Last minute event tickets - hot or not?
How much of a discount would motivate you to purchase last minute tickets to a concert, theatre production, or other arts and entertainment event? How would you like to be notified about the discount?
These were some of the questions Vantiv posed in a recent survey to help prepare one of our teams for a developer hackathon. As part of our ongoing commitment to apply industry expertise and talent to support local community projects, Vantiv participated in the event to solve last minute ticketing challenges in the art sector. Let’s take a look at what the research revealed.
First, it turns out that notification time has a big influence on the amount of discount people expect. A bigger discount is expected further out– more than half (56 percent) expect a 70 percent savings if discounted tickets are offered a week before the event. This expectation drops significantly as the event draws near. Only 19 percent would expect that same 70 percent savings if offered discounted tickets within two days of the event. But the expectation of even larger discounts goes up when the event draws closer. Over one-third (36 percent) expect a 90 percent discount on tickets offered within an hour of the event.
In terms of notification of last minute ticket deals, nearly half (48 percent) of respondents prefer a text message. Ranking behind text messages was email notification, last minute ticketing app, and social media posting. Phone call notification ranks in last place.
According to Vantiv Sr Market Research Analyst Jessie Zhang, who conducted the survey, consumers are pretty reasonable about the discounts they can expect based on notification time, and it’s not too surprising that texts are the most popular means of notification. Zhang also notes that many types of businesses can benefit from last minute sales strategies using these research results as a guide— whether they are a retail store that wants to reduce stock, or a charter travel service looking to fill occupancy.
The ticketing survey is an example of how Vantiv is always thinking outside of the box to serve their customers. Whatever industry you operate in, Vantiv offers a variety of unique ways to help small businesses improve their operations beyond simple payment acceptance. Contact us to find out how we can help your business excel.