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Venues, do you really have agency partners..?

“Venues, is the Pareto Principle proving the rule of thumb in your business?”

Venues and agencies have a relationship where there is always healthy debate around who is a customer of who due to the commission model that still exists to reward the agent for bringing business to the venue. What is not up for debate at the moment is how important the agencies are to venues due to the volume of client spend they manage.

80% of your sales come from 20% of your clients.” The 80-20 rule

Venues, is the business you receive from agents outweighing the volumes that come directly from clients? What percentage of your sales comes via a third party agency? What do you get back from your relations with agencies? Most importantly, what do you get over and above from your preferred partners?

I know, I said the ‘P’ word. A preferred partner may mean different things to different people but I would wager that if you asked a venue how many preferred partners they have they are more likely to tell you the number than answer they have none. As in life, we have closer relationships with those that mean the most to us and there is nothing wrong with the concept of preferred partners. Where I would have concern is if my closest relationships looked and felt no different to any others.

Three quick questions;

  1. Are you seeing increased market share from your preferred agency partners versus others?

  2. Is your conversion ratio significantly higher with your partners?

  3. Are your operating processes with those agencies far more efficient than non-partners?

There are more probing questions falling off the three above, but if you can’t answer yes to all of those then there might be questions you need to ask yourselves. Such as do you really have partners…?  

The Doctors have worked within some of the leading agencies and know what works and what doesn’t. We understand the agency model better than most and think venues who take a fresh approach to partner relations will benefit the most.

Contact us for a house visit and get everything from a health check to a full diagnostic review on how you can work smarter with agencies and reap the benefits.

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