3 Ways Brands Can Drive ROI from Their Ticketing Assets
Let’s face it…many brands allow as much as 40-50% of their ticketing assets go to waste every year. Tickets are a perishable asset meaning that once an event has passed then a ticket is worthless. However, with the help of the right ticket management platform, there is a solution to this problem. Simply put, tickets need to be seen as the valuable assets that they are, whether they are used for business or personal purposes within organizations. In order for brands to drive additional ROI from their tickets, they need to be able to target specific audiences. Through activating targeted audiences (employees, customers, suppliers, VIPs, prospects, wholesalers, etc.) and generating additional demand beyond traditional requests well in advance of a sporting or live entertainment event, brands can utilize their total ticketing assets while driving ROI.
Here are 3 Ways in which brands can drive ROI through utilizing their ticketing assets:
1. Customer Loyalty
It is true that brands are always entertaining their top customers. What is to be done with every other customer? Today, most brands let their sales and marketing staff request tickets first. Once this process ends which is usually the last minute, the remaining tickets then go to whoever wants them. This often happens on the day of an event. Now, consider what often occurs with a low demand event which can see last second cancellations. These scenarios can, unfortunately, lead to 40-50% of waste. With the right ticket management platform, brands can instead simply set up an external medium of communication to their customers and capture demand well in advance of an event. This leads to a more refined and efficient allocation of excess tickets as they become available. Rather than allowing tickets to go to waste, brands make customers happier which can lead to added revenues and a larger quantity of useful data. The lift in sales can be significant as brands drive customer loyalty via ticket promotions.
2. Driving Employee Engagement
We all know employee engagement is a great responsibility in today’s world of business and many brands are finding ways to drive further engagement. Employees who are engaged are more productive and therefore increase ROI. The numbers for employee engagement speak for themselves, and I could write an entire book on why this is critical for any company. While most brands set specific employees to request tickets for customer entertainment, there is a way to include others. Low demand events could see the most benefit from simple ticket transfers to employees who otherwise would have never received access to those tickets. In other words, brands can capture first-minute demand for a last-minute issue.
3. Lead Generation
While many brands leverage ticket giveaways or sweepstakes to garner interest, there is an easier way to continually generate leads to then generate more ROI. With the right ticket management platform, brands can distribute tickets as a lottery or on a first-come, first-serve basis. In the meantime, all relevant data is simultaneously captured while brands produce greater brand awareness.
Each of these segments can add significant ROI depending on what is important to your business. The reality is that brands need to first realize they have an issue and then act on it in an innovative way. Traditional ticket management cannot produce these returns. Instead, it takes a platform that is designed to eliminate waste rather than just identify it to really get the job done. Concierge Live is not only a ticket management tool, but it is also the ideal brand activation tool to drive customer engagement, satisfaction, and retention at an exceptionally low cost per contact. Furthermore, Concierge Live is the only ticket management platform that stores tickets on an individual basis which goes a long way to helping eliminate waste.
Interested in learning more about how Concierge Live can help revolutionize your company’s Ticket Management and Event Marketing for greater effectiveness and greater profit?
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