| Your name and title | |
|---|---|
| Mekell Barker, SVP of Account Service | |
| How many total employees does your agency have? How has this changed over the last 2 years? | |
| Dec of '22 w were at 189, December of '23 we were at 210, As of now we're at 216. | |
| What are the total revenues for the agency (substitute & indicate billings if this is the only available number). If possible, indicate the revenue split between subscription fees and agency services. | |
| Our revenue for previous years and projected is within the range of 25-35MM USD. The majority of those revenues come from subscription fees. | |
| List your clients for the past 2 years (please group by industry category and indicate past/current clients). Cut and paste from another document if this helps. | |
| We work with over 1,000 hotels. Many of our key accounts are hotel management groups. - Ex: Charlestowne Hotels, Concord Hopitality, Coral Tree Hospitality. They have many hotels in their portfolio. Most HMG's start us with a couple properties and then we need to win their business and try to bring more of their properties on. We also work with the big brands in different MSAs - Hyatt Corporate (product development of new products for their hotels, some mandated for certain properties), Hyatt Field Marketing (organic social media, SEO, paid media for individual hotels (opt-in), Choice (vanity websites - preferred vendor), Marriott (we work with Marriott Digital Services for various projects) We work with large resorts down to small mom and pop bed and breakfasts. Here are some client examples: Lotte New York Palace Caribe Royale Orlando Couples Resorts The Bristol Hotel Garden City Hotel Hotel Indigo Denver Christie Lodge Riviera Beach House The Redondo Beach Hotel We also work with restaurants. Many are within hotels but some are stand alone. Corrine Denver Stella san Jac Otopia Bourbon Steak We work with a handful of golf courses and spas also. | |
| Bullet point the services you offer your clients: | |
| Website Design, Buildout and Hosting SEO Paid Media Strategy and Execution Media Buying Social Media posting Social Content Shoots Social Listening Email Marketing Account Service (ongoing, all-inclusive website maintenance and project management for their program) Branding Services - logo development, brand guideline development Photo / Video Shoots (architectural, lifestyle, drone) Lead Generation Programs - Venuelocity - Meetings and weddings lead gen. Reservation Recovery Collateral Development / Print Production | |
| What percent of new revenue comes from the following sources: | |
| 51-60% | |
| Expanding on your answer above, how has most agency revenue growth come in? | |
| We grow by upselling our existing clients on additional products, and adding additional properties from hotel management groups. We have very strong inbound lead flow and our sales team is good at converting. Salesteam also does prospecting and we are adding an additional sales resource for prospecting this year. We do very few RFPs. | |
| How do you see these sources of revenue growth changing over the year ahead, if applicable? | |
| We have put additional resources in place to help push upselling additional products to existing customers, we are putting additional resources and planning into relationship building to grow our add-on business from HMGs. And as mentioned we're hiring an additional sales resource to go after new, smaller enterprise brands. | |
| What strategic resources are available to your teams? For example, do you have any proprietary strategy, research, data, tools, or any services you subscribe to? | |
| We have proprietary products and tech. We are known for exceptional, high-quality design. Many members of our team have hospitality certifications and/or have worked in hospitality previously. We have a strong marketing team to help provide white papers, research, data (push and pull). We subscribe to STR data which tracks performance in the hospitality sector. We have trained our Account Service teams in the mechanics of sales (how to use SF, generate proposals, etc.) but not all have had the time to understand the strategy and art of selling - how to identify client needs, diagnose issues, confidently deliver recommendations, etc. | |
| Are account team leaders held accountable for executing and monitoring the initiatives and activities for client Organic Growth plans? Please explain. | |
| Yes. We keep track of all upsells and add-ons and report on it monthly. We plan to also have our Group Account Strategists hold their teams accountable for the Growth Plans. | |
| How would you rate your account teams’ effectiveness at driving Organic Revenue Growth — based on having documented plans, a methodical approach, and being assertive? Please explain. | |
| We have rough documented plans for a handful of accounts, but not all. I would say there is little methodical approach. Some Lead AEs are more assertive than others. We definitely need some coaching here. | |
| When you consider Organic Growth, specifically, where does the team most need to improve? Where is the greatest opportunity for the team? | |
| I think because this is not their "only job" the proactivity gets pushed to the wayside and the time to think about what products they could proactively be offering doesn't get done. Clients often come to us with asks about certain products and they can easily execute the sale. I think that having a documented growth plan will help immensely, along with the ability to listen for customer problems and be able to recognize they have a need and we have a solution / assertiveness | |
| Considering Tambourine's platform subscription model, what is your sense of the strongest approach for organic growth with a typical client? E.g. upsell agency services to a subscription client, increase annual subscription value with a tiered product approach, extend more subscription contracts to other properties/brands in a client's portfolio, etc.? | |
| Quickest approach would be to add on additional properties from existing management groups / brands. Often times other properties are in contracts or the HMG uses multiple vendors. For clients who are independent it's upselling additional services they don't have and retaining them by providing excellent service and performance. | |