Prolific 1 delivered the following research and insight during an exclusive presentation at the annual TriTix Forum.
As ticketing executives develop new ticketing strategies and goals, targeting millennials is a common topic that we discuss on a daily basis. This demographic is widely considered as the next generation of fans that will be critical to driving business revenue over the next few decades.
Let’s start with the first important topic, who are millennials?
In past research, millennials have shown different types of shopping habits compared to past generations. As rights-holders start to aggressively target them as future ticket buyers, research has shown that millennials have common attributes when it comes to buying.
- Comparison based shoppers, often from multiple devices
- Seek ease of transaction with saved account and payment information
- Driven by discounts and promos
Digital and mobile technologies have allowed us to collect buying patterns on different generations within the sales funnel process. Compared to other generations, millennials fall into the “late” buying category. Driven by deals, they often wait 48 – 72 hours prior to the event to buy as this is when the market seems most affordable. Additionally, they have been researching the event, pricing and seating options before they purchase. If you look at the buying patterns below, you will see how millennials differ.
Now that we’ve covered all the shopping characteristics behind this generation, it’s important to know how the secondary market can align with your ticketing strategy to attract and retain these buyers.
- Full Marketplace Distribution – All events, venues and ticket options in one place, which millennials prefer. They don’t search across multiple apps and websites, as they have their preferred platform. In this case, you are going to them versus them coming to you.
- Mobile First – Provides ease of transaction and can transfer tickets via text or email. Other ticket methods aren’t preferred, as hard stock requires shipping costs and delivery time, and PDF’s have to be printed and require additional steps in the process.
In conclusion, millennial shopping habits enforce the importance of actively adjusting marketing strategies and other digital campaigns to help build credibility as an organization. Gaining the trust of these young buyers will ensure they become recurring customers, generating sales for years to come.