Let’s say you go to a lot of concerts. And let’s say you have a big social media following. And maybe, just maybe, you’re such a big deal that when you tell all your friends and social media followers about all those shows that you’re seeing, they want to go, too. Wouldn’t it be great if the venue or the promoter or whomever you’re buying tickets from could reward you for all the incremental tickets that you’re helping to sell through your charisma and social influence?
Well now they can.
Thanks to a new product from Ticketfly, the people who put on those shows you love will now have a tool for identifying and rewarding the customers who attend their events — and get other people to do so as well. Ticketfly’s Fanbase includes a proprietary ranking algorithm to create a list of the most valuable customers for promoters and vendors.
That includes attendees’ own purchase history and their social influence, including how often their sharing activity on third-party social networks resulted in a ticket sale. That will allow promoters to see how many tickets they’ve personally purchased, social sharing stats, or lifetime revenue that has come from a particular fan.
Not only can Ticketfly partners use Fanbase to identify their most important and influential customers, but they can also use the tool to contact those customers with offers to like, entice them to buy more and tell even more people about the shows they’re going to. That could include stuff like exclusive pre-sales, merch, VIP seating, or maybe a chance to meet an artist in person.
Furthermore, the Ticketfly system can narrow down users based on their favorite artists or genre. That will allow promoters and venues to provide a higher level of targeting to fans, sending them the most relevant deals or promotions, based on shows they’ve enjoyed in the past.
For Ticketfly, the name of the game is helping its partners to sell more tickets. It does that by connecting its proprietary analytics with integrated social and email marketing tools. Since about 7 percent of fans are responsible for about 30 percent of all revenue, identifying those high-value customers is key to their success. Ultimately, the tools are designed to create a stronger bond between the fan and venue, according to Ticketfly co-founder and CEO Andrew Dreskin.
The Fanbase offering was tested with 50 different venues in beta, of which 92 percent said that they plan to continue using Fanbase multiple times per week, Dreskin told me. Ticketfly will be making the Fanbase tools available to all its clients, as a way to help grow their ticket sales and maybe, just maybe, attract more venues and promoters to use its platform.
Dreskin says that revenues were up 79 percent year-over-year during the first quarter, and that’s actually an acceleration over the previous year. Much of that can be attributed to new venues or promoters coming online with its platform, but Ticketfly also has seen a steady increase in ticket sales within its existing footprint of venues.
In fact, Ticketfly has yet to see a new partner come over from a competing ticket provider — usually the incumbent, Ticketmaster — and not sell more tickets than on its previous platform. Dreskin attributes that sales lift to the integrated platform. Fanbase should only accelerate that lift, as new analytics provide new insights and new rewards can drive increased sales.
Article courtesy of TechCrunch