Social distancing measures at events are here to stay. For some events, this means going to great lengths to keep people apart, such as drive-in festivals. But most events can’t afford to park a car between everyone. For events and venues without huge spaces, social distancing will mean adapting plans and reducing capacity. And without the right planning, losing money.
Shrinking attendance creates its own challenges when trying to make money on an event. Less people at your event means:
- Decrease in profit on standard ticket prices
- Less opportunity to generate revenue from sales across the bar and retail
- No-shows have more impact on your business
When capacity is restricted by social distancing, you want your attendance to be as high as possible. You want to plan to scale up your events quickly if the situation changes and capacity can increase. But there are financial risks with this move, especially if you are considering a venue change or adding extra dates. After months of not earning income from live events, you need to be making informed decisions and avoid leaving money on the table if demand is there.
By gauging demand and tapping into a ready-to-go fanbase, you can stay flexible with your planning to give your event the best chance of making money. Here are three ways that using Tixel for ticket resale can help do that. (Or jump to the E-Book Download!).
Instantly sell new release tickets to waiting fans
Tixel creates official waitlists for your events and offers eager fans the chance to snap up resale tickets the moment they become available. They can sign up for alerts, or pre-authorise the price that they’re willing to pay and how many tickets they need. This means if a ticket holder can no longer attend, their tickets will get snapped up the moment it’s listed. You still get fans in the door and the original purchaser doesn’t need to ask for a refund.
As the event organiser, you can also upload an allocation of extra tickets to the Tixel resale marketplace. Say for example you have 100 fans on your waitlist. 50 of these fans have pre-authorised to buy tickets to your event. Restrictions ease before the big day and you know there is demand and that you can sell more tickets instantly.
Fans are happy because they can access real tickets with no risk of fraud. As the event organiser, you can scale knowing you’ll fill any gaps in your attendance.
Reduce no-shows and refunds
No-shows cost event organisers money. Even if they buy a ticket at full price, no-shows cost your event auxiliary income. When every ticket/seat counts, you want to know you can count on a (social distanced) queue at the bar.
By connecting your event ticketing to Tixel, you can give existing ticket holders a secure way to sell their tickets to other fans. Instead of asking for a refund, ticket holders can on-sell their ticket for a fair price — ensuring they are in the hands of people that will show up to your event. It’s a win-win for everyone and there’s less admin and headaches for you handing back money to refund unusable tickets.
Attending fans will do more than spend money on drinks, too. In a time when people are nervous about returning to live shows and events, having social proof from attendees will impact your future events. Fans sharing photos and talking about your events will help generate FOMO and show others that you are back in business.
Boost your insights on non-attending fans
If a fan tries to buy tickets from you and misses out due to limited capacity — the relationship doesn’t need to end there. The resale market is fragmented and further muddied by scammers and scalpers. By using Tixel to integrate resale into your existing event ticketing, you can take back control of this market for the first time.
Once your event ticketing is connected to Tixel, non-attending fans can register their intent to buy tickets — and you can capture registered details to let these fans know about future events and early release sales next time.
Our pre-authorisation function also gives you access to pricing insights never available before — by showing you exactly how much these fans are willing to pay for tickets. If your event hasn’t sold out but people are turning to the resale market to pick up tickets at a discounted price, you’ll get full visibility on what the market wants to pay. This data can provide invaluable insights to inform decision making around pricing strategy and profitability in 2020 and beyond.
Organising Live Events in 2020 and Beyond
To learn more about how to run a flexible event with ticketing insights and tactics to keep your events running profitably, download our free ebook, COVID-Flexible Events: Organising Live Events in 2020 and Beyond.
Tixel helps you sell out your event, not your fans. Our legitimate fan resale marketplace plugs directly into some of the world’s most popular ticketing platforms, giving event organisers unique data insights, communication tools, and customer support for their resale market.