TRG Arts' Senior Consultant, Tom Stickland joins host Lucy Costelloe to discuss how to use data and metrics as the foundation for strategies that help build loyal audiences for arts and cultural organisations.
Tom explains the importance of identifying your organisation's definition of success and aligning metrics to long-term goals like patron loyalty and revenue resilience and avoiding short-term targets.
Using TRG’s approach, organisations should look at historical data to set realistic growth projections and benchmark against industry data if gaps in your own data make it necessary.
But what data should you focus on? Tom suggests focusing on key metrics like earned revenue percentage, patron activity rates, churn/attrition, data capture rates, and per cap ticket revenue and regularly measuring progress throughout the year rather than just at year-end.
These sorts of regular checks, with small experiments - and being able to embrace failure when some experiments inevitably fail - is how your team can learn to quickly adapt and course correct versus and still hit all your long-term organisational goals.
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THE ARTS AND EVERYTHING IN BETWEEN PODCAST
Explore innovative concepts and gain insights from professionals and leaders in the arts, culture, heritage and live entertainment space.
Join us every two weeks as we discuss the most pressing issues at the forefront of the arts and culture landscape. You’ll hear from industry leaders and specialists sharing their expertise on a wide range of topics, giving you actionable advice and pragmatic tips for your cultural institution, live event or performing arts organisation.
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GOT A GREAT TOPIC OR STORY TO SHARE?
Got a great topic for the podcast? Want to share your story with the arts and culture world? Get in touch! podcast@ticketsolve.com
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RESOURCES
Join the TRG Arts and Culture Benchmark:
https://trgarts.com/benchmark
Schedule a call with TRG Arts:
https://trgarts.com/schedule-a-call
Read more about the Think Tank Series:
https://blog.ticketsolve.com/the-acc-think-tank-missing-the-mark-or-on-the-right-track
https://www.ticketsolve.com/with-you/the-arts-culture-collective/
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