Maximizing Your Season Ticketholder Renewal Rates with Data: Part 1
Read Time: 3 Mins
Retention of your season ticket holders is without a doubt one of the most important campaigns you will run this season. A 5% increase in customer retention produces more than a 25% increase in profit. Unfortunately what we often find is that with limited bandwidth and lag in information season ticketholders are onboarded and nurtured in unstructured and therefore incomplete ways. Using automated, actionable and predictive data can be a major tool in improving how you strategize and execute on your renewal campaign. This post takes a high-level view at some of the important activities around season ticket holder renewal that should take place, as well as how data can support you in maximizing your customer conversations.
It’s become all too common to ramp-up renewal efforts when invoices are delivered. But the most impactful relationships are built within the first 90 days from when a ticket is sold. This means for renewed accounts, delivering high-quality touchpoints early to make sure they feel their renewal is being valued. For new buyers this means rookie on-boarding starts in earnest. To effectively achieve this, these plans need to be strategized during the off-season before the following renewal year and implemented as soon as possible.
Relationship Building Data Capture Best-Practices
Capturing and documenting these touchpoints in your CRM system can add visibility to your relationship building efforts while also creating a powerful data asset that helps you understand what is working and what isn’t working for future years. At StellarAlgo, we recommend a structure and data capturing process for campaign data that looks something like the following*:
Touch Point Type: Phone Call / Meeting (in-person) / Direct Email / Gift / Wow Moment**
Touchpoint Result: Made Contact / Did not make contact
Touchpoint Rank: Low / Medium / Significant
Interaction Sentiment: Negative / Neutral / Positive
Reason for non-renewal: Dark accounts (unresponsive accounts), Team performance, Ticket Cost, Moving from Area, Death, Lost Share Partner, Financial Hardship, Time and Schedule, etc.
There are many ways to structure your data, but these are good starting points that allow you to conduct the predictive analyses that will maximize the efficiency of your renewal in the future. There are other important data points as well but when it comes to CRM / Service Rep touchpoint data these are the most important ones.
Expert Move – Personalization
Aside from segmenting your accounts and focusing on the needs of specific account holder types you can also leverage data to really engage your fans and reward them as loyal fans. By understanding their motivations and interests you can personalize touchpoint content or activities that are specific to them, but symbiotic to your organization.
For example, knowing who in your fanbase are also little league coaches can offer opportunities to engage their interest by providing opportunities with your organization to participate in wider coaching opportunities or related events such as a little league training night. Personalization not only helps engagement, it provides a key method of breaking down your touchpoint campaign effectiveness and allows you to better adjust your marketing and sales activities far better than pray and spray approaches.
Do you have questions about how to maximize your ticketholder renewal rates? Reach out to us today - we’d love to answer them!
*This is a very simple version of this process
**A Wow moment is a touchpoint that goes above and beyond the expectations of the customers. In order to deliver here the organization needs to both carefully manage expectations and be thoughtful in creating special recognition moments with fans.