With the millions of dollars brands spend on their sponsorship deals and the true cost of entertainment, there needs to be a more holistic approach to how entertainment assets are managed and measured. Today brands averages in upwards of 40%-50% waste when it comes to their ticketing assets, and that is a generous number.
Sure, there are a few companies that provide ticket inventory solutions, but they are far from a complete solution. In the end, there is still a high quantity of unused tickets. So what is the difference these platforms are making? When it comes to entertainment assets such as tickets these platforms will show you how much waste you have. Do these other platforms help to move the needle and place these assets? The answer is no. They track and measure to some degree, but they do not take a forward-thinking approach. Concierge Live is the only platform that can significantly reduce wasted ticket inventory. Concierge Live has a more robust and comprehensive platform and works side by side with brands to help optimize their entertainment assets in ways no other company can even compare to, much less claim.
Every ticketing asset is a priceless commodity if used properly. When speaking to brands, we find that in some cases they believe if the ticket came as part of a sponsorship deal then it has no attached value. When speaking to the controllers and CFOs of these companies, they are mortified that their ticketing assets go unused as they understand the value proposition these tickets hold. As an example of just how bad it can be, we have spoken to a large bank that receives 1,000 tickets to a NASCAR race as the title sponsor. They only use a fifth of this allotment, and when asked why so few their answer was simple: they don’t care. Their rationale included that the tickets were free so there was no harm. Based on our knowledge and experience, this reasoning is difficult to accept because those remaining 800 tickets still held value in terms of business opportunities and other ventures.
Companies spend millions on employee engagement tools, customer loyalty programs, and lead generation activities. Ticketing assets are a perfect tool to add these programs. Each ticket that gets wasted because someone does not think it matters is a wasted opportunity. Fortunately, this is a fixable issue, and Concierge Live has the platform to solve it.
