The private dining and catering business in the last two years has evolved into a critical component of a restaurants revenue mix. The private dining business represents, on average, close to 30% of the overall revenue and is much more profitable then ala carte dining. Gone are the days of restaurateurs looking at the event business as reserved only for the holiday season. More and more operators are hiring full time sales people to book and manage private dining events. Marketing is also spending more time in generating new leads with both inbound and outbound marketing campaigns.
With the focus on sales and filling function room space comes new challenges. Such as Who can I call? How do you capture leads? How can I close prospects faster? How do I manage my existing private dining customers? What can I do to streamline my booking planning process to allow for more time to market and sell the event space?
The current paper based process of managing and booking events is a fractured, time consuming mess that results in poor customer service, frustrated managers and lost revenue. Customer Relationship Management (CRM) software like salesforce.com have been in the market for years but they do not provide the necessary tools that restaurants require. Other hospitality software like Caterease, ReServe Interactive and Delphi suffer from similar problems as they were never designed for the unique needs that is the restaurant private dining business.
A recent study of restaurants using Tripleseat with a one dedicated Sales Manager averaging five events every month at a rate of $2,000 per event has shown an increase in new sales of 47% or $56,000 in event revenue in one year. Below are average results using Tripleseat:
- Tripleseat can reduce by 50% the amount of paperwork and wasted time required to book and plan an event. The time savings resulted in more selling opportunities producing 2 additional bookings or $4,000 in new revenue
- Tripleseat tracks the who, what, where, when and why of all your events – making it possible to cross book multiple properties, fill last-minute cancellations,solicit upcoming meetings and market towards new business. Tripleseat customers are gaining at least 12 new bookings per year for $24,000 revenue
- A recent Cornell study showed that 28% of Group Sales Inquiries Are lost, ignored or abandoned by Catering Sales Managers. Tripleseat can cut that number in half and add new leads with our Private Dining Directory website,SmartLead integration with your existing website and the Tripleseat Smartlead Facebook application. Tripleseat customers are gaining on average at least 12 additional booking per year for $24,000 in additional revenue
- Tripleseat allows restaurants to instantly cross sell properties,confirm space, dates and menus – eliminating the risk of losing business to competitors, while customers wait for your staff to research their request. Tripleseat allows you to deliver uninterrupted customers service by providing online customer information, access to past account history and more. This results in a minimum of 2 additional bookings per year or $4,000
Tripleseat, as of January 2012, has captured over 65,000 leads worth an estimated $200Million in new event business and managed $400Million in bookings. With over 2,000 users Tripleseat is delivering on the promise of helping capture new business and streamlining the booking process.