Closing the “Ticket Gap” 3 Ways To Sell More Tickets To Your Event
You juggle a lot of moving parts to produce your event and to ensure it’s a financial success. You’ve got the content secured (artists, speakers, etc.) and now it’s time to sell tickets to cover costs and make a profit.
So, how to fill the venue — be it a concert stadium, conference or otherwise?
You’re using a few platforms (email, ticketing, crm, etc) to market your event, but how do you get even closer to selling out?
Why is it such a challenge to close the gap between current sales and capacity? Imagine the revenue difference between 80% vs 90% vs 100% of all tickets sold.
What if you knew your audience so well that you could personalize your communication, acquisition and conversion strategies based on exactly who they are?
What if you knew that 62% of your audience travels distances over 50 miles away? And what if there was a strong segment who are nurses making $100,000+ annually, and 35% of them drive Sport Utility vehicles? Would it be easier for you to target them?
AccessFuel uses data intelligence to unlock actionable insights around your audience so that you can better target, optimize your budget and make more money.
You sell more tickets in 3 steps…
Step I: Audience Analysis
Discover Exactly Who Your Audience Is
It’s Not Rocket Science. It’s Data-Science.
The missing element required to increase ticket sales is the lack of knowing your audience – or “audience intelligence”. Sure, you probably have some broad information about gender and some content preferences, but does that give you meaningful and insights that enable you to market more effectively?
AccessFuel answers these questions and many more. Acting as your data-science partner, we start by combining your siloed audience data, analyzing it and applying data-science to look for patterns in your data including; who are your customers? how many segments do you have in your data? what do they look like and where, how and when do they buy tickets? who are your most (and least) profitable ticket purchasers?
These insights are essential to close your ticket gap and to fully monetize your data.
Step II: Audience Intelligence
Surface the “WHO”
Who’s In The Room? And Who Isn’t… But Should Be.
Now that AccessFuel has analyzed your audience data, we surface segments and then visualize them:
The real fun begins. It’s time to deep dive into your results and really analyze who has been buying tickets to your events. This is the point in the process where you are really going to take a hard look at your user acquisition efforts. Chances are you have been casting a wide net in your marketing and advertising efforts and searching using a shot-gun approach. Now that you have laser-focused on who your audience is, you will be able to better target them at a lower CPA and your ROAS is going to increase drastically as you optimize your marketing efforts and budgets and focus on the clicks and impressions that are going to convert.
What’s the value of increasing your conversion rates by as little as 2%. For some of our customers that translates into tens or even hundreds of thousands of dollars!
Having all of this audience data about your customers and prospects (both ticket buyers and prospective buyers) is a central piece in closing the ticket sales gap. However, it’s also an excellent opportunity to understand who is not in the room, but could be. Are you missing a subset of your core demographic? Is there a gap in data that needs to be filled – e.g.: age groups amongst genders? By analyzing against over 50 key data signifiers, AccessFuel fills the gaps and surface insights.
Step III: Take Action With Your Insights
Deeply Target Your Audience and Personalize Communications.
Now that AccessFuel has analyzed your audience data and created segments, the real fun begins. It’s time to take action with your new audience findings and find more of them.
Audience Intelligence = Personalized Communication = Increased Conversion and Acquisition = More Ticket Sales
Let’s say you’ve analyzed your audience data and you notice that there’s a large gap in the numbers around your Generation Z audience. You know that you have a strong following with this segment, but for some reason ticket sales are not matching the interest that you see.
This audience tends to gravitate more towards faster moving marketing channels such as Snapchat (as opposed to Facebook). Also, unlike Millenials, Generation Z customers are more concerned with cost because they came into adulthood during the recession. They are more likely to look for a discount or a promotional code. If the majority of your marketing is done on Facebook, you might consider allocating some of your budget for Snapchat ads to reach this group of individuals. You should also craft messaging specifically geared to this group that highlights the value-add of attending your event.
Analyze. Unlock. Segment. Market. Increase Conversion. Repeat
The most valuable aspect of the data that AccessFuel unlocks for you, is the ability to use audience segmentation to better target your current audience, identify who you should be targeting for new user acquisition, and craft relevant messaging to each subset.
Figure out how much money you’re leaving on the table. Here’s an example:
|Number of Total tickets available:|
|Number of tickets sold at your last event:|
|Price per ticket (average):|
|Ticket Sale Gap / Available new ticket sale revenue:|
Or $150,000 for every 1% of additional tickets sold!
Whether your event is in 1 month or 11 months, contact us to close your ticket sale gap.