Profitable concert promoters understand the balance between successful promotion, price and overall sales. Creating successful marketing strategies for concert tickets requires a strong knowledge of the local market and the overall demand for the band, line-up or festival. Maximising price, sales and location and minimising marketing costs will result in higher profits and a successful concert. Marketing strategies should be created to fit each concert's profile that will ensure a high level of ticket sales and a low number of vacant seats.
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Analyse the concert potential for each location. Assess the popularity of the event and estimate the potential concert attendance for various ticket prices. Based on your initial assessment, review the available concert venues for logical ticket price distinctions and capacity. Match the concert venue with anticipated demand at the mid- to highest-price ticket level for profit maximisation.
Select a concert date that enhances marketability. Concerts on weekends and at night have a different potential audience than concerts scheduled during the day or on weekdays. Match the type and target market of the concert with available dates at your preferred venue. Schedule multi-location concerts based on population in each city. Cities with greater concert attendance potential should be scheduled for dates and times that are most optimal for attendance.
Set ticket prices based on anticipated demand at a level that should allow a capacity crowd. Setting prices too high will limit profits due to low attendance, and prices set too low will limit potential revenue. Assess price levels for tickets based on the venue layout and seat-quality distinctions. Consider offering volume sales discounts and other promotional tactics to ensure a high level of sales, preferably soon after tickets first go on sale.
Determine the media mix for advertising. Use the concert's target market to determine the types of media that are most likely to reach your intended audience. For top-40 popular groups, primarily advertising through a mixture of Internet-based and radio advertising may be the most cost-effective method, while a symphony concert may require a mixture of targeted direct mail, public radio and television advertisements. Select the mode of advertising media that minimises cost and increases exposure to likely concertgoers.
Review the success of ticket sales. Monitor ticket sales and adjust advertising methods and penetration based on the success of ticket sales. Increase penetration through additional advertisements or promotional activities if ticket sales are sluggish, and decrease spending as ticket availability diminishes.
Consider alternative sources of revenue as part of your marketing mix. Advertisements listed on concert tickets, event signage and even concert promotions can be a positive source of concert revenue that should be included in your marketing strategy.
Tips and warnings
- Look for sources of income beyond ticket sales to increase the financial success of a concert.
- Protect your company image by trying to prevent illegal ticket sales.
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