Can You Compete?
As live music professionals in the event management space try to carve out their niche in an industry that’s witnessing massive consolidations, they must be able to differentiate themselves. There is so much competition in the live music and event industry, many of the independent venues and promoters are finding it difficult to compete. The big guys have taken over the market, leaving little space for the smaller, local manager.
Still, the David and Goliath scenario isn’t without hope. New acquisitions don’t have to spell the end of the indie promoter or the locally-owned venue. According to a Pollstar article, “What consolidation means is that the division of markets gets smaller with more locally based promoters who apply their knowledge of booking and promoting to towns with nuanced economies, ticket buying habits, and services.”
Independent event managers and promoters have to be smart. They can’t compete with the national and international powerhouses when it comes to finances, resources or influence, but they can implement some of the technology that enables their success.
3 Benefits of Integrating with Event Ticketing Software Systems
Many event managers are seeing the benefits of integrating their management software with event ticketing software systems, such as Etix, Eventbrite and See Tickets. These ticketing services companies are some of the most well-known ticketing platforms, enabling promoters and event managers to sell their tickets online to a broad audience.
The problem, however, is that many smaller companies do not easily connect with these event ticketing software platforms, causing friction in the operations and sales process. Venues often try to get ticketing companies to provide an integrated solution, but they often fail to develop solutions with the scalability and flexibility these smaller venues require. By integrating the two systems, however, these companies will realize significant, measurable benefits that can level the playing field.
Streamline Processes to Save Time
The live music industry isn’t immune to “legacy system sprawl” or “application sprawl.” Virtually every business that has been around for more than a few years is susceptible to it. In fact, up to 64 percent of organizations say they have more applications than they actually use. They begin with one or more systems and the continually add more systems to the mix over time. All of the systems are segregated from each other, meaning the user must navigate from one system to the next, often having to log in to each application every time they need to use it. Many of these systems aren’t even used anymore, trapping data and complicating the network.
All of this back and forth creates an inefficient workflow that costs time, money and productivity. As more of our personal applications are now integrated, thanks to the Internet of Things (IoT), it’s becoming increasingly obvious that our work applications should also be integrated. Some hesitate to make the transition because they fear the costs of integrating existing systems or the investment in new, integrated solutions is cost prohibitive, but those integrations end up saving the user so much in efficiencies, it more than makes up for the initial investment costs.
When companies integrate their event management software with event ticketing software, they no longer rely on the ticketing company to provide sales data, often after the show is settled. They can instantly see each ticket sale as it happens, without having to navigate to to the ticketing system to pull reports or wait on reports from the ticketing company. With every ticket sale being critical to the bottom line, the ability to view this data quickly is a game changer.
Automated Data Sharing for Faster, More Accurate Data
Another benefit of event ticketing software integration is that it increases business intelligence. This means you have access to data that makes you smarter so you can make better, faster decisions. Yes, this data is all out there…somewhere, but you likely aren’t seeing it. It’s tucked away in its own system and requires you digging through each system to find it, if you can. Once you do, you must then manually transfer that data to another system. This introduces the risk for human error and sucks up an enormous amount of time and energy.
When systems are integrated, however, you suddenly have visibility into your business, as it happens. You can see how those ticket sales are impacting your bottom line. You don’t have to sort through spreadsheets or different applications to understand how close you are to your break-even point. In a single view, with a click or two, you not only see your budget, expenditures and revenue, but you can also see each ticket sale in real time to make decisions about marketing and promotions. Perhaps your ticket sales are slower than expected. The longer you wait on those reports, the less time you have to launch new media campaigns to promote your show.
Data must be shared in order to have this capability.
More Ticket Sales with Reduced Bounce Rates
One of the biggest hindrances to ticket sales can be a promotion site that lacks ticketing integration. When site viewers come to your site to read about the concert, they want to be able to buy tickets right there from your site. Without integration into the ticketing platform, they have to navigate away from your site to the ticketing site. This is a huge no-no in the online world. Just like a car dealership never wants a potential buyer walking off of their lot without selling you a shiny new car, you don’t want an interested buyer leaving your site because they didn’t get what they needed when they needed it. When they bounce to another site, there’s a good chance they won’t come back.
By streamlining the ticket buying process, you greatly increase the opportunity to sell – and to please the customer, who will then have a greater potential to share their positive experience with other interested buyers. They may even share your site on social media, providing unpaid advertisement for you and a quick way to increase sales.
How to Integrate with Event Ticketing Software
Event ticketing services companies are rarely the place to start when you want to integrate with their ticketing software. It sounds counterintuitive, but they still haven’t figured out an easy way to integrate. What companies need is an API that provides one-click integrations with not only the event ticketing software, but with a calendar, task management systems, financial systems, marketing systems and more.
Some solutions offer their own financials, networking and calendar management components, but none provide the ticketing side. The API is the only way to integrate, but not all APIs are the same. Be sure the vendor you choose has an API that doesn’t require technical expertise to connect with it. It should be plug-and-play.
Ultimately, you are looking for a comprehensive talent buying, event and venue management software solution that is designed specifically for the live event industry. There are other solutions out there but few that address the unique challenges in the live music industry. The goal is to have mobile access to a single platform that enables you to effortlessly manage calendars, build offers, track ticket sales, monitor revenue and expenses, and settle shows. When all of these functions are integrated and accessible wherever you and your team work, you can save time and money. One source of truth means you can be more organized, productive and more profitable.