Elite allows you to mark events as lost, track reasons why the business was lost, and then aggregate that information into reports. As a venue professional, you probably have a good "gut" feel as to why you lose business, but tracking this information in VenueOps gives you and the venue owners data you need to make sound business decisions for the future, and allows you to understand how the market views your venue.
- If people are not bringing business to your venue due to not enough space, dated rooms, etc., this allows for potential refurbishment or expansion.
- Tracking loss due to dates already booked allows you to see your high and low demand times, allowing for revenue and yield management.
- If you are losing business because of poor service perception, you need to know that!
- You can even track turn down to reference business that your venue would never book.
- This isn't just for sales! Bookers can use mark their released holds as lost to track why they aren't getting shows.
- When you track expected revenue in addition to reasons for lost business, you are able to quantify your position: "We could have had an additional $250k of revenue if we had an updated sound board", rather than simply saying "We need a new sound board".
To track lost business:
- Compile a list of reasons why business at your venue could be lost. You're able to edit and update this list as the need arises, but this will get you started. These reasons are added to your account in the System Admin section - we have step-by-step instructions in Manage Reasons for Lost Business.
- We recommend adding estimated revenue amounts during the sales process. While this is not required, it adds valuable information for your sales team as well as allows you to quantify the value of lost business. Please see Add Estimated Revenue to an Inquiry, Prospect, or Event for more information.
- Whenever an inquiry, prospect, or tentative event books somewhere other than your venue, mark it as lost (rather than canceling it). To mark it as lost, click the more_vert more info menu in the upper right corner of the event details page or summary slider and select Mark Event As Lost (you'll be required to add a reason). We have instructions in Mark an Event as Lost.
- Report! We have a standard lost business report which can be added to your account — please contact Client Success.
