Utilising Reports to Help Future Success
With all of the uncertainty that is surrounding the events industry at the moment with COVID-19, now is the time to bond together, stay strong, keep positive and use your time wisely by building up your business and forward planning. Remember, events will still go ahead once this is over and your customers need you as much as you need them. This industry is most likely going to be busier then ever once normal business resumes.
Believe it or not, brides are still booking during this period for the future, so not all hope is lost! Reassurance and working together is the main focus of our time and everyone's time right now.
With this in mind, we would like to introduce our new Reporting Metrics which will help you plan your next moves to ensure your business and focus is in the right direction.
We encourage you now more than ever to maximise this tool and dive into how well your business has been doing or analysing new areas of focus, based on income.
To get you started, we have given you some ideas on how to use these metrics to help you plan your upcoming months/years:
INCOME BY BOOKING SOURCE
These results are based upon the 'How Did You Hear About Us' section on your booking form. This is a really great tool when planning your advertising budgets and forward planning. These results will help you make decisions on where you can cut advertising costs, and where you can increase them. There's a high chance the source may even be free! i.e. Word of Mouth
INCOME BY EVENT
Depending on the date filters you select, income from your event type can be super helpful when it comes to understanding your target audience. For example, if you are low in Corporate bookings but high on Weddings, now is a time to focus on corporate packages and begin those vital business relationships (online!). Most of the time these corporate events are a reliable source of income as you become their 'recommended photo booth' for all of their events and as we all know, you can increase your rates significantly as their budgets are higher.
INCOME BY SERVICE
Get an indication of how much you're earning per service type. This is a great metric when analysing where to invest your money for the future. There are three ways you could look at the results from this..
1. Eliminate. Rather than be daunted by this word, look at it in a positive way. If you have a lot of services to offer, this may have a negative effect on the customer. They could get overwhelmed and only result in purchasing x1 service (in their eyes they're spending a lot of money already so why spend more?!)
This would be a cost to your business by maintaining and storing these 'unused' services therefore if they were eliminated, you can focus more on your popular services and invest more time in maintaining and upgrading those using the money from your eliminated product.
2. Upsell. Rather than overwhelm your customers with multiple services on the first step, why not take advantage of our up-sells feature and promote these 'extra' services post booking. This will help you make more money whilst increasing your chances of the customer purchasing them (they forget how much money they spent on their photo booth 6 months ago!)
3. Market it. With BoothBook handling your admin and saving your hours each day, it's time to use your time wisely (especially now!). If you are too attached to a service that isn't necessarily selling as well as you'd hoped, make efforts to market that service more. For example, Facebook (organic and paid), BoothBook Upsells, Email Campaigns, Website Content and Online Promotions are very effective ways in which you can push that service in front of someone.
INCOME BY PACKAGE
These results can help you plan for your packaging offering for the following year based on the most and least popular selections. Is your 'recommended package' option the most popular? Is this package the most profitable for a certain event type i.e. Weddings?
This is good opportunity to make improvements to your packages, and make you more profitable.
For example; include more unlimited extras (Friendly Attendant, Unlimited Prints) to your higher packages. This will make them more appealing to the customer and feel like they're getting more for their money (when actually it's making you more profitable, win win!)
Another example is to rethink the number of packages you're offering. If it works with your business, we would recommend sticking to 3 packages per service e.g. Bronze, Silver, Gold. This works better aesthetically and psychologically for an overall customer journey.
Don't forget guys - positivity and optimism is the key to success! Together, we will get through this difficult time.