Webinar: Christmas in July: Maximizing Holiday Revenue Starts Now
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It’s summer—the time of year when an arts manager’s thoughts turn to poolside fun, family vacations, and—of course—planning for A Christmas Carol, The Nutcracker, yuletide concerts, and other holiday blockbuster events. Not on your calendar yet? Then you are missing a major opportunity. Holiday productions equal big money for arts organizations. But how can you get the most out of this once-a-year opportunity? New York City Ballet (NYCB) wanted exactly that—to maximize revenue. The company had been selling out most of its performances of The Nutcracker. However, NYCB could not add more performances. Growth had to come from the schedule already in place. NYCB Director of Marketing Karen Girty In partnership with TRG Arts, New York City Ballet found ways last summer to increase revenue from The Nutcracker in December 2011, and as a result it generated an additional $1.1 million. Read the New York City Ballet case study. NYCB’s Director of Marketing Karen Girty joins TRG’s Keri Mesropov and Lindsay Homer to detail how they did it—and how you can get your organization on track for big holiday season success. You’ll learn: -how pricing and scaling can make or break holiday revenue -best practices for timing and deploying a holiday campaign -specific techniques Girty, Homer, and Mesropov used to drive revenue at NYCB
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Webinar: Christmas in July: Maximizing Holiday Revenue Starts Now
- 1. Webinar Christmas in July: Maximizing Holiday Revenue Starts Now Hosted by Keri Mesropov, VP of Client Services Copyright © 2012 TRG Arts All Rights Reserved
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- 3. National Census of Arts and Culture Database Networks Nationwide D D D D D D
- 4. 2011 compared to 2010 Expected Revenue Expense Budget Higher 24% 35% Lower 52% About the 58% 18% same 13% 4
- 5. When does your holiday program marketing campaign begin? August 14% September 17% July After August October 20% 56% 27% June November 4% 11% May December 2% April 1% before April 1% 3% 5
- 6. What portion of your annual ticket or admission revenues do holiday programs represent? One-third (33%) 14% 25% or less Other 60% 40% Half (50%) 17% Two-thirds or more 9% 6
- 7. Holiday NOW? I have a season to open! Big Opportunity: REVENUE 7 PROSPECT POOL
- 8. Key Considerations For planning your holiday show campaign 1. Start selling NOW • Elongated sales period = more sales 2. Plan expenses according to expected revenues • Invest big to maximize return-on-investment • Cost of sale application: 17-26% 3. Revisit inventory and price management plans • Sure bets: prices go up • Underdogs: Offers to stimulate demand – TODAY 8
- 9. An Important Note For this year Paid media inventory tight, priced at premium. 9
- 10. Karen Girty, Marketing Director 10
- 11. Q and A with Karen Girty on the state of NYCB’s Nutcracker prior to TRG partnership 11 Photo: Paul Kolnik
- 12. Lindsay Homer, Managing Senior Consultant 12
- 13. Prior to TRG Counsel Revenue was not being maximized • Scale-of house and pricing impacted revenue potential – Scale-of-house plan reviewed for Story, Repertory and The Nutcracker as part of a larger re- scale effort • The Nutcracker had Standard, Peak and Prime pricing – Created big swings in per capita revenue, but overall per capita was flat and did not increase with 13 demand
- 14. Proposed 2011 Scale-of-house Plan Existing scale plan required minimal changes • Goal was to maintain a consistent scale-of-house plan between Repertory and The Nutcracker Lower prices David H KochTheater 112910 introduced in 2nd Standing Room and 3rd Rings and X 24 22 20 18 16 14 12 10 8 6 4 2 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 X lower levels O 26 24 22 20 18 16 14 12 10 8 6 4 2 O 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 O 1 3 5 7 9 11 13 15 17 19 21 23 25 O N 26 24 22 20 18 16 14 12 10 8 6 4 2 N 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 N 1 3 5 7 9 11 13 15 17 19 21 23 25 N M 28 26 24 22 20 18 16 14 12 10 8 6 4 2 M 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 M 1 3 5 7 9 11 13 15 17 19 21 23 25 27 M L 28 26 24 22 20 18 16 14 12 10 8 6 4 2 L 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 L 1 3 5 7 9 11 13 15 17 19 21 23 25 27 L K 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 K 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 K 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 K J 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 J 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 J 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 J H 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 H 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 H 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 H G 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 G 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 G 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 G F 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 F 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 F 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 F E 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 E 114 113 112 111 110 109 108 107 106 105 104 103 102 101 E 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 E Fifth Ring D 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 