Spring is almost here, and with it, the decision on whether to renew your corporate season tickets for next year.
Maybe you’re considering renewing at the end of a season, or you have reps pressuring you to renew or upgrade so they can get butts in seats.
But is renewal in the best interest of your business goals?
A season ticket package is a major investment — one that needs to be backed by data. At Ticketnology, we understand that one size does not fit all, and we help ticket holders decide whether to renew their season tickets based on their unique business goals.
Despite the significant price tag, deciding whether to re-invest in season tickets — and what kind, and how many — isn’t as straightforward as it seems.
Executives often harbor high hopes for season ticket purchases, whether that’s improved client relations, better employee retention and engagement, or another goal. Companies expect their season ticket investments to make a real, tangible impact on their business.
This makes sense, but it can lead to an emotional response at renewal time — whether that’s throwing up your hands and giving up on a season ticket strategy, or doubling down.
Too, personal connections to well-loved sports teams can contribute to emotional decision-making. But nostalgia alone can’t justify an investment of this magnitude.
Season ticket contracts are pricey, ranging from a few thousand to nearly $30,000 per year. If you aren’t clear on whether last year’s tickets got used, or how much ROI you actually saw from your tickets, it’s difficult to make an informed decision for the following season.
Decide, quick! Leagues like to create urgency around the best seats: “Get them now before they’re gone!” “Last chance!” It’s okay to take some time to think your decision over. Connect with your sales manager early in the process to create plenty of time for research and data review.
Double Down. When companies don’t see adequate return from a previous season’s tickets, they might assume nicer seats or an expensive VIP box will change the equation.
While premium seats might make a difference, they don’t guarantee success. Jumping to this solution without carefully evaluating your strategy and goals could end up wasting even more money next season.
Unsubscribe. On the other hand, businesses discouraged by less success than they’d hoped for can become frustrated and abandon their ticket contracts altogether.
The problem on both counts is the need for data. You don’t want to spend wastefully, but you also don’t want to miss out on opportunities. Either solution could be right for you, or something in between. Tools like Ticket Booth can help you track your data and find an effective path forward.
Was your previous season ticket package a home run or a shutout? Should you double down? Unsubscribe? Something in between?
To make the best decision for your business, consider the following variables:
When deciding whether to renew season tickets, think beyond last season’s win-loss record. While a losing streak can drain fan enthusiasm, team performance can change quickly.
Take the Texas Rangers, for example. If companies based their 2023 ticket purchase decisions solely on the team’s record, then they missed out on an incredible championship season. Businesses that kept up with the team and saw the changes they were making behind the scenes had the opportunity to invest in a phenomenal experience.
To make an informed choice, consider factors beyond recent scores — perhaps the skills and popularity of individual players, or the quality of a particular stadium experience.
How many pre-purchased tickets did your company actually use last season? The more you monitor usage stats in real time, the more information you’ll have to guide renewal decisions.
Compare the number of tickets purchased last year to the number of tickets actually used. For better visibility, take advantage of tools like Ticketnology’s Wasted Spend Calculator, which helps you visualize money you may be losing on unused season tickets.
What type of seats did you buy last season? Did those seats meet your attendees’ — and your business’s — needs?
For example, maybe you purchased a large stadium suite for customer usage, but only a handful lived close enough to enjoy it. When you renew in the future, consider downsizing to avoid wasted spend.
Reevaluate your renewal contracts when:
Season tickets can be tricky. Even if you choose the right team, the right tickets, and the right number of tickets, you still need an effective ticket management system to avoid wasting money.
A powerful ticket management system protects your season ticket investment, helping you make the most of corporate tickets to maximize your ROI.
For a smooth process that ensures attendees receive the right tickets, try Ticketnology’s ShareLink feature. It’s the simplest, most efficient way to share tickets between parties.
A ticketing expert who can clarify and help you implement best practices is an invaluable resource. At Ticketnology, we help businesses of all sizes decide whether to renew their season tickets year after year.
If you’d like guidance from one of our veteran ticketing pros, we’re here for you. Book your consultation today to learn how to make your seasonal investment work hard for your business.
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