Reopening Revenue Maximisation

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Making the most of the tickets you have left to sell

For however long arts organisations and attractions are closed, the revenue opportunity for an ever larger proportion of inventory – the available admissions capacity – is lost.

The key characteristics of the ‘inventory’ we have available to sell are that it is constrained, so you can’t increase revenue by increasing capacity, but also that it is perishable: every unit of inventory remaining unsold at the end of each day is a missed revenue opportunity.

So, a key requirement going forwards is to focus on optimising the revenue from every item of inventory you have available.

 

The reopening opportunity

Our Reopening Income Maximisation service helps you discover the potential goldmine in your available inventory by:

  • Identifying and focusing on the biggest opportunities to maximise income from future sales
  • Recommending immediate changes you can make to increase your chances of success
  • Helping to re-forecast and set new targets

A key element of planning and forecasting is to have a detailed understanding of the characteristics and value of the inventory you have available for sale when you reopen for business.  But that is only one side of the equation: you also need some understanding of the potential demand – who is likely to buy this inventory?

 

Our approach

Starting with an extraction of your ticketing data, we conduct detailed analysis to establish historic patterns of demand based on the last complete year, including sales by discount code or buyer type 

Having established a baseline understanding of your historical sales, we then compare with sales to date for future performances, determining the characteristics of the inventory left to sell and the implications for forecasting and setting targets.   

Following on from the analysis, we then present our findings to you in a meeting, where we will identify opportunities for maximising income, such as: 

  • Inventory most in demand, and the potential to increase prices 
  • Inventory least in demand, and the potential to offer targeted discounts 
  • Over / under capacity in specific weeks / days of week 
  • Over / under capacity by type of event 
  • Over / under capacity in specific price bands / zones, with recommendations for re-zoning where necessary 

Our analysis will be accompanied by a summary income forecast based on sales to date. 

How long does it take?

For most clients, we aim for a 21 to 28 day turnaround between receipt of data and the report. 

Who is it suitable for?

Venues and visitor attractions of all size and scales. This service is available to users of most ticketing systems. 

What will I get out of it?

We will deliver a custom report, specific to your organisation’s dataset, which will encompass: 

  • Detailed analysis of your sales to date and characteristics of your available inventory 
  • Recommendations for maximising income and sales from your remaining inventory 
  • Revised forecasts based on sales to date 

Optional Support

This service will be of value to any organisation looking to maximise admissions income in the immediate future following the reopening of their venue. Optionally, organisations may choose as a result of the recommendation to commission:

Custom segmentations– Tag your most valuable customers based on many data dimensions, for use in highly targeted marketing campaigns

Pricing Playbook – We will work with you to forecast and anticipate a range of potential income and volume scenarios, and pre-plan your response, helping you to prepare for your first post-Coronavirus season

Triple A Earned Income Review – An in-depth study of your earned income, accompanied by detailed recommendations for maximising income across Admissions, Affiliation (membership, subscriptions & donations) and Ancillary spend.

Enquire

We know that the sector is under cashflow pressure. Pricing varies by database complexity and volume of available inventory, ensuring that all organisations can access the service at an affordable price. Organisations requiring extensive customisation can achieve this at additional cost. 

Enquire about Reopening Revenue Maximisation


Any personal data or information you provide will be used solely for the purpose of addressing your enquiry (except where this data is already held or obtained by us for alternative purposes) and/or to fulfil legal or regulatory requirements if necessary. This information will be passed on to members of staff who are in the best position to process your enquiry.

If you’d like to find out more please get in touch

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