D 113 112 111 110 109 108 107 106 105 104 103 102 101 D 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 D Fifth Ring AA C 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 C 112 111 110 109 108 107 106 105 104 103 102 101 C 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 C AA 2 1 4 B 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 B 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 B 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 B 3 6 Fourth Ring A 28 26 24 22 20 18 16 14 12 10 8 6 4 2 A 114 113 112 111 110 109 108 107 106 105 104 103 102 101 A 1 3 5 7 9 11 13 15 17 19 21 23 25 27 A Fourth Ring 5 8 BB AA AA BB 7 10 2 2 Fourth Ring 1 1 9 12 4 4 3 3 11 14 6 6 5 5 13 16 8 8 E 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 E 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 E 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 E 7 7 15 18 10 10 D 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 D 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 D 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 D 9 9 17 20 12 12 C 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 C 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 C 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 C 11 11 19 22 14 B 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 B 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 B 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 B 13 21 24 16 Third Ring A 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 A 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 A 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 A Third Ring 15 23 26 18 CC BB AA AA BB CC 17 25 28 20 2 2 2 Third Ring 1 1 1 19 27 30 22 4 4 4 3 3 3 21 29 32 24 6 6 5 5 23 31 26 8 8 E 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 E 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 E 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 E 7 7 25 28 10 D 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 D 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 D 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 D 9 27 30 12 C 40 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 C 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 C 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 C 11 29 32 14 Second Ring B 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 B 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 B 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 S Becond Ring 13 31 34 16 BB A 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 A 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 A 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 A BB 15 33 36 18 2 AA AA 1 17 35 38 20 4 2 Second Ring 1 3 19 37 22 4 3 21 24 6 5 23 26 8 F F 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 F 7 25 28 10 E 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 E 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 E 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 9 27 30 12 D 40 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 D 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 D 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 11 29 32 14 C 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 C 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 C 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 13 31 16 B 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 B 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 B 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 15 18 A 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 A 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 A 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 17 20 First Ring First Ring 19 22 BB 2 4 First Ring BB 1 3 21 24 AA 4 2 AA 1 3 23 26 AA 8 6 AA 5 7 25 28 AA 12 10 Viewing Room AA 9 11 27 AA 16 14 V 12 10 8 6 4 2 V AA 13 15 AA 20 18 U 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 U AA 17 19 AA 24 22 T 141 140 139 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 T AA 21 23 AA 28 26 S 144 143 142 141 140 139 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 S AA 25 27 AA 32 30 R 147 146 145 144 143 142 141 140 139 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 R AA 29 31 AA 36 34 Q 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 Q AA 33 35 AA 40 38 P 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 P AA 37 39 AA 44 42 O 28 26 24 22 20 18 16 14 12 10 8 6 4 2 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 O AA 41 43 AA 48 46 N 26 24 22 20 18 16 14 12 10 8 6 4 2 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 N AA 45 47 AA 50 M 26 24 22 20 18 16 14 12 10 8 6 4 2 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 M AA 49 L 28 26 24 22 20 18 16 14 12 10 8 6 4 2 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 L K 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 K J 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 J H 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 H G 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 G F 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 F E 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 E D 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 D C 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 C B 28 26 24 22 20 18 16 14 12 10 8 6 4 2 114 113 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 25 27 B A 24 22 20 18 16 14 12 10 8 6 4 2 112 111 110 109 108 107 106 105 104 103 102 101 1 3 5 7 9 11 13 15 17 19 21 23 A Section Number of Sweet Orchestra SS RIGHT LEFT A Seats expanded for B C D 14 Standard and Peak performances E
