How do the most successful suppliers use the Feast It platform?
Created by: Kam Yau
Modified on: Wed, 26 Aug, 2020 at 4:15 AM
Being a marketplace business, there’s always an element of competition to winning events and we want every supplier to have a fighting chance of winning events that suit their business, so we’re sharing the inside info on how the top suppliers do it.
There are currently a number of suppliers winning 40+ bookings per year and generating £200k+ revenue by using Feast It.
With 4 years of data behind us, we can tell you what the common trends are among the top-performing suppliers.
1. They quote. A lot.
We found that on average it takes between 10-15 quotes per month to win one booking. This varies slightly depending on geography, vertical and type of offering, but the most booked suppliers are submitting in excess of 250 quotes a month.
But this is relative. We have around 1,000 food suppliers on the platform and nearly 3000 enquiries coming in every month (pre-Covid). For newer supply types like marquees, floristry, photography, videography and staffing, the number of suppliers we have is closer to 20 per vertical and the number of enquiries more like 50-100 a month. In essence, more quoting more means more bookings.
2. They’re flexible with their filters
There's a benefit to experimenting with filters in the Open Events section of your Dashboard. Customers don’t always have a clear budget or expectation of cost and on average spend 15% more than their stated budget. Our top suppliers are a bit more lenient initially and do a really good job of guiding customers towards realistic expectations.
3. They still quote for the events that have little/no customer notes
Here we’ve written an article about how events with no customer notes can turn out to be lucrative, as well as some guidance on how to approach them.
We noticed that the suppliers who get the most bookings submit quotes for these enquiries by listing their minimum prices and asking lots of questions, to get a better sense of the event. Remember, your first quote isn’t your final quote. It’s worth setting up a quote template for these so you can quote quickly personalise in just a few seconds. Quote templates also make quoting on a mobile device much easier.
The key is attempting to open dialogue with the customer. Once you start chatting with a customer, the likelihood of a booking is 5x higher.
4. They make use of messaging
The reason that submitting quotes for events with no notes works is because the suppliers that do it understand the value of messaging, and are trying to reach this point as quickly as they can.
Our messaging tool allows live messaging, voice calling and file attachments and is your chance to really understand what a customer wants. You can then provide an updated quote based on a full understanding of their needs. You can update your quotes from within messaging by using the "Update Quote" Button.
5. In an ideal world….
We understand that life would be easier if each and every customer came with a clear picture of what they wanted, a precise budget and a detailed description to make valuing the event really easy.
At the moment, that’s not how every event is, but we’re constantly experimenting and working on new ways to provide better event information and accurate budgets. While we continue to do that, don’t worry, it’s still possible to get plenty of bookings by following the steps above!
If we’ve missed any top tips, please let us know by emailing email@example.com.
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