How Data Improves Business
FOR THEATERS, OPERA HOUSES, CONCERTS HALLS, AND SPORTS CLUBS
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Did you know that companies making successful use of data are, on average, 5% more productive and 6% more profitable than their competitors?
This is also true for the live entertainment industry! And there are plenty of examples proving that theaters, opera houses, concerts halls, and sports clubs can generate even better results by becoming data-driven.
Therefore: Let us have a look at what data means for Live Entertainment and your business, and why utilizing already existing databases should be on top of your mind.
What is usable and valuable data in live entertainment? That answer is quite straightforward: All the user details from your ticketing platform and the orders to various plays and events. But it is also the minor, but still crucial, details like:
Time of purchase
Frequency of purchase
Number of customer buying from the same postcode
And the data is already there! You simply just need to put it in use.
Whether your pain point lies in finding new audiences, marketing to the right segment, creating an engaged community, providing a fully immersed experience or simply lacking a good overview of sales, the right data can help you improve decision-making – and this is where the right data insights really start to make a difference.
Data management in 3 steps
Data cleansing. Data monitoring. Data enrichment. Data standardization. Data quality. Just to name a few! The field of data management includes many terms.
Generally speaking, data management can be fitted into three levels:
First level provides the most basic overviews and reports including KPIs portraying the number of tickets sold and the revenue generated. The first level is the essential building block to any and all data management, that most ticketing platforms can provide.
Second level is a bit more interesting as it unites data, human experience, and complicated algorithms. Diagnostic analysis reveals why something happens and illustrates the impact of your different campaigns in real time helping you to make the right decisions at the right time.
Third level helps your company to forecast the future and provide you the chance to compare and analyze what customer data really is showing us. This is where predictive analysis, machine learning algorithms and high-level data scientists make the world of difference.
You might not realize, but the predictive power is present in already existing data. It just needs to be transformed into value. Let me give you a few concrete examples illustrating how data can improve the effect of your marketing initiatives significantly.
A segment builder capable of filtering all first-time buyers that bought the cheapest tickets available and live in a specific part of the city, giving you access to a specific target group you can reactivated with a marketing promotion.
Customer insights showing you when you have big groups coming from far away, providing you the opportunity to reach out by sending them a personalized email including suggestions for where to eat, where to stay and future events of interest etc.
Business insights analyzing the events, that are about to sell out, the events that need more attention and the campaigns that have generated the best results in the past.
The opportunity to create magic WOW moments. It takes little effort, but creates a big effect to say ‘’Happy Birthday’’ to a customer attending a play on their birthday. The greater the experience, the higher the chance is that you have gained a valuable ambassador for your venue.
This is what we do. This is Activity Stream. By using complex scripts and algorithms, we create predictions that reveal the shows that will sell out, what marketing should focus on, which customers you should target your campaigns at, and how customers’ behavior is changing over time.
In order to get started and learn more about how you harness the power in your data to help you increase revenue and customer experience, contact us here for a demo.