2018 Holiday Season Postmortem with Keri Mesropov
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In this virtual discussion group, VP of Client Services, Keri Mesropov guides a panel of TRG Arts experts through Holiday Season sales trends across the United States, Canada, and United Kingdom. Holiday programming can make up 60% or more of ticket revenue annually, how are you optimizing this annual cash-cow? Keri and her team answer all of your questions so you can maximize your holiday sales this year.
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2018 Holiday Season Postmortem with Keri Mesropov
- 1. Copyright © 2018 TRG Arts All Rights Reserved Virtual Discussion Group Keri Mesropov Vice President Client Services Holiday Season Postmortem
- 2. #holidayresults Keep your phone on mute. To ensure everyone hears the webinar audio, you were placed on mute when you signed in. Use Chat feature to ask questions. – Select Chat from the option bar. – Type your question in the text box. – Send. – We will be taking questions throughout the session. We will take you off mute, so you can ask to the full group. Please:
- 3. #holidayresults Your participation is key To ensure this is the best session we need you to offer your comments & experiences to the group This is a discussion
- 4. #holidayresults The discussion will be recorded. The video will be posted on the TRG website in the next week. You will receive an email with a link to it. If we don’t get to your question, or you want to follow up with TRG: – Email LetsTalk@trgarts.com Join the Twitter discussion with #holidayresults Also:
- 6. #holidayresults Data comes first when we consult and illuminates the path to results.
- 7. #holidayresults Data comes first when we consult and illuminates the path to results. We continually learn from our clients and each other.
- 8. #holidayresults Data comes first when we consult and illuminates the path to results. We continually learn from our clients and each other. Always we teach, feeding our knowledge into the field.
- 10. #holidayresults we are true believers in the power of arts and culture to transform individuals and communities. At TRG,
- 11. #holidayresults do we mean when we say ‘Holiday Season’? What
- 12. #holidayresults Keri Mesropov Vice President of Client Services
- 13. #holidayresults Caitlin Green Jillian Clough Stephen Skrypec Rebecca MacNamee Cathy Bagwell Marsh
- 14. 60 % or more of ticket revenue annually The Holiday Season can make up
- 15. your holiday sales meet, exceed, or underperform? Did
- 16. #holidayresults
- 17. #holidayresults Why does this matter? Revenue growing, admissions flat?
- 18. #holidayresults
- 19. #holidayresults
- 20. Did your revenue results exceed your admissions results? Did this happen to you?
- 21. #holidayresults Caitlin Green Jillian Clough Stephen Skrypec Rebecca MacNamee Cathy Bagwell Marsh
- 22. #holidayresults
- 23. had holiday family programming or The Nutcracker that underperformed? What are the top reasons? Who
- 24. #holidayresults Caitlin Green Jillian Clough Stephen Skrypec Rebecca MacNamee Cathy Bagwell Marsh
- 25. #holidayresults
- 26. #holidayresults
- 27. Total expenses Cost of Sale Cost of Sale How to calculate it Total sales $/£ revenue
- 28. #holidayresults
- 29. #holidayresults
- 30. #holidayresults
- 31. Do your results mimic what we see with Panto? If so, cause? Panto
- 32. #holidayresults Caitlin Green Jillian Clough Stephen Skrypec Rebecca MacNamee Cathy Bagwell Marsh
- 33. #holidayresults • Holiday is a growing enterprise • Admissions matter as much as revenue • Investment makes a difference • Calendar of performances – project accordingly • Advance planning can never start too early Key Findings
- 35. #holidayresults TRG Arts can help you build the best campaign of your career. Book your Sprint or Preview Day by Friday, March 30 and get 10% off any consulting engagement. Email LetsTalk@trgarts.com for more details. You don’t have to do it alone!
- 36. #holidayresults
Editor's Notes
- Good morning, good afternoon and good evening to everyone joining us for today’s Virtual Discussion Session. My name is Britney Hines, Marketing Manager at TRG Arts and will be serving as the MC for this session. Before I introduce our host, I want to do a little housekeeping and go over a few guide rules for today.
- Britney: First, please keep your phone or microphone on mute. This is the best way to ensure that everyone can hear. We will encourage your questions throughout the presentation. Please use the Questions feature located in the lower right corner of your screen Type your question in the text box And press send We’ll be collecting questions and we’ll take as many as we can throughout the discussion.
- Britney: First, please keep your phone or microphone on mute. This is the best way to ensure that everyone can hear. We will encourage your questions throughout the presentation. Please use the Questions feature located in the lower right corner of your screen Type your question in the text box And press send We’ll be collecting questions and we’ll take as many as we can following our presentation.
- Britney: Also, please know that this webinar is being recorded. It will be posted on the TRG website in the coming days. You’ll receive an email that gives you a link to the recording. we may not get to every question today, so PLEASE. If we don’t get to your question or you want to follow up with TRG, send an email to Lets Talk at T R G Arts dot com Finally, if you’d like to tweet about this webinar, join the conversation on Twitter with the hashtag #artspricing
- We love this type of work at TRG, because we’re a consulting firm that’s intellectually curious and data-driven.
- Now, let me introduce Keri, Vice President of Client Services She leads our team of consultants and analysts that work with clients on data, pricing, and loyalty So
- Meet this amazing people. The hub of TRG’s consulting team…our consulting analysts. Caitlin Cathy Rebecca Jillian And…from the U.K. Stephen… Experts. Will be asking for that expertise.
