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Click the image above to check out the Cleveland Cavaliers and Veritix!
Dear Faithful Readers,
It’s my last day in the office before traveling to Dallas for the 2014 National Sports Forum where we’ll get the opportunity to visit the homes of the Mavericks, Stars, Rangers and Cowboys. With over 900 attendees already registered, I can only assume this is going to be our best conference in the Forum’s 19 years. For those of you who aren’t able to join us in Dallas, I’ll be recapping the entire event in our next issue of “Selling It…”.
Now, as for this issue… the Cleveland Cavaliers have partnered with Veritix to tap into the previously unused secondary ticketing market. Keep reading to find out how they’re bringing in revenue from a market many franchises have been battling each season.
Enjoy the feature…
Erin
[email protected]
P.S. - Feeling creative? Send in your best marketing and advertising campaign from 2013 and your team could be the next feature in "Selling It"!
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The Cleveland Cavaliers
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OBJECTIVES
The ticketing industry is quickly changing. There once was a time where buying tickets at the stadium was the only way to get them. But now, with the multitude of online ticketing platforms, it becomes a personal decision where you would like to buy tickets. And depending on the marketplace you purchase in (TicketsNow, Ticketmaster, StubHub…), some teams are not exposed to any additional revenue from the secondary market.
This secondary ticket market is going mostly untapped by teams…for now. Obviously, buying tickets directly from a team means they get most, if not all, of the revenue from each sale. But, secondary sales of the same ticket, from fan to fan, is virtually uncontrolled by most sports properties. The fees paid for buying online tickets do not go to the team, they go to the ticketing company. At least that was the case until a new ticketing company changed the way professional sports teams can control their ticket sales.
Enter Veritix.
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The Cleveland Cavaliers were one of the first NBA teams to sign Veritix as their official ticketing platform. As the only company with an all-in-one view on ticketing, it has been one of the most progressive choices the Cavaliers have made. And the team is committed to providing the most innovative technologies for their fans. Unlike other companies, the Veritix platform controls both the primary and secondary ticket markets for the Cavaliers, and it's the first of its kind.
Simply put, when purchasing tickets directly from the Cavaliers website, the team keeps the money and most of the fees. And now through the Veritix platform, the Cavs control the secondary ticket market and therefore have access to the fees assessed in online sales. This is a revenue stream no one else is tapping into, and has not been capitalized on by most professional sports teams.
Veritix also requires more personalized information from each buyer/seller. In order to buy tickets through their platform, a robust data form must be filled out. This gives the Cavs a much more in-depth look at each and every fan, and gives them the opportunity to target their fans individually. From variables like demographics, to time of purchases, to average ticket prices paid, this data is invaluable to ticket sales teams in targeting their secondary market. |
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Another innovation as a new digital entry method at the Quicken Loans Arena, fans no longer have to keep a physical ticket in their possession. All that is needed is an ID, and their ticket is printed for them as they enter the stadium. Check out the video here to see the Flash Seats experience.
Click above to go to check out the Flash Seats Veritix Experience!
RESULTS
The results for the Cavaliers are twofold. The data generated from each sale has given the sales team more information and tools for a more efficient, effective and targeted sales effort. Secondly and most importantly, the Cavs have tapped a previously unused revenue stream through the secondary market platform Veritix provides. “Veritix is ahead of the industry curve and we’re very excited to offer the best ticket service in the business to our fans for both the primary and secondary ticket marketplaces,” said Len Komoroski, Cavaliers and Quicken Loans Arena President.
LOOKING AHEAD
The Cavs are more than pleased with the results seen so far from Veritix. They plan on keep Veritix as their official ticketing partner for years to come, and other NBA teams are beginning to take notice. Partnering with properties across five major sports leagues and making inroads into the NFL with the Detriot Lions, Veritix is quickly becoming a popular ticketing platform.
CONTACT
For more Information, contact:
Meagan Manning, Vice President of Marketing, Veritix
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