Resale as a Service?!
Hi!
You know me: I’m always looking for an opportunity.
I was excited to do a little research for my upcoming secondary market conversation and talk about things ticket brokers love to see when a show goes on-sale when I found this interview with Zac Leigh of Tixel.
What drew me in were a few numbers:
88% of buyers are more likely to buy a ticket early if they know they can resell the ticket later.
70% of tickets are resold within a week of the event.
Over 30% of tickets change hands, meaning get swapped for better or different seats.
What does this tell us?
Just like with refund protection and the numbers that increased to over 50% in some places, behavior teaches us a lot.
70% of tickets being resold the week of the event means that people are waiting longer.
If you look at a lot of sales data, it looks like this beautiful picture:
This means there is a lot of activity at the start of the week, but things go silent until the last 48 hours.
Price isn’t a motivator during the 4 or 5 days: don’t discount.
People are waiting for the best deal, maybe. Or, they might be making up their mind whether to attend or not. Meaning, you are already in a losing position because when a buyer is buying a few days before a show, a lot can happen like life, alternatives, or doing nothing.
If 88% of people will buy earlier with resale, having some sort of incentive for resale, refund, returns is a big winning opportunity.
Can you roll refund protection into your offer?
Can you make your refund and exchange policy a part of the sales conversation?
Can you remind your buyers how easy it is to change their mind if life gets in the way?
30% of people swap tickets: that’s an opportunity.
Just like you can promote resale, refund, return, you can make “upgrade your seat” a part of your offering.
I’ve been involved in that before…
You can find ways to help people be with their friends, increasing the likelihood of increased scan rates, potentially more ticket sales, and, hopefully, more F&B sales.
This gets me back to the notion at the top of Resale as a Service.
Is this a direction people could be willing to go to: having a resale platform/partner that helps manage not just the listing and pricing, but the different strategic ways to fill a venue?
Zac has given me something to think about: what about you?
Don’t forget to send me your ideas for Monday’s special holiday podcast recording of “Things Scalpers Love When You Go On-Sale”.
I want your ideas, questions, and thoughts.
Let me know:
Reply to this email.
Send me a DM or a reply on social media:
The ‘Talking Tickets’ Slack Channel.
Mail me a package/post card/letter.
Carrier Pigeon works as well.
Dave
BTW, join me on January 3rd, 2024 at 1 PM Eastern for ‘First Wednesdays with Dave’. We are going to talk about getting off to a strong start in the new year.
It is FREE! And, fun!