- Holiday programming – whether it’s a perineal favorite like A Christmas Carol, holiday pops or The Nutcracker OR it changes annually – you might be a theatre company that always does a blockbuster each holiday but that title differs year to year OR, for our clients and friends in the U.K., you also have Panto in the mix. No matter, the holiday season is a huge factor, a huge opportunity, a huge headache in some cases and hugely essential in an organization’s season. In the field, revenue from holiday programming makes up 60% PLUS of ticket revenue every year. That’s a big deal. And it’s what we’re here to talk about today….results from the most recent holiday season. I want to start this session with a question for all of you…
- Poll! What are the results, Britney?
- Here’s what we’re seeing from our clients….over the last 3 years, growth has occurred in the aggregate. But, there’s a phenomenon: Admissions were flat this season while revenues grew. Admissions flat, revenue grew. We might say, whew! We made our revenue goal and that’s REALLY what matters. And/but…you’ll have TRG on your shoulder saying, wait! Red alert! Why do we care about this, I want to ask our audience today….
- Pick on an attendee….. And round out answers – people matter. Riff ON THIS. Let’s look at this more deeply – at some trends by genre….
- First up, a look at single tickets sold by genre over the last 3 seasons. We see a couple of stand-out results here: For ballet – that’s The Nutcracker – there’s been a dip in admissions overall in the last year. For theatre – that’s A Christmas Carol mostly (not exclusively, but mostly) we see a big uptick in admissions. A major factor for our Nutcracker admission decline has been the calendar. The calendar! RRR! Performances that are placed after Christmas are harder sells and the calendar this year forced more performances for more ballet companies AFTER Christmas. Broadway and orchestra saw slight dips while Panto and family holiday programming experienced a little pulse upward in admissions.
- Let’s look at the same chart but this time, we are describing revenue. Look at ballet! Though we saw a dip in admissions, we were able to hold on to the revenue much more successfully. And if you close your eyes and remember that first data slide – the phenomenon – admissions flat – ish but revenue rising – we see that exampled here but what happened with The Nucracker. The rest of the trends are similar EXCEPT Panto – recall that there was a slight tick up on admissions? And here we see revenue to be more flat.
- Poll Yes or No So thinking about this phenomenon – did this happen to you? READ SLIDE.
- I want to turn now to our panel of experts to answer the question WHY? Rebecca, when we see this – revenue results hovering more substantially above admissions – what could be the cause and more importantly, what could arts practioners on the phone today do to attend to ensure the delta is smaller? Why do we see this and what would we counsel?
- Next up, let’s take a look at what happened…by genre…with actual revenue achieved against budgeted or projected revenue….Again, there are differences. Can I just say we did a pretty darn good job! Even those that didn’t make it – family programming and ballet – came really close! And theatre, man, we OVERACHIEVED by a little too much! As a side note, when we see an overachievement of more than 5%, it means we projected too low! But here, we see relative trouble with family and ballet – with this in mind, I have another question for our audience today..
- Call on people to contribute/ Ask a panelist
- Jillian, I wonder if you could comment on some leading causes we here at TRG see when budgets for holiday programming are not made….
- So investment! Cost of sale, that is, how much are we spending to make a dollar or pound of income. For the recent holiday season, here are those cost of sale ratios by genre. They’re low! And, what we typically see is that not every performance of your holiday production sells out. And when we’ve got inventory to sell, TRG says spend more…here’s why that is particularly important for holiday programming…
- It returns like MAD! You know this, executive directors and Chief Financial Officers at your organization REALLY know this! For every genre, holiday is the cash cow….remember, for many organizations it represents over 60% of all ticket revenue annually. This thing HAS to go well, because it helps sustain our organizations. LOOK at the ROI for Panto! Incredible.
- So let’s talk more about investment and its importance for holiday. A reminder of how cost of sale is calculated. READ SLIDE. That means if we are making more but investing the same, our COS will go….down. Keep that in mind. Let’s look at this ratio by country and genre…
- Here we can examine a 2-year period. We see that in all cases EXCEPT in the U.K. for Panto, our cost of sale ratio has DECREASED. Is this good? Bad? Well, let’s add a year to this trend….
- Narrowed a bit by year and only by country, US and Canada – our cost of sale is declining. UK, we might have something to learn from you. Caitlin, what’s happening here? CAITLIN DESCRIBES NEXT SLIDE…
- Caitlin….
- For our friends in the U.K., we have a question for you…..READ SLIDE….Call on people to contribute
- Stephen - Stephen, for our friends in the U.K. and elsewhere in the world….who are thinking already about Panto or Nutcracker or holiday pops, etc. for next season, what are the 2 pieces of counsel you’d provide them IF they can’t spend more but need to make more? Stephen, talk about reallocating dollars from other places, planning early, a particular pricing technique.
- Before I open up the floor for questions, here’s what we’ve learned about this past season’s results… Read and riff…
- Britney: Also, please know that this webinar is being recorded. It will be posted on the TRG website in the coming days. You’ll receive an email that gives you a link to the recording. we may not get to every question today, so PLEASE. If we don’t get to your question or you want to follow up with TRG, send an email to Lets Talk at T R G Arts dot com Finally, if you’d like to tweet about this webinar, join the conversation on Twitter with the hashtag #artspricing