A 3-Part Plan to Boost Your Bottom Line in 2012

The New Year often carries with it an expectation of change. When you make the time to adapt a different strategy, or review the steps you normally take, the results are usually positive. Here are three steps to help your operation enhance its revenue stream starting today.

Part 1: Know where you’ve been

Research is a good first step to help identify cracks in your business model. Take advantage of the tools you own. The KxMarketing application allows you to track inquiries, revenue and customer value. Use the revenue and analysis reports to see which conferences and events are paying dividends to your business and which ones are not.

Don’t be afraid to ask questions. A customer survey with specific questions will help you create a picture of what you are doing well, and where you may be struggling. Always have a spot for customer feedback or comments that your questions may not cover. Use the answers to
benchmark your status today as a gauge to measure future performance, and as a way to develop a SWOT analysis of your operation.

Strengths – What do we do best?

Weaknesses – What could we improve?

Opportunities – What business are we missing out on?

Threats – Is our present business at risk from other companies doing a better job?

Part 2: Know where you want to go

Your research and SWOT analysis should help uncover the direction to point your business in to try and maximize revenue. By understanding which conferences and events are generating the most return, you will be able to better utilize the sales forecasting tools in your KxMarketing application to plan your marketing campaigns.

The knowledge gained from the analysis is also helpful in identifying technology that might streamline your operations. The cost of operations is on the rise and so is competition for the accommodation dollar. Technology is a great way to even the playing field against a tough competitor. By automating services like online registration for accommodations or events, you effectively reduce the cost to attract attendance. At the same time, the process to deliver your revenue stream becomes that much easier for the customer.

Part 3: Use what you’ve learned

This is not the time to rest on your laurels. With a cadre of information at your fingertips you can actively campaign to a targeted audience. Package your events and accommodations into one, easy to purchase process. Advertise through social media and consider other ways of attracting customers through the sales traits you’ve discovered.

Once again, the KxMarketing application can play a role in your promotion. Use the mailblast function to publicize your conference or event venues to potential new business. Actively campaign returning customers to try and increases occupancy rates, food and beverage sales or bring more new guests to your property.

Yes. You will need to invest time to complete the three-part plan. But the increased knowledge about your strengths and who your best customers are will help to boost your bottom line in 2012.