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Nov 20, 2018
Estimated Read Time: 5 Mins
In the first part 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. In this post, we’re focusing on best practices surrounding nurturing fans at different tenure stages and how to increase their likelihood of renewal.
Having carefully spaced cadences of a variety of touch-points will have a material, positive impact on renewal. So are some best practices to take note of:
Rookies typically renew at a 10% – 20% lower than ticket holders with 3 or more years of tenure. These important accounts are critical and can often be the make or break segment in terms of hitting your renewal goals. The good news is, if onboarded and nurtured correctly they are impressionable, and their renewal rates will increase.
Sophomores typically renew at a rate 5% – 10% lower than ticket holders with 3 or more years of tenure. This means that the sophomore campaign is as important as (and should be treated as an extension of) your rookie campaign.
Great job! You are through the first two and most statistically difficult renewals for your account. The work doesn’t stop there though. Building a long-lasting, meaningful relationship where expectations are managed, met and exceeded is difficult. Keeping fans excited and coming back year-in and year-out is an accountability that each service rep should own, but ultimately it takes a village and is a responsibility of the entire organization.
Keep working those touch points, try different channels and be diligent about collecting data on fans so you can flag any changes in renewal likelihood early. Capturing and rounding out profiles on your customers can be extremely valuable in designing those touch points to be most impactful for your individual accounts.
The service team data points are extremely important, but there are additional data points that are critical to building an actionable data asset that can ultimately act as a secret weapon for your service teams. This is not an exhaustive list but gives you something to think about from an actionable data standpoint:
One time events that have major impacts on the fan experience Other customer data enhancement that we can provide or leverage includes: Customer demographics, customer geographics, customer tenure, macro-economic market data, team performance data, weather data, venue age and location etc). Finally, merchandise, F&B and loyalty program personally identifiable information are other data sources we’ve successfully leveraged, but in general the anonymous or small coverage of the data makes these data points less important at this time.
READ PART 1 OF THE SERIES: Important activities around season ticket holder renewal READ PART 3 OF THE SERIES: HOW DATA AND ANALYTICS, COUPLED WITH RELATIONSHIP-BUILDING EFFORTS, WILL DRIVE EFFICIENCIES AND REVENUES
Do you have questions about how to maximize your ticketholder renewal rates? Reach out to us today – we’d love to answer them!