Cvent - Account Management Team of the Year
Company: Cvent, McLean, VA
Company Description: Cvent, Inc. is a leading meetings, events, and hospitality software company with more than 3,700 employees, 25,000 customers, and 300,000 users worldwide. Cvent’s products automate and simplify the planning process to maximize the impact of events. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage millions of meetings and events.
Nomination Category: Sales Awards Team Categories
Nomination Sub Category: Account Management Team of the Year
Nomination Title: Cvent’s Hospitality Cloud Account Management Team
Tell the story about what this nominated team achieved since the beginning of July 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes: REDACTED FOR PUBLICATION
Cvent is the world’s largest meetings, events, and hospitality software provider. With over 3,700 employees and 25,000+ customers around the world, Cvent’s platforms and suite of solutions support the entire meetings and events lifecycle. The Hospitality Cloud, a division within Cvent, offers technology, advertising, and software solutions so our clients can grow and own their leisure, group, and business traveler (transient) business. This dedicated account management team is set apart and stays ahead of other SaaS companies by our organizational structure, deep commitment to onboarding and training, and insight-driven client service.
In Cvent’s Hospitality Cloud, every account executive is an Account Manager who is tasked with both renewing and expanding our customer base. Cvent has purposefully blurred the lines between sales and account management to embed an account ownership and long term relationship mentality for the 85+ salespeople on the team. Increasing share of wallet is a key growth strategy for the Hospitality Cloud, so having account executives work as account managers enables the team to not only serve and renew existing business but deepen relationships over time and set themselves up for outsized growth conversations. Additionally, because every hospitality client is unique, from small boutique hotels to international chains, Cvent organizes the team around their clients – based on their specific needs, personnel and business design. This optimized structure allows us to identify as our clients (e.g., “I am Team (hotel name)”), uncovering and serving the needs, strategies, and buying culture of our unique clients. This organizational design produces outstanding results. Between 2017 and 2018, we saw a 300% increase from one of our destination marketing organizations, and a 23% increase from one of our largest international hotel chains.
Because Cvent’s account managers interact the most with clients, this gives us a strategic advantage in the market place.Cvent invests in both orientation for new hires, conducting sessions such as “A Day in the Life of a Hotelier,” as well as ongoing industry updates, like our recent “2019 Group Business Outlook,” for the team across the year. With the refreshed instruction they receive, our highly trained account management team can effectively communicate to their existing clients the benefits of Cvent’s evolving and growing portfolio of products year over year. Not only does this help build the skill set of our team but convening regularly to learn together and share best practices increases the collaborative team environment that thrives within the Cvent Hospitality Cloud. This dedication to training helps develop confident and communicative account managers who are driving deep customer partnerships and satisfaction, as demonstrated in the 20+ client accolades outlined in the attached.
Finally, our account managers are embracing a new approach to sales and account management — Insight Selling. Cvent’s Hospitality Cloud is a data-rich environment, capturing current client performance as well as indicators to predict future event supply and demand. Through monthly or quarterly business reviews and annual state of the union presentations to our clients, Cvent’s team develops a deep understanding of their client’s needs and goals while building upon strong and credible relationships with key executive decision makers. By providing our clients actionable intelligence, we not only become an extension of their own sales team but can achieve the ultimate compliment of trusted advisor.
Our hospitality clients have come to expect their Cvent account managers will not approach them with a one-size-fits-all renewal and growth strategy. Instead, through Insight Selling, data analysis, and a base of robust customer knowledge, the Cvent team has earned the right to make performance and product recommendations at the point of renewal and cross-sell, which our clients appreciate and embrace. This approach to account management has contributed to a 95%+ renewal rate from Cvent’s Diamond packages, Cvent’s core marketing program.