Boost Your Revenue by Analyzing Ticket Sales Using Embedded Analytics
Introduction
The desire of every sales leader is to increase ROI of their company. For sales in the entertainment industry, this means selling a high number of tickets per show. With Bold BI, venue managers and producers can embed ticket sales analytics in their apps to study the trends present and past in show popularity and sales. They can then make decisions on which productions to back or host, for how long, what kind of staffing they’ll need for a season and the highest price at which tickets will still sell out.
In this blog post, I am going to explain how embedded analytics can help these managers to gain insight from monitoring a ticket sales analysis dashboard.
Agenda:
- What is embedded analytics?
- Benefits of embedding a ticket sales analysis dashboard
- Bold BI Ticket Sales Analysis Dashboard example
- How to embed analytics tools into an apps
What is embedded analytics?
Embedded analytics includes integrating analytical solutions and data visualization capabilities into software applications’ user interfaces to improve data comprehension and usability. Bold BI helps companies easily embed an analytics solution into their everyday work application using a JavaScript SDK and a server application. It enables nontechnical employees to analyze their data sets with attractive dashboards and gain all the necessary knowledge they need to improve their outcomes.
Benefits of embedding a ticket sales analysis dashboard
Embedding a ticket sales analysis dashboard into a showbiz app gives insight into the total revenue received from the sales of tickets at various venues, the demographics of ticket buyers, and the total events within a time period. This helps you in answering questions such as:
- For which event were the most tickets sold?
- Why was there a decrease in ticket sales in a certain month?
- Who are our potential customers?
- How much merchandise is a performance likely to sell and how many staff are needed?
Analyzing these metrics help event planners and venue managers find it easier to ensure that staff and resources are distributed appropriately for the upcoming season to increase revenue and reduce loss. They let marketers know the demographics to target for show advertising and how early to start. Let’s look at some of the ways in which embedded ticket sales analysis can benefit event organizers:
- Identify the most attractive events
- Track trends and predict future sales
- Improves customer satisfaction
Identify the most attractive events
By examining historical data of long-running productions and their own venues, those venues’ managers can determine which shows would be the biggest hits with their local audiences. Knowing how well a show did in the box office on Broadway or the West End helps them plan for upcoming seasons when those shows go on tour. When they have their lineup, they can identify the demographics most likely to purchase tickets and target marketing at the channels most likely to reach them.
Of course, deciding where a show will tour and how long it will stay at each venue is a negotiation with the show’s producers, as well. Producers can examine data on the success and capacity of different venues along their tour route, as well as population data, to determine how many tickets are likely to sell. They can judge what kind of prices the venue can reasonably charge for tickets, the costs of running the venue, and therefore what percentage of profits is reasonable to demand for the cast and crew.
Track trends and predict future sales
Tracking tickets sold by show and date metrics gives managers a true picture of the trends in sales. They can see whether the day of the week or time of day affect ticket sales, as well as the season when they look at multiple years of data. They can examine the popularity of shows at other venues and on past tours for older shows. They can compare Broadway-show-going demographics around those venues to their own. Using these metrics, planners for upcoming seasons can estimate the total amount the venue will receive from the ticket sales of their different options, as well as how many performances would be ideal. Broadway shows are popular, but the short amount of time in which they run locally is a main factor in why ticket prices can be so high, so too much availability will lower demand. Venue data compared with show data can estimate the perfect balance.
Improves customer satisfaction
By tracking metrics such as the top 5 shows by tickets sold, conversion rate, and repeat attendees, a venue can learn about how customers respond to their shows to identify what meets their preferences. This allows the venue to make better choices about which productions to host and for how long. Seeing a show they heartily enjoy motivates regular attendees to recommend it to their friends and family, increasing the number tickets sold for later shows. The regular attendees also come to rely on the venue for excellent experiences, increasing the retention rate, as well.
Bold BI ticket sales analysis dashboard example
Ticket Analysis Dashboard
Embedding a dashboard like this Ticket Sales Analysis dashboard example helps track key indicators such as ticket sales, best-selling shows, and tickets sold by box office, which managers can analyze to improve their ticket sales process.
Key metrics and KPIs
- Tickets sold before show’s start date
- Tickets sold after show’s start date
- Top 5 shows based on ticket sales
- Tickets sold by box office
- Show and ticket details
- Ticket sales by show and date
Tickets sold before show’s start date
This card widget shows the total number of tickets sold in the 10 days before a show’s starting date. This gives insight into the shows that are affected by advertising.
