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November 2019

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:

The Millenium Falcon & your ticket sales

In case you missed it, the new Star Wars "Rise of Skywalker" trailer was released back in October. Even if you're not a fan of "the Force," stick with me here.

While everyone in the galaxy is focused on how many views the new trailer receives, I'd encourage you to look elsewhere. Specifically, at the movie's ticket revenue numbers. As with the Disney/Marvel movies, rarely if ever are the actual number of tickets sold reported. It's all about ticket sales in the form of total revenue. And that's key!

Yes, your event revenue is directly related to how many tickets you sell. But instead of focusing on the number of tickets you need to sell … focus on the potential income from ticket sales.

If you're selling just one ticket type, could you offer a different kind of ticket?

How about a free event. Could you sell a VIP ticket?

Clients have sold more than USD 1MM of VIP tickets to open gate events. In one case charging over USD 3,000 for a VIP ticket … to a free event.

In every instance the initial sentiment was, "that's impossible!" Or, "you're crazy!" Until they tried it and the rest is history.

Food for thought!

All the Board members asked this question

A few months ago, the Executive Director of an event noted something interesting. The director said that all their Board members asked an eerily similar question. That question, "how many people are at the event today?" One would think that question to be perfectly logical.

Yet, after 12 months of hard work, there are probably more critical questions to ask. Specifically, "how much money was generated for all the people in attendance today?" A better answer should include ticket sales revenues, concession revenues, and any ancillary attendee revenue.

It's incredible to me how wrapped up some event organizers are in their own attendance numbers. Here's the irony of event attendance numbers. Far too many event attendance numbers are grossly over-exaggerated.

What gets presented as "we had record attendance," quickly turns into event organizers complaining about "not making enough money."

I'll leave you with two money observations from a top-notch marketer and copywriter John Carlton.

First on the topic of money ... that old cliché, "Money really can't buy you happiness."

Carlton's second money observation is far more intriguing. He states, "Money will only solve those problems that not having money creates."

Remember, if you can't pay your own bills, you can't help anyone else!

Think of your event in terms of revenue, not just attendance. Regardless of how many people attended, were your attendees shown an extraordinary time and did your organization make good money?

The long term growth and success of your event is entirely dependent on revenue, like it or not!

Want to get more event promotion info? Check out the articles below: