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Home / Resources hub / Blog / 5 Strategies to Improve Your Ticketing Management and Optimize Sales

5 Strategies to Improve Your Ticketing Management and Optimize Sales

Sruthi Kolukuluri
27 March 2023
Entertainment
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Ticketing managers are constantly faced with the challenge of providing seamless experiences to fans while also optimizing revenue. It is a delicate balance that requires a deep understanding of customer behavior and dynamic pricing strategies. Today, many ticketing managers in the sports and events industries encounter technical limitations due to the lack of solutions that can help them identify untapped revenue streams and make informed pricing decisions.

In this article, we will explore five effective ways for ticketing managers to enhance their ticketing strategy and optimize sales.

1. Boost Your Productivity with a User-Friendly Back Office System

Robust back-office

Every ticketing manager dreams of a fast, easy-to-set-up, and time-saving solution that simplifies their workflow and enhances their productivity. To efficiently manage ticket sales and guarantee a smooth experience for fans, it’s crucial to use a user-friendly and feature-rich back office.

Wiremind’s solution, EVENTORI, offers a comprehensive ticketing suite equipped with a robust sales counter, an online ticket management platform, a ticket distribution module, a mobile application for access control, and an integrated CRM. With all these features at your fingertips, you can effectively recreate your stadium or venue, set up a new event for sale in under 15 minutes, and activate an on-site sale within 10 seconds.

Streamlining operations eliminates the need for managing multiple platforms, empowering ticketing managers to make quick decisions without being held back by technical limitations.

2. Simplify Your Ticket Distribution for a Seamless Experience

Ticket distribution is the first point of contact between clubs and their fans. It is the initial step towards creating a positive fan experience to ensure a higher attendance rate at the stadium/venue. A simplified ticket distribution system can reduce costs, enhance accessibility, increase sales, minimize the risk of fraud, and decrease administrative burdens.

EVENTORI’s integrated distribution system combines both your back and front offices and is designed to simplify payment processing, ticket editing, and ticket distribution. It also provides an administrator sales interface and a counter for printing physical tickets on BOCA printers. Using this user-friendly platform, you can organize your seating map, categorize your ticket pricing, simplify payment methods, safely sell and deliver tickets, and effortlessly monitor all of your ticketing data. This improves the efficiency of ticketing managers, ultimately leading to an increased conversion rate.

3. Leverage Your Customer Data to Improve Fan Experience and Increase Revenue

Collecting information about fans helps ticketing managers gain a better understanding of their needs, preferences, and behaviors. Improved customer satisfaction, loyalty, engagement, and sales can be achieved through better customer data management.

EVENTORI monitors key fan data in real-time. From the first ticket sold to the last fan entering the stadium, all the data is stored in your systems allowing you to make better-informed decisions in the future. It gives you access to both qualitative and quantitative data that allows you to do accurate segmentation and identify patterns in your customers’ behavior. For example, you can see which tickets sell the fastest, how many fans enter the stadium in the first hour, the number of no-shows per match, which fans are most engaged with your brand, and more. With this information, you can reduce your queue management costs, send out targeted marketing campaigns to boost attendance rates, and gain better control over your events to maximize your success.

4. Use Artificial Intelligence to Make Accurate Sales Forecasts

Demand matrix algorithm behind the scenes that allows you to identify an optimal price path from sales opening to D-day.

A good sales forecasting system is essential to estimate your future revenue and tapping hidden opportunities. It adds value to the organization in terms of improved decision-making, reduction in forecast risks, and identification of sales benchmarks for your organization. Recognizing the significance of precise sales forecasting, Wiremind has developed Machine Learning models to define demand matrices that showcase purchasing behaviors. These matrices serve as the basis for optimization algorithms to identify an optimal price path from sales opening to D-day.

EVENTORI enables you to monitor your ticket sales progress in real-time and generate comprehensive reports and alerts with key business results and insights. Thanks to our robust algorithms, you can maintain better control over your sales predictions right up to the minute.

Recognizing similarities between the transportation industry and the sports and events sector, we have identified a possibility to implement RMS effectively in this domain. In this sector, ticketing managers are often challenged by demand fluctuations at the last minute based on several factors like the popularity of teams, recent performances, weather conditions, and time of the year. Many times, due to these varied demands, tickets are sold shortly before the event, making it difficult to estimate the right price to sell these tickets. Challenges like these have a significant impact on sales, setting the clubs behind on their commercial targets.

Accurate sales forecasting opens doors for effective event optimization decisions that not only boost attendance but also maximize revenue potential. By harnessing the power of accurate forecasting, you can ensure the success of your events and drive sustained growth in the sports and events sector.

5. Take Control of Your Pricing Strategy by Using a Revenue Management System

The notion of Revenue Management is based on demand forecasting, taking into account customer trends and behavior to develop effective pricing strategies. This enables companies to adjust prices over time and meet commercial goals. In the past few decades, leading transportation companies have successfully used advanced Revenue Management Systems (RMS) to generate millions in daily sales.

You can input business rules, such as avoiding a +20% change in price, into EVENTORI’s optimization module which runs on a demand matrix that provides the best price path over time to maximize revenue. As a result, you can see possible price variations across different pricing categories in the upcoming sales period, allowing you to make the right decision at the right time.

Paving the way for a new era, EVENTORI comes with a seamlessly integrated AI-powered RMS that harnesses industry-tested algorithms to assess market trends and demand in real time. This capability allows players in this industry to refine their pricing strategies and enhance revenue, gaining an unprecedented benefit from proven techniques.

Read Here: The Power of Effective Revenue Management

The Story behind EVENTORI

EVENTORI’s journey began in 2018 after winning Paris Saint Germain’s public tender for a revenue management tool. This led to the identification of an absence of an integrated, reliable revenue management solution in the sports and events industry, and we were eager to fill this gap. Addressing this, Wiremind provided the first version of the Revenue Manager tool for PSG in 2019 and later developed an integrated solution in 2022, positioning EVENTORI as a valuable ticketing solution provider equipped with an advanced RMS.

If you’re curious about how EVENTORI can help your clubs increase revenue and boost attendance rate, get in touch with our team at sales@wiremind.io to schedule a demo. Experience firsthand the innovative technology that is reshaping the sports and events industry.

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