How you can grow revenue after just 3 meetings.

I've asked more than 1000 restaurant owners, "who are your best customers?"

Invariably, the answer is 'functions or large groups'. 

Of course that makes sense. 1 person might book for 10, 20 or even 100 guests. Amazing.

But when asking, "what do you specifically do to get more of these?"

Restaurant owners rarely have anything implemented.

This must be a hugely frustrating scenario, not having the means to market to your highest value customers. 

So, if you're looking to get more groups, private dining, functions, whole venue buy-outs, events, whatever, this week's newsletter is for you.

Picking up a few large bookings organically is great. But it's not scalable and you can't build a business relying on word of mouth alone.

The good news is, it's far less complicated than you might think and you could be just 3 meetings away from growing your revenue, permanently. 

Here's the formula:

Number of events = traffic (functions page) x enquiry rate x close rate

Example:

Your functions page gets 500 users / month

2% of those users send through an enquiry

25% of those who enquire convert into an event booking

Number of events = 500 x 0.02 x 0.25 = 2.5

Don't overcomplicate it. Growing functions is just 3 numbers.

Here are the 3 meetings you can take which prioritises those numbers. 

Meeting #1 - Marketing (traffic)

Ask your marketing person, "what are you doing to get more people (traffic) on our functions pages (on the website)?"

Meeting #2 - Marketing + Functions Manager (enquiries)

Ask your team, "what is our current on page enquiry rate - and what are we testing this month to increase it?"

Meeting #3 - Functions Manager

Ask your Functions Manager, "what percentage of enquiries convert into bookings, what are we doing to increase it?"

Real Example - Private Dining Room

Before taking action:

(monthly)

200 users on private dining page

2% on-page enquiry rate

30% conversion rate

$3000 avg event value

Monthly PDR revenue = 200 x 0.02 x 0.3 x $3000 = $3600

After taking action:

3000 users on private dining page

4% on-page enquiry rate

25% conversion rate*

$4200 avg event value*

Monthly PDR revenue = 3000 x 0.04 x 0.25 x $4200 = $126,000

*Did you spot that the conversion rate actually went down in this example? That's because this venue gets so many enquiries that dates get filled and they turn people away. But they can cherry pick the highest value events which increased average event value.

This is the simple framework we're using to generate over 10,000 real event enquiries, for our clients, on their own websites, each month.

If you like the logic of this, and just want to shortcut the whole process and get our team to implement it, just hit reply and let me know when you're free to chat.