21 Sep Successful Music Festivals Follow the 80/20 Rule!
Would you be surprised to learn that a small group of select music fans (who call themselves “festies”) generate the majority of your profits? If you’re concentrating on total ticket sales it might be easy to overlook this powerful consumer niche. But if you can tap into that resource, not only will your current event be a success, you’ll likely create a long-term relationship with a pre-qualified consumer, ready, willing, and able to spend money on the entertainment you’re offering.
Niche Marketing: Find Your “Hardcore” Fans and Boost Sales Today and Tomorrow
That’s the 80/20 rule or the Pareto Principle. Smart salespeople have been using it to hone advertising, capture “in-store” revenue, and build marketing lists for decades. But it’s not just a theory, there’s actual research to demonstrate this phenomena actually exists.
And music festival promoters need to take notice if you haven’t already.
Why Festies are So Important
20% of festival goers attend 5-6 festivals per year, spending an average of $91 more per event than your average consumer.
50% of these festies hit up 2-3 festivals per year. (That’s $200-$550 more dollars in your wallet per person per year!)
If you can tap into this market, you’re not only satisfying your bottom line today but building a model for future business as well.
And how loyal are they? An average festie attends their favorite event 3 times. That’s three times the opportunity to sell and upsell a single consumer.
They Spread the Word
It’s not just the festies that will be coming back next time. This is a very select—and very vocal—group with extended reach among their peer groups. They’re the trendsetters of their social circles and 69% of them say that their friends rely on them for information and advice about upcoming musical events, multi-day festivals, and concerts. (With an average annual salary of $75k these folks and their peers have plenty of disposable income to throw your way.)
Simply put, if you make a good impression on these folks, you’re winning over their friends as well.
How to Attract Hardcore Festies
So, these hardcore fans are an economic boon for your music festival. But how do you get them through the gates in the first place? With focused planning, selected marketing, and social outreach.
Almost half of all festies follow artists not actual events. That means these wealthy individuals consider the headlining band first and foremost. So step one is to attract top-tier musical talent. The good news is that these hardcore music fans are also more interested in discovering new music than casual fans—so it’s okay to mix-up the lineup.
While roughly half of festies say they learn about new events through television of offline social engagement, a whopping 45% of them discover festivals through online marketing. That’ great for you because it’s cheaper, more effective, and easier to implement.
Next, you need to get their friends interested. 15% of these individuals said that having one or more friends attending the festival was the deciding factor when they chose to purchase their tickets. 50% of festies say they learn of upcoming events through social postings in their current network. Ticketstripe allows anyone to share events and “invite” friends to purchase tickets on social platforms like Facebook.
Creating an “experience” is also super important for these hardcore festival goers. They come for the music but the total package is what captures their excitement. How do you make something more than a mosh pit?
35% of festies said that having VIP services (like early access, backstage meet & greets, VIP lounges or bathrooms, and free drinks) was important to them. And they’re willing to pay significantly more for these services—you don’t have to foot the bill for these extravagances.
Extending the Stay
If your event is a multi-day music festival (or even if it’s not) creating a social experience is essential. 30% of festies look for on-site or nearby camping when scouting out their next festival. Having campsites available
- Extends the party overnight
- Creates a gathering point for friends (which also functions as a selling point and social marketing for you)
- Solves the problem of “where am I going to stay?” (Reducing resistance to pushing that “buy” button.)
More Than Music
Modern music festivals are multimedia events. They’ve become a strange sort of amalgam between music, food, and other forms of entertainment. In short, people don’t just go to listen to bands anymore. 23% of festies look for events that host non-musical entertainment like talks, workshops, culinary explorations (think food trucks), and art/artists exhibitions.
In that way the festival has become a bigger event, worth more to the consumer, and worth an elevated ticket price as well.
But Bigger isn’t Always Better
As is almost always the case, targeting a niche audience will be more profitable in the long-term. 56% of festies said they preferred more intimate events in line with their unique interests. While it may seem counterproductive to limit the scope of your festival, by doing so you can tap into that hardcore fan base and actually attract more dedicated fanatics—which generate a larger percentage of your profits both short-term and at future events.
Don’t Ignore the Minority of Your Consumers
It’s easy to get caught up in the thought that casting a wider net will bring in more profits. More tickets sales means more dollars, right?
But if you ignore that powerful elite—that 20%—you’re actually letting money slip through your fingers.
Smart planning and marketing can cost less and reap more. Isn’t it time your learned how to tap those hardcore festies? Let Ticketstripe be your online sales partner—minimize your expense, maximize your effectiveness, and expand your social reach!