discovery shows you where you all are most aligned… and not at all.

Make sure to notice the difference in your customer’s themes versus your own. This is critical to alignment.

Don’t hide any results but do organize and color-code by theme on the Step 2 sheet.

Setup a call and move to Step 3 (make sure each group is represented on every call).

Step 3

On the call, discuss the themes and seek clarification. Allow a set number of minutes for each group to respond.

Once you agree on the themes, have the group brainstorm a list of SMART goals:

Specific
Measurable
Attainable
Realistic
Time-bound

that focus on pre-revenue results.

Don’t miss this: these are pre-revenue goals. Don’t set yet another revenue goal. Save that for another exercise.

You’re here to focus on lead metrics that align with your themes. (On the worksheet, you’ll notice the themes stay with the metrics so you never lose sight of their connection.)

So what is a lead metric?

A Lead metric is a pre-revenue activity or action proven to produce revenue.

For example, “We will increase each customer’s profile data by 25% by the end of this season.” Knowing your customer better leads to revenue, retention, and referrals.

Don’t get too cute in the beginning. This is an evolving part of your corporate hospitality plan.

Focus on what you can control. And use technology to scale your efforts.

 

Conclusion

Remember: track results and share them often with stakeholders. Don’t hide the blemishes along the way but build trust with your team by letting data tell the story.

This is how you build an #eventROI culture.

Written by Brian Barker

Spent 12+ years running hundreds of B2B events before attempting to save the world as an elementary teacher. When I realized how awesome our teachers are (and that I wasn't cut-out for it), I pivoted to B2B event tech.

My wife rocks! My kids are awesome! I'm just playing catch-up...

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