A simple yet very powerful and fast growing tool that can lead to greater profits for you the team, venue or concessionaire are stored value tickets.
What are they?
Sometimes referred to as “Loaded Tickets” stored value tickets allow teams, venues or stadiums to load money directly onto a fan’s ticket. This can then be used as a form of payment at merchants or concessions throughout the venue.
They are also a great way to drive enhanced fan experience. Below we outline ways in which stored value tickets can help you impress fans and generate profit!
LiftStored value tickets are an excellent way to create lift.
Lift is created when a fan spends more than the loaded amount of a ticket on merchandise or concessions in the venue.
For example the St. Louis Cardinals launched a special “Cards Cash” promotion honoring the team’s legendary former manager, Whitey Herzog-No. 24. For the promotion ticket-holders for every seat numbered 24 throughout the ballpark received $5 in “Cards Cash” value to spend on food, beverages, or merchandise during the game.
In the end 18% of Cardinals fans spent more than the loaded value of their tickets which generated 61% lift.
Beyond this fans enjoyed the promotion and it generated excitement, adding to the fan experience and enhancing the St, Louis Cardinals’ image as generous with their fans.
Product or Promotion TestingPerhaps surprisingly stored value tickets can be a valuable tool when testing new products and promotions or reevaluating pre-existing products and promotions.
Teams can use stored value tickets and work with their vendors and concessionaires to sample new products and determine if the new item will sell and if so at what price point.
Teams can even provide a stored value ticket that is only valid towards the new item at the concessionaire. Analysis to determine whether fans redeem their ‘reward’ can tell the organization and concessionaire if this will be a popular product, if it should be continued to be featured and what price it should be sold at.
All this information can generate huge savings in terms of helping organizations avoid implementing products or promotions which will be unpopular and lose money and which products and promotions will be big-sellers and allowing organizations to pursue them
AnalyticsUnderstanding fan analytics provides customer insight, a key component of stored value tickets. It is an excellent way to generate profit for the business.
A sample of the type of information that can be gleaned from stored value tickets includes tracking fan spending, tracking repeat spending and seeing spending patterns throughout the stadium.
So for example with fan analytics teams can track fan movement throughout the venue, understanding fan movement patterns. This would allow a team or organization to know where to place promotions, advertisements and concessions in the venue increasing the likelihood of sales where previously there had been none. It also excites fan who now see advertisements and products for their team where before there had not been any.
With a provider such as Givex, fan analytics and industry specific reports are built into stored value ticketing platforms giving teams and organizations exactly the data they need to know to make smarter decisions which lead to greater profit.