Tickets sold after show’s start date
This card widget shows the total number of tickets sold in the 10 days after the show’s starting date. With this metric, leaders can identify shows that gained a large amount of their audience after opening, as public opinion spread.
Top 5 shows based on ticket sales
This bar chart shows the leading shows based on the number of tickets sold. It helps the sales industry to determine their potential customers and price of tickets.
Tickets sold by box office
This doughnut chart shows the details of tickets sold at each box office within a given time period.
Show and ticket details
This grid shows the details of all shows and tickets, like the number of tickets sold with respect to show data.
Tickets sales by show and date
This line chart displays the show ticket sales based on dates.
To learn more about the metrics and KPIs used in this dashboard demo, refer to the Ticket Sales Analysis dashboard demo.
How to embed analytics tools into an apps
Let’s see how analytics can be embedded into your applications. Bold BI helps you embed your dashboards on 18 web platforms including React with ASP.NET Core, React with Go, WinForms, Node.js, Vue with Go, and Vue with ASP.NET Core. In this section, I am going to explain how to embed dashboards in ASP.NET MVC applications. Consider a scenario in which your team has an app like the one shown in the following image.
You can embed dashboards easily using Bold BI and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.
Prerequisites
Download and install the Bold BI server on your local machine and create an enterprise-grade dashboard. You can find the installation and deployment instructions here.
Step 1: Create an ASP.NET MVC application.
First, create an ASP.NET MVC application. Open Microsoft Visual Studio and click New Project. Then, choose ASP.NET MVC Web Application, enter the project name, and click OK.
Step 2: Configure embedded properties.
After the ASP.NET MVC web application is created, you need to create a model class called EmbedProperties under Models and provide the dashboard RootURL, SiteIdentifier, Environment, UserEmail, and EmbedSecret.
RootUrl : Bold BI dashboard server URL. For example: http://localhost:5000/bi.SiteIdentifier : For Bold BI, it should be something like “site/site1.” For the Bold BI Cloud Analytics Server, it should be an empty string.Environment : Your Bold BI application environment. If using Bold BI Cloud Analytics Server, you should use “cloud.” If using Bold BI, you should use “enterprise.”User Email : Bold BI server will use an email to authorize the authorization server.
Step 3: Generate embed secret.
You have to set the embed secret for authentication. You can get it from the Bold BI server. Click the settings icon in the left navigation bar and then click the Embed tab. Click Enable embed authentication and then click Generate Secret to generate the embed secret. Copy the secret key and paste it into the application. To learn how to do this in more detail, you can refer to this documentation link.
Note: Save the secret key, as it cannot be retrieved again. If you do not save it, you will have to generate a new one using the Reset Secret option.
Step 4: Create an authorization server.
You need to implement an authorization server in the ASP.NET MVC application to get authenticated before embedding the dashboard from the Bold BI server. You can also configure the single sign-on (SSO)-based authorization server, which is an authentication endpoint that enables users to securely authenticate multiple applications using unique embed secrets. This prevents the need for the user to log into different applications separately.
Step 5: Create Bold BI instance.
Finally, create a Bold BI instance to load the dashboard using a JavaScript file. Reference required script files and CSS files in HTML pages.
Step 6: Run the application to embed the dashboard.
After creating the ASP.NET MVC application, you need to run it. It will be launched with the dashboard details. Finally, you can see the dashboard created in the Bold BI server is embedded in your ASP.NET MVC application.
By following the previous steps, you can successfully embed your dashboard into your application.
To learn more about embedding dashboards into your applications, please refer to this blog. You can also download the sample code used in the previous steps from our documentation.
Conclusion
Bold BI helps you integrate dashboards in your applications written in ASP.NET Core, ASP.NET MVC, Angular, ASP.NET, and Ruby on Rails. It will save you time and prevent you from doing redundant work. Click this link to explore its features. To learn more about embedding dashboards into your application, refer to this blog and our help documentation.
I hope you now have a better understanding of Bold BI and how it can help improve the sale of event tickets. You can create any kind of dashboard you like with Bold BI’s 35+ widgets and 130+ data sources.
Get started with Bold BI by signing up for a free 15-day trial and create interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support questions.
Originally published at https://www.boldbi.com on August 3, 2022.
