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When you partner with StellarAlgo, you gain access to a growing library of custom Plays, backed by our own industry research and data asset made up of more than 200M fans, to help you activate target segments of your fan universe.
Here you will find a small sample of our Package Buyer Retention Play, designed to give you a small taste of the targeted guidance and step-by-step approach outlined in a typical Stellar Play.
To unlock the complete Play — including proprietary industry trends, Platform-specific directions, individualized support from a dedicated Account Manager, and much more — contact us to learn more about becoming a StellarAlgo partner.
The Package Buyer Retention Play is a season-long prioritization effort for Sales and Service teams to help them direct their limited bandwidth in more effective ways. By using StellarAlgo’s automated retention scoring model, you can ensure that your Sales and Service team members are focusing on the most important accounts at any given point in the season. This model gives you a newfound ability to identify accounts likely to renew, those on the fence, and those least likely to renew; this gives you an early indication that there may be something to investigate.
Package Buyer Retention is a strategic, high-value Play that should be executed season-wide and is a good candidate to be a central pillar of your seasonal retention strategy. A phased approach is critical for the success of this Play. A single ticketing integration is all that is required, though this Play scales very well with additional integrations.
This is a segment-driven Play that directly addresses package buyer churn, catalyzing sales and service execution against your lapsed and lapsing previous season package buyers. This Play is a proactive, data-driven strategy, that replaces historically reactive approaches to retaining package buyers.
Even a modest improvement in package buyer churn represents worthwhile revenue gain against sales efforts. If ignored, steady erosion of returning package buyers represents significant challenges in filling the fan engagement funnel to account for the churning buyers.
For added value, include:
The Package Buyer Retention Play can be executed throughout the season, as well as in the off-season.
Each major time period throughout the year is an opportunity to segment package buyers, and the StellarAlgo retention model has pre-saved segments:
Specific segments can be focused on at relevant points,with season rollover representing a major opportunity to develop momentum and focus on important package buyers.
Package buyer retention efforts are intended to be run as a seasonal effort to ensure the effects of package buyer account prioritization are most apparent.
Opportunity identification is where you will identify the number of fans that could potentially be activated during this Play. This will help you to assess whether undertaking this strategy is a worthwhile investment.
Use the Segment Builder to determine the number of package buying fans from the previous season that have not renewed for your upcoming season.
Capture a baseline to compare season-to-season. This will also help you to answer the question “How did we do?” after running the Play. The primary metric to use as a baseline is the package buyer retention rate.
Select 3 to 5 historical seasons and determine package buyer retention rates for each of the historical seasons.
Package buyer retention execution is driven using a pattern similar to your baseline measurement approach, with some minor adjustments to ensure you are pulling fans who have yet-to-buy for the upcoming season, as opposed to measuring historical performance of fans who did buy season-to-season in your baseline.
Build your target fan lists using the Segment Builder and save them in the Segment Analyzer. Execute the analyses you selected based on your plan.
It’s recommended to measure your retention performance at regular intervals throughout the Play. Current season retention rates can be found in the Data Analysis: Retention tool in your StellarAlgo Platform.
Identify which strategies or tactics were most effective at retaining your package buyers. Just as important, identify which strategies or tactics were least effective at retaining package buyers.
Answer, “How did we perform this season compared to previous seasons?” and compare retention rates with baseline rates.
Learn More
Improve package buyer retention and revenue.
