When launching a new festival, it's easy to fall into the trap of relying on an existing marketing database to gain immediate audience reach. While this might seem like a quick fix, the reality often reveals a different story.
Let’s do the math.
The Problem with Marketing Databases
Consider a marketing list of three million people. At first glance, this number appears substantial. However, when we consider typical email and e-commerce performance metrics, the effectiveness of this strategy becomes questionable.
For example, you might find that only a fraction of those listed are in your designated market area (DMA).
Combined with a 30% open rate, a 3% click-through rate, and a 2% conversion rate, you're likely looking at fewer than 100 actual buyers.
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All that money and time for 27 buyers…not the best return on investment. Perhaps even more disappointing, most ticketing partners aren’t sharing the customer information from these transactions until well after the event happens.
The Cost-Effective Alternative: Build Your Own Database
Instead of paying to enhance someone else's database, why not invest in growing your own? Lyte’s Subscribe & Request pre-registration system is designed not just to fit within your budget but also to ensure that every enthusiast who shows interest in your event is an asset you own. This approach guarantees that your fans are ready and eager for your announcements and more. With Lyte’s Subscribe & Request feature, you gain:
- Immediate Fan Engagement: Through our system, fans show their commitment via a credit card reservation. This can be fulfilled at your convenience, allowing you to start generating revenue immediately.
- Zero-Cost List Growth: Our platform has proven results. For instance, Lost Paradise in Australia launched Subscribe & Request in lieu of a previous pre-registration partner and saved $15,000 in marketing expenses, expanding their database by 41.7% at no additional cost.
- Data Ownership: You have complete control over your fan data. With access to the Lyte Control Center backend, you can download and remarket to all your fans at any time, leveraging this data for future events and marketing campaigns.
Sustainable Growth Through Strategic Partnership
By partnering with Lyte, your festival benefits extend beyond minimal cash advances and sunk marketing costs. We're committed to helping you lay a foundation for independent and sustainable growth with a collaborative approach that ensures every aspect of your marketing strategy aligns with long-term success.