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ARE YOU GETTING A RETURN ON YOUR LUXURY SUITE TICKETS INVESTMENT?

LUXURY SUITE TICKETS  |  Jul 14, 2021 1:39:16 PM  |  by Elis Baynham

Are you getting a return on your luxury suite tickets investment?

Luxury suites offer one of the best ways to experience any sports game. But they
don’t come cheap. A full luxury suite at the Super Bowl often costs north of
$500,000 – typically around $30,000 per person – while regular NFL games go for
between $15,000 and $25,000.

So if your business is investing in luxury suite tickets, they better be worth
it. More specifically, you should know how those tickets are being utilized and
whether you’re getting the expected return on investment.

Let’s explore how you can better understand – and maximize – the value your
organization gets from its luxury suite tickets.

What kind of ROI should you expect from luxury suite tickets?

Return on investment is often fairly straightforward. If you run a production
line and buy new equipment, it’s simple enough to compare the cost of that
equipment with your increased output. Calculating the ROI of luxury suite
tickets is a bit more complicated, as your company has invested in an
experience. When the game’s over, that experience is over. So what’s actually in
it for the business as a whole? Well you could leave it at that, handing out
tickets on an ad hoc basis and treating luxury suites as a great experience for
those lucky enough to receive them.

Or you could be strategic and look at the bigger picture. We’re living in the
experience economy, so any high-quality experience should be treated as a
potentially valuable tool – whether that experience is available to clients,
employees, or prospects.

When assessing the return on any luxury suite ticket investment, you should
think about the benefit of building stronger relationships. In terms of
nurturing prospects and entertaining clients, a premium experience shows that
you value their time and are willing to go the extra mile to put their needs and
wellbeing first. This leads to more business, better deals, and positive word of
mouth. When the tickets are rewarded to someone in the company, key benefits
include employee loyalty, retention, motivation, productivity, and teambuilding.

Signs that your luxury suite tickets are costing you

The biggest red flag is not knowing how to define or measure the value you’re
getting. After the last section, that’s hopefully less of an issue.

Does your organization have a ticket management system in place to facilitate
luxury suite purchasing and ticket distribution? If not, you’re losing out on
serious value. A ticket management system takes the guesswork out of the
equation, offering clarity around which tickets are available, who’s getting
them, and which have already expired. Without accurate information on hand when
key stakeholders need it, there’s greater risk of human error and tickets going
to waste.

Taking data a step further, it’s a red flag if you don’t have visibility into
the monetary value of each ticket and how that relates to sales targets,
employee productivity, and the company’s bottom line. Think about client
entertainment and courting prospects – do you have the numbers to attribute
luxury suite tickets to closed deals and influenced deal value? Modern CRM
systems can track all kinds of data and events across the deal lifecycle –
including complimentary suite tickets and entertainment engagements.

 How to maximize ROI from your luxury suite tickets

You can’t measure what you can’t see, so the first step to maximizing the ROI of
your luxury suite tickets is to roll out a ticket management system that gives
you the data you need. While start-ups and small businesses might get by with a
simple spreadsheet, managing tickets the old-fashioned way falls short of the
needs and scale of larger organizations.

A Ticket Management System like TicketOS is a cost-effective and scalable way to
track and optimize luxury suite utilization across your organization. If you’d
like to see it in action, schedule your free demo today.

Another way to get more value from luxury suite tickets is to be more selective
about which tickets you purchase. If you’re in negotiation with a client who’s a
big baseball fan, you’ll want to offer them a Major League experience over the
NBA. This is where a ticket concierge can help. Our VIP Ticketing Desk, for
instance, can put together ticket options in short notice for any kind of
request. To learn more about the VIP Ticketing Desk, click here.




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