11 Feb 2019 | Data, Data Driven Thinking, Features, Marketing
We’re taking a look at the new Ticketsolve Box Office Target Feature and how it’s helping our customers strive to achieve their new year’s goals and objective.
With the new year well under way, it’s time to look at those objectives we set in January and regain our focus. Are we on track for 2019? Are our goals and objectives looking realistic? Are they challenging and motivating? Will they drive our team forward or are they not offering us enough of a stretch? Goals and Objectives need to be SMART, in other words, challenging but maintainable. With all of these criteria in mind, we’re taking a look at the new Ticketsolve Box Office Target and how it can help us achieve our organisational goals for 2019.
Let’s get stuck in - Budgets!! Yes, the one word that can turn our Monday Funday into Blues on Tues, or even Weepy Wednesdays. Well at Ticketsolve, we’re hoping to change that outlook so that the next time you’re attending a budget review or a marketing brief, you and your team arrive prepared and ready for battle (we’re only joking about the battle bit, but with the new Box Office Target Feature, you will feel like a knight riding in on your white horse :)
Budgeting in the Arts
Arts institutions, like any organisation, have strict budgets that we must adhere to. It’s how we focus on sustainability, enable progression, and watch growth in areas such as revenue, audiences, sponsorship, fundraising, and resources. Although sometimes painful, we need to keep a tight eye on our budgets. If the house is cold, we don’t leave the central heating on 24/7 and then ignore the costs later. Instead, we monitor our heating and ensure that all doors and windows are shut tight and that no heat is escaping. With the same mindset, this is how we need to look at our yearly budget. It is our measuring tool for resources so that nothing goes to waste.
In the arts, it can feel like spending never ends. We need to stick to those budgets or else somewhere later along the line we’ll feel the pressure of overspending. Even if your organisation is a receiving house, there are endless costs after show buy-in. There’s also staffing, technicians, posters and brochures. Now more than ever, we need to maintain our data-driven approach to arts management.
Taking a look at the Ticketsolve Box Office Target Feature
The Ticketsolve revenue target feature is implemented across both show and event levels. Setting a revenue target enables staff to quickly see their progress and where they measure against their goals.
One of our main objectives with this feature is to help your team further plan your marketing strategies through data-driven results. For example, this new feature will show if your team are ahead of target or not. With this information, you can decide if you need to invest in additional advertising. If Revenue Target highlights that you are behind on your set show target, your team can quickly brainstorm and put a plan in place to increase ticket sales. From recognising that one show is well above target and not further investing, it means that you have resources in reserve for times when you are not achieving our revenue targets for shows or events.
A Ticketsolve Target Tip
While there are a whole host of ways to motivate the team, we want to highlight one tip tp help you get the most from the Target feature.
Have a marketing stand up at the start of the week
A stand up is really a quick meeting (it's called a stand-up because everyone stands during the meeting - ensuring it stays short, but feel free to sit ;) Make the main objective of this meeting to study the Box Office Revenue Target report. We know that looking at targets first thing on a Monday morning is tough, but understanding where you stand in terms of goals and objectives is important. Perhaps there’s no great time to discuss projects that are below targets but start with the positives and take the good with the bad. It’s all about team motivation.
Have a powerful brainstorm for 5 minutes on what the team can do to push ticket sales on shows that have been reported as behind target.
One of the key points for ensuring success from these meetings is to review and reflect frequently. Even if it is for five minutes on Wednesday and another 10 minutes on Friday. You want to check that the changes you have implemented are creating the desired results.
The Ticketsolve Box Office Revenue Target Feature means that we can say goodbye to waving a finger in the air and thinking that we are on target with our box office. This feature adds transparency. On or behind target has become a simple Yes/No answer thanks to our new reporting feature.