Whether your venue presents theater, dance, music or any other kind of event, increasing revenue is likely always of interest. If you agree your organization could use a boost to its bottom line, read on!
Let's face it, today's customers want choice. They want options to attend the types of events they love - and to share these experiences with fiends and family too.
Your ticketing platform should be facilitating all this and more.
Here are four ways that OvationTix can help boost your revenues.
Use Online Ticketing Tools to Offer Patrons More Choice
By offering your customers more choice, you open your organization up to new pools of revenue. OvationTix allows you to sell your offerings in many different ways to help support this.
Packages is one popular feature on our platform. Create a family pack offering four tickets at a discount. Or, put together a flexible package so customers can buy two tickets to three different shows they'd love to see. With various options, customers are more likely to find something that works for them - and make a purchase.
Memberships are another popular type of package for OvationTix clients. These memberships can have specific benefits attached to them. For example, a certain number of free events or reduced pricing. In OvationTix, you can also set these memberships to auto-renew, making it easier to retain your members year-over-year
Promo codes are another useful tool. They can be used as retention offers in post-event emails to get customers back to your venue or for holiday promotions. You can also track sales from specific groups or campaigns like out-of-home advertising or social media (which can be difficult to track otherwise). One OvationTix client that makes excellent use of promo codes is the Athenaeum Theatre in Chicago. Check out their story here.
Cross-sells are another great tool to increase revenues. With OvationTix, you can give ticket buyers the option to add additional products or donations to their cart during the purchase process. For example, you may have merchandise, drinks or parking passes to sell. The checkout process is the perfect time to offer these additional items. Amazingly, OvationTix clients who use donation cross-sells have 31% higher average order values over those who do not.
Leverage Segmentation and Email Marketing to Increase Ticket Sales
You can put on the best event in the world, but ticket sales will fall short without proper marketing.. That's why OvationTix includes a suite of marketing tools to make it easier for you to promote your events and sell more tickets.
OvationTix integrates with MailChimp and Constant Contact, allowing you to send targeted emails to your customers and create marketing campaigns.
Additionally, the audience segmentation functionality in OvationTix makes it easy to create targeted lists that you can upload directly to your email provider.
For example, let's say you want to get people who are interested in jazz events back to your venue. In OvationTix, you can create a list by filtering your database for patrons who attended three or more jazz events last year but who have not purchased a ticket in the last six months. Then, send a targeted email campaign to this list for future jazz events.
And let's face it, no one likes junk mail. By better understanding your audience and sending them offers that match their interests, you can increase the conversion rates of your campaigns. Say hello to an increase in ticket sales!
Reach New Audiences with TheaterMania
In addition to revenue and marketing tools, OvationTix clients also get exclusive advertising deals on TheaterMania, the definitive source for performing arts news, information and special offers across the United States.
With over 1 million theatergoers visiting the site each month, TheaterMania features show listings, reviews, news, interviews, ticket offers and content covering theater, dance, opera and more.
TheaterMania provides a variety of advertising opportunities including digital advertising, audience extension, featured listings, email marketing and social media. They also have a "Submit Your Own Listing" tool which allows you to list your events on the website and gain exposure to their 1 million monthly website visitors for free. Click here to sign up and submit your listings.
Generate Revenue from Refund Protection
In 2018, OvationTix partnered with Booking Protect to offer ticket buyers refund protection for their purchases.
With refund protection, buyers can get a 100% refund if they cannot attend the event for covered incidents including accidents, illness, home emergencies and more.
So, how does this increase revenue for your organization? Well, OvationTix clients with Booking Protect enabled get 40% of the revenue generated by the service.
According to Booking Protect's average revenue projections, a client selling 50,000 tickets per year at a $50 price point can expect to generate an extra $12,000 in revenue per year.
Additionally, Booking Protect makes things easy for your organization. It is entirely hands-off for you as Booking Protect handles all refund requests and makes all payouts.
Booking Protect is free to enable on your OvationTix account. To implement, all we need are your Vendor ID and API Key. Yes, it really is that simple.
So there you have it - four tactics that you can implement today on the OvationTix platform to increase your revenue.
Maintaining strong revenues is critical to the success of your organization, but is not always an easy thing to do. Sometimes, we need to get a little bit creative and look for new ways to increase revenue. So, don't be afraid to roll up your sleeves and experiment with these strategies!
To see how OvationTix can support you, schedule a demo with us today.