Hello Guys! Welcome to today’s class. I’d be happy to show you “The Perfect Event Planning Sales Pipeline.” Don’t forget to drop questions in the comment box if you have any.
Now, you must have read the previous article that listed the Sales funnel. If you haven’t, please do so. It’s going to help you understand this better.
According to Datahug.com,
A sales pipeline is a way of tracking the progress of deals that your sales team is currently working on and expect to close within a reasonable amount of time.
As you can see, a pipeline is for your team. It’s your internal way of tracking you progress. Here, you’re outlining your deals process.
So, what are the stages of a perfect event planning sales pipeline? I’d list them below:
Stages of a Perfect Event Planning Sales Pipeline
- New Opportunity
- Initial Communication
- Fact Finding and Qualifying
- Develop Solution
- Propose Solution
- Solution Evaluation
- Negotiation
- Purchase Order
- Account Maintenance
These sales pipeline is a perfect pipeline that fits into every event planner’s career.
I’d explain each of these stages in detail
1. New Opportunity
In the funnel, this stage is the interest stage. It’s at this stage that someone walks into your door to make an enquiry.
This is where there’s a prospect. Someone wants an event planner. There’s an opportunity for you to d business.
The first thing to do is not to sell. It is to schedule a meeting.
2. Initial Communication
Now, you schedule the first meeting. In an utopian world, this meeting should be done physically.
However, times have changed and a higher amount of customers are comfortable with a call. It might be a zoom call, teleconference, video call or normal telephone call.
Your aim at this stage is just to make a good lasting impression. You just need to listen to the customer and find out his interest. This is still in the interest part of the funnel. Remember, don’t try to rush things over. Don’t hard sell.
3. Fact Finding and Qualifying
This stage is part of the second stage. However, I decided to separate it.
You have to qualify a client to know if a deal is even feasible. This means finding out if his budget is what you can handle.
During or immediately after the initial Communication, try to find out the client’s budget. Also know the location, number of guests and type of event.
You need to be sure that this client is also able to pay, so you don’t waste your time. However, you can’t guess or use intuition. You need to ask the right questions in the most polite way possible.
If the client fire your company description and his budget is within your range, then you can push his priority level higher. If it isn’t, don’t pursue him but reduce the priority of his event.
4. Develop Solution
Like I said in the article on funnels, you’d need to help the client develop a solution.
You don’t sell, you just guide his mind to your solution. The best salesmen don’t sell you anything, they make you buy what you want. Help him brainstorm a way to execute the event which he has in his head.
Your solution shouldn’t be impossible, it should look as easy as possible and tally with the client’s fantasy in the easiest way possible.
5. Propose Solution
When you’re done brainstorming, propose the solution to the client.
As I said earlier, ensure that you don’t sell. You just allow the client make guided choices.
Like in the intent part of the funnel, ensure that he has gotten biased with the solution before you propose. Since he planned the event with you, he’d be very happy to have you handle it.
After the session, send him pictures of how possible it is. Send him previous similar events and get him constantly thinking it out.
6. Solution Evaluation
At this point, you evaluate the solution proffered carefully.
Check out ways to make it work, within the client’s budget. Look for innovative ways to cut costs and increase your profits. Create simulations of how to run the project successfully.
The client would also be evaluating personally. He’d be thinking if the solution is perfect. So you have to be prepared in case he makes up his mind.
At this point, prepare your contract and negotiation.
7. Negotiation
At this point, you aren’t selling anything to the client. You’re helping the client see how his budget would work on the event.
You’re not to try to skew every part of the contract in your favor. Just protect yourself by collecting upfront fees, rentage fees and set dates for meetings.
However, be careful so the client doesn’t insert very bad terms that can put you in danger. Subsequently, we’d be telling you the red signs in contract.
8. Purchase Order
Here’s the client pays the upfront fees and is now committed to the deal.
Your job is to ensure that you have everything in place to receive the money. You can use your 24Rentz account to receive the money.
Once your client has committed the initial funds, the deal is as good as done. Your contract should protect you in the case of a default.
So, it’s up to you to execute the project in the best possible way.
9. Account Maintenance
Here, the deal is completed. It’s up to you to follow up the client and get good reviews from him.
Get him to refer his friends, check up on him and maintain a good relationship with him. Trust me, you can always get clients from previous ones.
So here we are. I hope you have seen my “Perfect Event Planning Sales Pipeline.”
Why not share this to your friends so they can learn too? Feel free to drop a question below and I’d try my best to answer them.