Curves and ticket revenue control
Previously, we've delved into the world of ticket revenue awareness. That said, if you want to take your game to a whole new level, consider your hourly ticket revenues.
Hourly ticket revenues, seriously?
Fear not! What seems like a daunting number-crunching task can be easily obtained. That is if your ticket revenue data is accurately being tracked and you can integrate Google Analytics. Google Analytics offers hourly ticket revenue insight on a day-by-day basis.
Why should you look at hourly ticket revenue? There are numerous reasons. For today, we'll look at two essential elements. To keep you from going on a wild goose chase, the critical timeframe to look at hourly revenue are the days leading up to and through your event. Especially if you have an outdoor event!
The first element to consider, is your daily hourly revenue curve for a given day before or during your event. For clients, specific days of their event have very similar ticket revenue curves. E.g. the Friday before a Saturday event has a similar ticket revenue curve, every year. Hourly revenue curves are used to forecast future revenue expectations.
Element two is where hourly ticket revenue data is used for tactical marketing actions. If a client is going to be short on daily revenue (this shows up in hourly revenues, earlier in the day), I go to my marketing bag of "tricks."
By implementing specific marketing actions, clients have reduced, and in some cases, eliminate daily ticket revenue shortfalls.
Finite marketing corrections would be far more difficult if you only consider daily ticket revenues. This is because by the time you identify a ticket revenue shortfall, the day is over.
Have you ever looked at your hourly ticket revenues? What did you find?
Want more event ticket sales advice? Check out the articles below: