Peer Talk: Profiles of Revenue Management Application (RMA) Users
With more than 100 organizations now using the Revenue Management Application (RMA)TM, we want to recognize that those organizations are full of amazing people using the software to work smarter. Featured below are 5 RMA power users from diverse organizations and job roles reflecting on how they’ve integrated the RMA into their work. We hope they give you ideas as to how to best leverage the RMA for your organization!
Name: India Haggins
Title: Interim Director of Marketing
Organization: Jazz at Lincoln Center
How Long Have You Been Using the RMA? Four years
How Do You Leverage the RMA? I meet weekly with a small team of two to review the dashboard and sales curve reports, utilizing them to identify performances that can sustain an incremental price adjustment. As marketers we often rely on instinct, and the RMA allows me to blend that intuition with data to make informed decisions. The flexibility of the system leaves room to factor in key elements like group sales, artist changes, highly subscribed performances, and recent press coverage which may impact ticket availability. I also use the system to identify unanticipated performances or “sleeper concerts”—allowing us to really maximize revenue.
Name: Michael Knight
Title: Marketing Operations Manager
Organization: Opera Philadelphia
How Long Have You Been Using the RMA? Since July 2013
How Do You Leverage the RMA? We have weekly meetings where we look at different RMA reports to discuss an opera’s performance. The Monitoring Dashboard is our “go-to” report since it allows us to get an at-a-glance overview. From there we can see how we are doing compared to our Forecast and Zone Reports help us identify zones that may be ready for a bump or areas that aren’t performing well that may need an offer. We also setup Sales Curve reports to compare like productions to see if we are on target historically.
Name: Katie Kinard
Title: Box Office Manager
Organization: Spoleto Festival USA
How Long Have You Been Using the RMA? Three years
How Do You Leverage the RMA? The RMA provides measurable data to help with decision making where before we didn’t have this type of data to help with planning. We apply RMA data to pricing, hold management, forecasting, and programming. I think that the RMA is a key tool for planning and collaboration. We’ve seen $166,682 additional revenue in the past three years, just from dynamic pricing alone!
Name: Neel McNell
Title: Marketing Manager
Company: Steppenwolf Theatre Company
How long have you been using the RMA? I have been using the RMA for the past two seasons starting in the 2015/16 season.
How do you leverage the RMA? The RMA has definitely shifted my mindset about the ever-changing trends in buyer behavior. The Speed of Sale reports and Sales Curves help us help us react to sales in a more nimble way. As opposed to spending hours in Tessitura or T-stats alone, we look at real-time results of current and past campaigns and use that knowledge to make educated decisions for our future. In our weekly meetings, we are able to look at each performance in our dashboard: we pinpoint revenue growth opportunities in as well as performances that need more attention. With this exercise, we can then devise strategies to leverage performances with high demand and fill performances with low demand.
Name: Brandon VanWaeyenberghe
Title: Director, IT and Business Analytics
Organization: Houston Symphony
How Long Have You Been Using the RMA? Two years
How Do You Leverage the RMA? Armed with the RMA, I work with the marketing team to project single ticket sales and monitor the sales performance in real time. I also use the RMA to identify any trends or analysis the marketing team may request, such as how other entertainment options and sporting events affect ticket sales. Go Astros!