The Spotlight - Inauguration Edition
Today was the big day. The new president's speech was inspiring. I was especially pleased with the references to exploiting the potential in newer, smarter energy and economic policies. With that in mind, and in what might be the worst segue ever on The Spotlight, I present to you a gift that allows you to see your sales potential in a newer, smarter way. The Potential Revenue Report was designed for reserved seating organizations who need to figure out how much their unsold seats are worth for a given group of events.
To install:
- Download this set of files: Potential Revenue Report.zip
- Add the stored procedure to your PE database
- Add the report into Patron Edge per Knowledgebase solution BB142029
How is it smart? This report takes the price level for each unsold seat in an event, and uses that in combination with the base price type on the event's price list to find out the potential value of each seat. Then it just sums it up by area and event. It has filters that allow you to choose one or multiple shows and from/to event dates, so that you can see the potential of your entire show run on one report. You can also double-click an area in the report results to get a list of that area's unsold seats.
So what is the point? Well, the best way to use it is to find patterns in areas of each event and change your pricing accordingly. The orchestra only has a few seats left? Raise the ticket price on the precious few seats left. The balcony isn't doing well? Push it harder with the phone reps or in advertising, or consider a discounting scheme. There are no canned reports that give this data currently, so enjoy and leave a comment with how it's working for you.
As with any stuff I give out on The Spotlight, this isn't a core piece of the product; it's custom so that means it is unsupported. My analysts cannot help with the report or take questions on it. If you have any problems with it, leave a comment here or send me an email.
How are you currently doing yield management at your organization? Do you have any advice for your fellow readers? Leave a note in the comments.