Here at Best.Day.Ever., we understand the need for effective utilization of assets for financial health and sustainable growth. This holds particularly true during times of cost-cutting when words like lay-offs and budget cuts foster fear. It doesn’t have to be this way! In this blog, we explore the importance of maximizing ticketed assets and its profound impact on a business’s financial well-being, both in the present and for the future.
Strategic Efforts
Whether it’s through sponsorship, partnership, or direct purchase, our clients have invested in the sports and entertainment industry, getting numerous tickets as part of their package. These tickets come in different shapes and sizes.
Picture a luxury suite at the big game, VIP theater seats, or unforgettable pit tickets at your favorite concert; These resources can (and should) be strategically allocated. Ticketed asset utilization involves a nuanced approach, ensuring that each “ticketed” element is not only allocated efficiently but contributes to the overall productivity of your company.
Jeremy Kochman, Director of Client Services at Best.Day.Ever., explained how these practices are put into action. “We develop meaningful relationships with clients so we can present opportunities to entertain that make sense, ensuring not just that every ticket gets used, but that the right person ends up in that seat.”
Strong relationships with department heads are crucial for effective ticketed asset utilization. Best.Day.Ever. takes the time to understand what the client’s specific Key Performance Indicators (KPIs) are and produce a game plan to help achieve them. “It’s always better to be proactive, rather than reactive,” said Kochman.
By understanding the client’s specific business goals, we can ensure the right touchpoints are made. Using a once-in-a-lifetime event to drive sales is a unique strategy yet it produces an undeniable return on investment.
Clean Data = Confident Decisions
Accurate record-keeping is the foundation of effective ticket management. Thorough documentation of every single touchpoint at an event allows businesses to analyze the performance value of ticketed assets and identify trends and patterns that inform future decision-making.
Leveraging specific KPIs is essential for assessing the performance of ticketed assets. The goal is for our clients to hit their sales numbers, using sporting events and concerts to help them do so. When a deal is made, it can hopefully be attributed to the memory made with your brand name tied to it. It is the accurate records being captured that reveal these thriving assets.
However, it’s unrealistic to think this is always the case. Sometimes, the data tells a different story.
“By seeing which specific assets might not be performing well, an opportunity presents itself to terminate that partnership and get money off the books,” said Kochman while explaining the importance of accurate data analysis.
Every investment a company makes is a crucial pawn in a larger game. When managing ticketed assets, a clear and concise strategy must be conducted to appropriately analyze a company’s return on investment. How? By strategizing with understood KPIs, keeping accurate records, and analyzing the collected data. Maximizing entertainment asset utilization emerges not just as a strategy for sales enablement, but as an investment in the future resilience of your business. See how Best.Day.Ever. can help your organization today!