You may have noticed lower organic reaches on your social media posts lately. Advertising can help to boost exposure, but is your audience responding? And more importantly, how can you connect to your audience more efficiently?
Advertising is a numbers game, and as the old saying goes, “timing is everything.”
Many platforms offer you the capability to fine-tune the way you identify and target your audiences.
But they rarely tell you anything about peak hours, conversion rates, or how to run a successful sales campaign.
One Place Events, an online event ticketing website based in Bangkok, analyzed data from recent ticket sales through their website in search of trends.
The results paint a clear picture about when people are buying and how to concentrate resources for a maximum return.
Monday through Wednesday mornings are widely reported to be great email marketing days (clicks, page views, etc.).
But sales data shows that people are purchasing later in the week, with the highest activity right after lunch.
So don’t just concentrate on view count. Try to get to people when they are making purchase decisions so you can maximize your conversion rates.
And regarding content, CEO Eliot Delunas also suggests,
“Consider your event a sales proposition. You need to give your customers enough information to make that purchase decision. You have to consider pricing structure, graphics (photo and video), and overall offer.
A lot of people tell us, ‘our customers are price sensitive.’ Sure, that might be true. But if you concentrate on meeting a demand in the event space, clearly describing your offer, and connecting with event seekers when they are ready to buy, then you’ve got the recipe for success.”
Below is some additional industry knowledge that the One Place team has highlighted for event organizers to seriously consider when selling tickets online:
Ticket price, among other factors, can affect people’s desire and urgency to make a purchase decision. But attractive secondary offers like online discounts, promotions, and/or limited availability have been proven to help boost sales.
Early Bird vs. Last Minute Tickets
Studies have shown that as many as 50% of event tickets are booked far in advance if price is favorable, while up to 50% are booked closer to the event date.
As a percentage, early bird tickets normally account for the greatest sales volume.
As ticket price increases, early bird and last minute sales can drop to around 30% with the rest of sales somewhere in the middle.
Purchase trends vary by industry. For example, concerts and live music events normally require shorter campaigns (4-8 weeks) than professional meetings like seminars and exhibitions.
With higher ticket prices or larger events, the length of the sales campaign should increase accordingly (sometimes 12+ weeks or longer).
Free vs. Paid Events
With lower ticket prices, there is a shift towards last minute sales. Tickets under the 400 baht range tend to behave more like free tickets, meaning customers can be unmotivated to make a commitment. In some cases, free or low-cost tickets may experience last minute sales as high as 50% or greater (including sales on event day).
Follow “One Place Bangkok” on Facebook, Twitter @OnePlaceBKK for more tips, or get online and visit http://bangkok.oneplace.events to post your events, sell tickets, or find interesting things to do in Bangkok!
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