How to Increase Earned Revenue
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Three month long market research project to determine how a small theatre could increase earned revenue. Also, complicated math.
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How to Increase Earned Revenue
- 1. Yale Cabaret Survey Analysis by: Paul Jessen, Lisa Law, AthanSlotkin, Devon Smith, Adam Stone
- 2. Agenda
- 4. New 1-hour show every week
- 5. 8PM and 11PM Thursday – Saturday
- 7. Methodology
- 8. Answering the Market Research Problems
- 11. Factors Driving Satisfaction A linear regression model shows that 63.4% of variance in overall satisfaction can be explained by the following factors: Show satisfaction (p-value=0.000) Atmosphere satisfaction (p-value=0.000) Food and drink satisfaction (p-value=0.000) Size of tables satisfaction (p-value=0.003) All factors have a positive correlation with satisfaction rating. Overall satisfaction = 0.098 + 0.514(show satisfaction) + 0.243(atmosphere) + 0.152(food/drink satisfaction) + 0.111(size of tables)
- 13. Cost does not appear to be a barrier
- 15. Size of Table Satisfaction 44.6% of the variance in table size satisfaction can be explained by the following factors: “Seating arrangements” satisfaction (p-value=0.000) Importance of “how crowded” restaurants are (p-value=0.013) Not eating at Cabaret due to poor service (p-value=0.058) Not wanting to eat with strange people at Cabaret (p-value=0.032) Seating has a positive correlation with table size satisfaction; all others have a negative correlation. Size of table satisfaction = 2.98 + 0.562(seating satisfaction) - 0.118(how crowded) - 0.0949(poor service) - 0.080(don’t like eating with strange people)
- 17. Non-Attendees WTP suggests that 50% of respondents are willing to pay approximately $15 or higher.
- 18. 10 Ticket Package - $65, $45 for Students
- 20. Non-Yale affiliates (43x undergrads)
- 21. Satisfaction with show times
- 24. Customers don’t think of the Cabaret as a restaurant.
- 26. Non-Attendees WTP suggests that 50% of respondents are willing to pay approximately $15 or higher.
- 27. Small Plates and Appetizers – Approximately $6 – $8
- 31. Questions?
- 32. Appendix
- 34. Those who do go to the Cabaret tend to be highly satisfied with the show; hence the need to get customers in the door
- 36. Distinct: On standardized or non-standardized scales, cluster centroids were too close together to suggest real differences in behavior and attitude
- 37. Meaningful: Cluster centroids often contained confusing or contradictory combinations of factors/variables, producing no actionable results
- 39. Have breaks during the show to get food/drinks
- 41. Student discount on food
- 43. More types of beer
- 44. Waitlisted people get to order/eat
- 45. Post-doc or staff night early in season
- 46. More food options at late night
- 47. Run shows for 2 weeks
- 48. Budget night w/ fixed price (all included)
- 50. Online ticket purchases for YSD
- 52. Non-Attendees WTP suggests that 50% of respondents are willing to pay approximately $7 or higher.
- 53. Beer – Approximately $4 – $6
- 55. Non-Attendees WTP suggests that 50% of respondents are willing to pay approximately $6 or higher.
- 56. Bottle of Wine
Editor's Notes
- Lisa
- Lisa
- Lisa
- Devon
- Devon
- DevonAttendees mostly associate the Cabaret with its intimate/casual atmosphere and its variety of showsNon-attendees differ most in terms of not thinking of the Cabaret as having an intimate atmosphere or short showsNeither group strongly thought of the Cabaret as a place to get dinner
- Devon- Consolidate with “Sources of Information” slide but make sure to call it Sources of Information to match “Observations” slide. Highlight the 0% of very unlikely in the pie chart. Put in Net Promoter Effect under pie chart. What is the scale on the right?
- PaulSatisfaction is high, with 85% saying they are “satisfied” or “very satisfied” with the Cabaret overallSatisfaction with the shows closely mimics overall satisfaction, but food and drink satisfaction lags behind
- Paul
- Paul
- Paul
- LisaAttendees: Single ticket: 50.9% just right, 24.6% good deal (75.5%)10-ticket package: 32.4% just right, 61.4% good deal (93.8%)
- AdamFood: Affiliates 6.67x more likely to spend more than $10 on food 18.33x more likely to spend anything Non-affiliates 10x more likely to spend more than $10 on food 43x more likely to spend anything Satisfaction with time of show, predicts high food spend Weekly attendees are 1/3 as likely to buy any food as <monthly guests, Drink: YSD 88x/ grad 6.45x/ affiliate 19x/ unaffiliated 14x/, unaffiliated still most likely to spend >$10 10-ticket package buyers are 2.2x more likely to buy drinks
- Adam
- LisaAttendees:Entrée: 32.2% ok, 7.5% good deal (39.7%)Small plate: 37.6% ok, 7.9% good deal (45.5%)
- Athan- updated “Price” section to have this be the final slide with hard recommendations- ADD AND ADJUST “VOLUME” AND “FREQUENCY” AREAS TO PROVIDE FINAL RECOMMENDATIONSPriceIndividual Tickets: Price up according to WTP10-Tickets: Adjust price or decrease flexibility of redemptionEntres: Cut and offer only small dishes/dessertsConsider renaming “10-ticket package”
- Athan- updated “Price” section to have this be the final slide with hard recommendations- ADD AND ADJUST “VOLUME” AND “FREQUENCY” AREAS TO PROVIDE FINAL RECOMMENDATIONSPriceIndividual Tickets: Price up according to WTP10-Tickets: Adjust price or decrease flexibility of redemptionEntres: Cut and offer only small dishes/desserts
- Athan- updated “Price” section to have this be the final slide with hard recommendations- ADD AND ADJUST “VOLUME” AND “FREQUENCY” AREAS TO PROVIDE FINAL RECOMMENDATIONSPriceIndividual Tickets: Price up according to WTP10-Tickets: Adjust price or decrease flexibility of redemptionEntres: Cut and offer only small dishes/desserts
- Adam
- Devon
- Devon