Estimated Read Time: 3 Mins
In the Part 1 of our blog series about maximizing your season ticketholder retention, we walked through a high-level view of the important activities around season ticket holder renewal, as well as how data can support you in maximizing your customer conversations. Part 2 focused on best practices surrounding nurturing fans at different tenure stages and how to increase their likelihood of renewal. In Part 3, we show you how data and analytics, coupled with relationship-building efforts, will drive efficiencies and revenues.
Using Data to Support your Touchpoints
Your service team is working hard to enter this great data into your CRM system, so now it’s up to your analytics organization to provide value back. This will further build adoption of your CRM system while empowering your front-line staff with the data that is game changer for relationship building and renewal efforts. It’s important to note that it can be a tricky balance as data must be provided in a timely and relevant manner so as not to overwhelm or distract the reps from the task at hand.
The data best practices that will ultimately lead to your most capable and high-performance renewal year ever are
Machine Learning Powered Retention Scoring:
Understanding what fans are fence-sitting season ticket holders is critical. These “likelihood to renew scores” can’t be once a year, or even once a month. Automation of these scores allow reps to understand which customers are at the highest risk of non-renewal at any given moment in the year. In the world of lean sports franchise staffs, these scores also provide detailed information on which accounts will benefit most from touchpoints and nurturing from a renewal rate maximization perspective.
Key Fan Behavioral Metrics:
Making it easy for reps to understand the engagement, behaviors and touchpoints fans are having and receiving with / from the organization will keep the team on track with getting organized for renewal. Important questions for your reps to ask themselves include:
Which of my accounts have subscribed to our newsletter as I recommended?
What did the fan self-report in terms of renewal intent in the latest customer survey?
How did this score change from last year?
How many meaningful touchpoints do I have with each account?
Who usually do I have a lot of touch with but have dropped off this year?
How have attendance patterns amongst my accounts changed this year?
Where should I focus my time?
Advanced data science also works to profile and segment fans into valuable groupings that add relevance and context to discussions with customers. Wouldn’t it be nice to know which season ticket members meet an “early renewers” segment? This might help a rep contact someone early in the season. What about something like “digitally savvy”, this might indicate a willingness to renew online.
At StellarAlgo our data platform is powering the data driven retention capabilities of a large number of organizations. We pride ourselves on the power, capabilities and experiences that we have collected ultimately allowing us to drive data actionably that results in retention increases of 3% – 10% per annum.
READ PART 1 OF THE SERIES: IMPORTANT ACTIVITIES AROUND SEASON TICKET HOLDER RENEWAL
READ PART 2 OF THE SERIES: BEST PRACTICES SURROUNDING NURTURING FANS AT DIFFERENT TENURE STAGES
Do you have questions about how to maximize your ticketholder renewal rates? Reach out to us today – we’d love to answer them!