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You may not realize it yet, but you live in an ultra-competitive market. The reality is, the marquee hire market is saturated, your competition is selling the same products, and sadly, there are companies that undercut your prices.
Fortunately, you can have the edge on your competition and just a slight edge in a lucrative market can tip the scales favourably in your direction.
The “edge” I am talking about, and what should be your number 1 USP, is speed. The speed in which you can build rapport, create a first impression and be the first marquee company who can respond to a lead with accurate quotes and floor plans.
If you can do this, you’ll increase your revenue by £40,000 (see below).
A study from the Harvard Business Review (from a sample of 1.25m), and then backed up from a further study, found that:
You are 100x more likely to qualify a lead if you phone them within 5 minutes of there enquiry.
The definition of qualifying a lead was broadly defined as “having a meaningful conversation with the lead”.
You are 100x more likely to qualify a lead if you phone them within 5 minutes of there enquiry.
Firstly, let’s set the scene from the perspective of the new enquiry.
Your new lead is a young professional, she has become engaged and she is trying to organise her wedding. Marquee weddings require more organisation than a venue wedding, and, as a young professional, she is very busy.
She has set aside the time in her busy schedule to research marquee hire. You have a lead at a time when 100% of their focus is on marquee hire.
At the point when she has made an enquiry with you, she has set aside the time in her busy schedule to research marquee hire. If you can respond to her, in under 5 minutes and have a meaningful conversation with her, you are going to:
If you reply to her an hour or 24 hours later, the truth is her interest levels in marquee hire has dropped. That doesn’t mean she is not going to book a marquee for her wedding, it means that other things in her life have now taken priority. Things like kids, holiday plans, shopping, mortgages, work-life, family life etc etc.
The point is, if you reply to the lead within 5 minutes, you have a lead at a time when 100% of their focus is on marquee hire and you have an opportunity to be the number 1 marquee company, build rapport and imprint a lasting impression.
To further reinforce the importance of contacting new leads before your competition, another Harvard Business Study found: “78% of new business goes to the company that is first to respond“. You are either first to respond or your not in the race.
78% of new business goes to the company that is first to respond”. You are either first to respond or your not in the race.
What is a meaningful conversation in the context of marquee hire?
After speaking to thousands of leads, there are 5 key questions any new lead needs from you to form a rapport, aka having a meaningful conversation.
Once the lead has answers to these questions, they are ready to move down the sales process and become a customer.
There are 5 key questions any new lead needs from you to form a rapport.
Seems pretty simple, doesn’t it?
Contact a lead soon as they enquire (when they are focused on marquee hire) and then build them accurate quotes and floor plans in real-time over the phone.
The big nationwide marquee companies are already doing this. They have in-house software to quote, a sales team, and a marketing department to handle all new enquiries.
So how can you compete?
You compete by doing the same, respond to leads with accurate quotes and floor plans in under 5 minutes, whether you are on-site or in the office.
Respond to leads with accurate quotes and floor plans in under 5 minutes, whether you are on-site or in the office.
Download this Excel spreadsheet & tweak the numbers to suit your business - click here
In the spreadsheet above we look at the difference between a marquee hire business using and not using Marquee Tech.
Remember with Marquee Tech, you have access to software that enables you to respond to leads within 5 minutes and build them accurate quotes and floor plans (see the videos above). Research has shown that having the ability to respond to leads in under 5 minutes with accurate quotes and floor plans, skyrockets your chances of winning new business.
The only difference between the company using Marquee Tech is the Close Rate is slightly higher (4%). However, a small increase in the close rate will generate 16 extra bookings per year or £40,000 in additional revenue.
Now obviously this is going to vary from company to company, so please download the Excel Sheet here and modify the spreadsheet for your company.
However, a small increase in the close rate will generate 16 extra bookings per year, or £40,000 in additional revenue.
Now think about the big marquee companies out there. The reason they have massive revenues is that they have a team of office staff, sales teams, marketing departments, all ready to pick up the phone to new enquiries and build quotes, as soon as they come in.
Now what I think is interesting is that it is actually the smaller companies using Marquee Tech and adopting this 2 Step Strategy who will see the greatest increase in revenue. This is because the big national marquee companies are already running pretty efficient. They have massive pockets, all the software under the sun, sales teams, marketing departments and so struggle to become more efficient.
Smaller companies using Marquee Tech and adopting this 2 Step Strategy will see the greatest increase in revenue.
The smaller companies, who are very manually driven, typically there are 1 or 2 directors who are responsible for every business department, these are the companies who will generate the highest increase in revenue from the ability to build quotes and floor plans in under 5 minutes to new leads. They are also the companies that are loosing out.
We have put the increase in sales conversion % at the lower end of the scale (just 4%), but for companies who respond quickly to leads, build accurate quotes and floor plans, plus offer an amazing customer service and correctly follow up with leads, these figures should be a lot higher.
To conclude, if you are looking to increase your revenue, introduce Marquee Tech to your business and respond to leads as soon as they enquire, respond to leads with accurate quotes, accurate floor plans and have the ability to update these quotes and floor plans in real-time with your leads. Your new leads will love you, and you’ll grow your revenue.
Thinking about buying new stock, hiring office staff or investing in Google Ads or FaceBook marketing?
These are all great ways to invest your money to produce an ROI. However, if you still can’t build accurate quotes and floor plans quickly for new enquiries to turn them into customers, then you are in the same boat as you were before. Buying new marquee types is not going to generate more traffic to your site and spending money on Google Ads is a waste if you can’t convert the inquiries in customers.
Think about investing in your companies software infrastructure to speed up the rate in which you can serve customers and potential customers. For only £50 pM it’s the smallest investment you’ll ever make!
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