Two Circles Thriving Hospitality Business

communications and automated campaigns targeting the majority should sit with the ... At Two Circles, we've long said CRM isn't a thing. It's an acronym much ...
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Growing Your Hospitality Revenue Alex Normand Alex is a Lead Consultant at Two Circles, managing projects that have successfully delivered commercial returns for a variety of leading international governing bodies and rights-owners.

Kerrie McShea A Lead Consultant at Two Circles with a background in corporate finance, Kerrie has led large-scale strategy and change projects in sport, with experience selling out events, hospitality sales, and customer engagement strategies.

Tom Wright Tom is a Lead Consultant at Two Circles, and has managed numerous projects that have delivered commercial returns for leading rightsowners. Previous to Two Circles Tom worked at management consultancy Accenture and Manchester United.

Hospitality at a major sports event is as important today as it has ever been. For all rights-owners, hospitality represents a significant commercial revenue stream with strong growth potential. For fans and corporate clients, hospitality remains the perfect way to experience sport in a unique and luxurious environment, and is the ideal platform to build relationships with partners and reward employees. Business practice around sports hospitality is maturing and has delivered above market growth for leading practitioners and expanding businesses. According to recent analysis, Two Circles clients who have increased the scope of their hospitality inventory have seen average revenue growth of more than 10% over the last five years compared to those whose inventory has stayed the same. Our clients’ strong commercial growth is built out of a fundamental commitment to understanding their customers and shaping their experiences accordingly. This three-part article will explain, and illustrate, the Two Circles best practice guide to creating a successful sports hospitality strategy. If you’re interested in finding out more, please get in touch with us: +44 207 1584221 +41 31 344 86 56 [email protected]

Change the Game with Customer Insight By Alex Normand How well major sports rights-owners can understand and analyse data around their target buyers can be the difference between success and failure when forging a hospitality strategy. When looking to sell out available inventory, maximise revenues and offer the best possible experience for customers, the blanket approach no longer works. Customer data – specifically information on demographics, behaviours and attitudes provides the ‘who’, ‘what’ and the ‘why’ behind a successful hospitality strategy.

Similarly, rich and readily-available business data can help quickly identify the size and growth potential of client leads, and help you better understand the nature of the market you’re operating in. The insight that can be derived from behavioural data is of significant value when looking to grow your hospitality business. Hospitality is an 80:20 business – generally speaking the vast majority of revenue will come from a small proportion of clients – and that is important to bear in mind when identifying the clients that contribute most to the bottom line.

Understanding Your Customers Your client mix is the first place to start – being able to identify and separate individuals from corporate accounts will quickly highlight the dynamics of your customer base, and the extent to which it has changed over a given period of time. Individuals may be in a financial position to afford and consider hospitality now for the first time – and the customer data will show you.

‘Rich and readily-available business data can help you quickly identify the size and growth potential of corporate leads, and help you better understand the nature of the industry they operate in.’ For an effective strategy, demographics must be more than just age and sex – data should be enriched using tools that, for instance, use an individual’s postcode to understand the socioeconomic influences on their lifestyle.

Just imagine knowing the types of catering options higherspending clients purchase mos