- 15. 2011 Pricing Recommendations Collapse prices into one simplified price table • Scale-of-house changes decreased the number of price points available for The Nutcracker Sweet Seats A B C D E F G H I PRIME Prices $ 225 $ 135 $ 110 $ 100 $ 85 $ 75 $ 55 $ 40 $ 45 $ 25 PEAK Prices $ 215 $ 125 $ 100 $ 90 $ 75 $ 70 $ 45 $ 30 $ 35 $ 20 STANDARD Prices $ 200 $ 110 $ 90 $ 75 $ 65 $ 60 $ 35 $ 20 $ 25 $ 15 Proposed Prices SS A B&C D&E F&G H&I $225 $135 $110 $89 $55 $29 • Prime, Peak and Standard pricing replaced with static and dynamic pricing 15
- 16. Change in Gross Potential The Nutcracker Increase of 14% Gross Potential No. Perfs Total GP 2010/11 PRIME $ 264,140 17 $ 4,490,380 2010/11 PEAK $ 239,055 18 $ 4,302,990 2010/11 STANDARD $ 206,275 12 $ 2,475,300 47 $ 11,268,670 2011/12 $ 272,527 47 $ 12,808,769 Difference $ 1,540,099 14% increase over 10/11 3% PRIME 14% PEAK 32% STANDARD 16 *Gross potential is 100% value of each seat if entire house is sold
- 17. Summary Impact of Scale-of-house and Pricing Changes 1. The Nutcracker gross potential increased by 14%* 2. All price points available in the most visible areas of the house a. A more-full effect for lower attended performances b. Per capita revenues rise as demand increases 3. Fewer price points provokes desired purchase behavior a. Lowers barrier to entry on low-end of price scale b. Maximizes revenue on the top-end of price scale 17 *Gross potential is 100% value of each seat if entire house is sold
- 18. The Results Nutcracker revenue increased by $1.1 million in 2011 Of that $1.1 million: • Scale-of-house plan $600,000 • Dynamic pricing $170,000 • Sold more tickets $330,000 18
- 19. New York City Ballet Retention Postcard for 2011 Nutcracker New-to-File Buyers Front 19
- 20. New York City Ballet Retention Postcard for 2011 Nutcracker New-to-File Buyers Back Offer Choices 20
- 21. New York City Ballet Retention Email for 2011 Nutcracker New-to-File Buyers 21
- 22. Results Nutcracker New-to-File Retention offer Ocean's Kingdom Seven Deadly Sins Romeo and Juliet TOTAL Overall Response Rate 0.93% 0.72% 2.16% 3.80% Total Households 19,412 19,412 19,412 19,412 Total Responders 180 139 419 738 Package quantity 360 278 838 1,476 Revenue Total $ 15,359 $ 10,774 $ 68,499 $ 94,632 Total cost of mailing $ 10,492 Cost of Sale 11% 22
- 23. Questions? • Use the Q&A feature to ask questions. – Q&A is in the lower right corner of your screen. – Type your question in the text box. – Send. 23
- 24. In Sum Clear the deck: Sell holiday TODAY 4 keys to success: 1. Sales cycle begins today, does not stop 2. Invest big to optimize ROI 3. Optimize revenue via pricing, scrupulous management of inventory 4. Retention, retention, retention 24
- 25. Want to know more? TRG can help make holiday the most wonderful time of the year - Demand Management Sprint - Holiday Program Campaign Sprint Email info@trgarts.com. 25
- 26. TRG’s Next Webinar July 31st, 2 p.m. EDT Stick with Us!: Mapping Strategies to Keep Patrons Loyal Jill Robinson, President Register at www.trgarts.com 26
- 27. Webinar Thank you! If you have further questions, email info@trgarts.com. www.trgarts.com Copyright © 2012 TRG Arts All Rights Reserved www.blogspot.trgarts.com
Editor's Notes
- A few words about TRG Arts. TRG is a consulting firm that helps arts and entertainment clients grow revenue and patronage. Since we came on the scene in 1995, our firm has honed a laser focus on achieving results in the non-profit arts industry where the risks are great and margin for error is razor-thin. Our company has helped generate millions of dollars for more than 1,000 clients we now have in the United States, Canada and abroad, including performing arts, museums, commercial Broadway, resident entertainment, and touring companies.
- TRG also manages 18 community databases around the U.S.We’re America’s largest provider of permission-based data sharing networks. Why should you care about this? Data networks are a powerful information resource for patron research, prospecting, advocacy, and data analysis.
- Most of you (92%) produce holiday events or experience peak visitation near holiday time around the end of the year. If you had holiday programs and peak visitation for the past two years, the largest share of you also had an interesting challenge: The revenues you were expected to generate were higher but the amount you had to spend on them were about the same or lower.
- Labor Day appears to be the first day of holiday campaign season. More than half of you wait till September or later to start marketing your holiday campaigns.
- For 40% of you, holiday represents a big piece of your annual revenues – one third or more.
- Christmas in July….You might be saying ‘are you serious? I have a subscription or membership campaign to close out, I’m nowhere near goal and oh yeah, I’ve got a season to open! No way, no how, I’ll get to that in September or October.’ Here are the reasons we challenge that thinking: Holiday programming comprises between 20 and 50% of total annual revenues.And…66-84% of holiday audiences are NEW each year – which means we create a huge prospect pool for other offerings throughout the season.THIS is why we must be thinking about snowflakes, Scrooge and the Sugarplum Fairy right now.
- So…the first, most important key to a successful holiday production is Selling starts NOW. We know the more time we have to sell, the more we’ll sell so activate NOW, TODAY those holiday direct mail campaigns, paid media campaigns and social media campaigns.Second, ensure your expense budget sets up your holiday production or exhibit for success. This is where we see a disconnect – as we saw with many of you in the summary of the questions you answered when you signed up for this webinar. This is your biggest seller of the year, so invest big to maximize your return on investment. Unless your holiday production is completely sold out, you can always afford to spend more to make more here. This holds true for any blockbuster. In the industry, we’re seeing a holiday program cost of sale range from 17% to 26% for a holiday show. Cost of sale, as a reminder is how much $$ you’re spending to make a dollar of income. Finally, take a scrub brush to your inventory management and pricing plans. Where you KNOW you’ll have demand – a Sunday matinee of A Christmas Carol – you can get more for those performances. You know today which shows will have a harder time finding an audience – deploy offers NOW to stimulate demand for these underdogs.
- A small campaign is taking place this fall and that means many things….but for today, it means that inventory in paid media will be tight in many markets and will be priced at a premium. If you haven’t already, you must BOOK IT TODAY.
- From Presidential candidates to a marketing guru….I am so pleased to introduce our guest today. Karen Girty is the Director of Marketing at New York City Ballet, where she manages the Company’s brand and oversees efforts to generate nearly $27 million dollars in annual sales. Prior to joining NYCB, she worked for Serino/Coyne, the nation’s largest live entertainment advertising agency, where she managed accounts for Broadway producers such as the Nederlandersand The Metropolitan Opera. Karen, welcome.
- So all of the points I outlined just a few minutes ago on creating the successful sale of your holiday program, New York City Ballet was doing, spot on. Before TRG’s partnership with the Company, Nutcracker was already soaring.Those of you who are thinking about how big they are—If you work for an org 1/10 your size, would you have done anything differently?While on the subject of big performing arts centers, museums and other institutions in attendance, we know that the holiday season is peak attendance for you too. These concepts can easily translate to you.
- I now want to introduce my esteemed colleague, Lindsay Homer. For nearly 5 years now, Lindsay’s been a principal consultant with TRG, working with clients such as Alvin Ailey, Oregon Shakespeare Festival, Los Angeles Philharmonic and New York City Ballet. Lindsay was the architect of the price and inventory management plans for our work with City Ballet and I now want to hand the mic over to her to describe where we started and the work that led an already-stellar Nutcracker to bigger success. Lindsay?
- Scale-of-house changes decreased the number of price points available for The NutcrackerCollapsed price points from 11 to 5 thus reducing barriers to entry for patronsPrice points were collapsed similarly to Repertory to maintain as much consistency as possiblePrime, Peak and Standard pricing replaced with static and dynamic pricingPrices increased when demand existedReplaced the need to “guess” with data-informed decisions
- The baseline changes to the scale-of-house plan yielded a $600,000 increase over the same number of seats as sold the previous seasonAnother $170,000 came from dynamic pricing changes during the runThe remaining $330,000 came from selling approximately 3,000 more tickets than the previous season, coupled with the fluid scale and pricing changes in a high-demand environmentKaren to elaborate on the particular way in which you managed inventory, and what to do next year on dynamic pricing.Sell more tickets—Keri to transition
- As we mentioned at the beginning of the presentation, holiday blockbusters bring in between 66 and 84% of brand-new people every year. And, 8 out of 10 of those new folks leave and never return. Another strategy TRG worked with NYCB on was single ticket buyer retention efforts. How do we entice MORE of those newbies to come back, stay awhile. Karen, describe for us the strategies you used this past December…
- We’d also like to invite you to our next webinar, featuring TRG President Jill Robinson.She’ll reprise her popular presentation from the June TCG Conference. You’ll learn how to identify your most valuable patrons (surprise—it’s not just major donors) and map out strategies to keep them loyal. Lots of good research on patron behavior—you won’t want to miss it.There’s more information on our website—go there to register.
- Thank you so much for attending.There will be video of the webinar on the TRG website posted in the next week. We will send you an email with the link once it is posted. If you had any remaining questions, we would love to talk to you! Email us at info@trgarts.com.