Know Theatre Announces 2nd Year of Ticketing Initiative

Thanks to a partnership with the Carol Ann and Ralph V. Haile/U.S. Bank Foundation, Know Theatre of Cincinnati is again announcing a flat $12 ticket price for every show during the 2009-2010 season. Know Theatre would like to thank the Foundation for the generous funding of our second year of the Ticketing Initiative, enabling us to keep our $22 ticket prIce To a flat $12.

When Know Theatre initially developed the plan for the ticketing initiative, it was with a spirit of entrepreneurship and innovation. In order to be successful, contemporary arts organizations need to actively work to remove as many barriers to trial as possible. The ticketing initiative is a crucial step to begin removing economic barriers - perceived or actual - to the public without sacrificing resources. "We believe this an unprecedented initiative for a company of Know Theatre's size, and it will attract national attention to the innovation continually being embraced by Cincinnati's arts and culture organizations," says Eric Avner, Vice President of Community Development at the Carol Ann & Ralph V. Haile, Jr./US Bank Foundation.

While it is still too early to gauge the overall impact of this program, last season Know Theatre saw positive results in ticket sales, audience development and an overall increase in our operational capacity. During the last two productions of the 2008-2009 season, we administered a two-page audience survey to 275 patrons to begin to research the effectiveness of the ticketing initiative. These surveys combined with data from our ticketing system have yielded the following insights:

* 38 percent of those surveyed had never attended a show at Know Theatre before,
* 12 percent listed ticket price as their "primary" motivation for attending and 30 percent said that price "significantly impacted" their decision to attend.
* We were concerned that reducing the cost of our tickets might result in a reduction in perceived value as well but the survey data indicates that this is not the case. Nearly 85 percent of the total respondents stated that the value or "worth" of their ticket was greater than $12 and a full 50 percent valued their ticket at $20 or more.

 

Finally, and perhaps most unexpectedly, we've seen a significant increase in online ticket sales. Eric Vosmeier, Managing Director says, "Know Theatre began selling tickets online four seasons ago, but these sales have never exceeded 10 percent of our total sales. However, this year, with no major change in how we marketed our sales channels, online sales jumped from 10 percent to nearly 35 percent." This is particularly helpful because significantly reduces the amount of staff time spent handling ticket sales while still delivering a high quality of customer service.

To continue testing these results and driving advance sales, ticket prices will continue to be only $12 when purchased in advance. On the day of the show, ticket prices will increase to $15.

"We're grateful to have at least one more year to work with this ticketing model and see how we can improve upon the success we've seen," says Vosmeier. "The advance/day of pricing model is a simplified version of demand based ticket pricing. There are a number of companies experimenting with this type of pricing at the moment. The support of the Foundation is allowing us the luxury of time to experiment and find what will work best for Know Theatre in the future. It has also helped shield the company from the significant drop in ticket sales experienced as the recession hit full swing. This was invaluable to us during the first part of last season."

Know Theatre of Cincinnati's Board President, Jeff Syroney adds, "Innovation and accessibility are at the heart of Know Theatre's mission and culture. The nature of the way Americans seek out their entertainment options continues to change. Know Theatre is committed to strategically keeping pace with changing trends with initiatives like this that provides our current and potential audiences with the most affordable professional entertainment option in Cincinnati."

The Haile Foundation's investment is an affirmation to that spirit of innovation and accessibility. "We were also interested by the theatre's eleven-year history of incremental growth, and how the theatre continues to demonstrate its long-term commitment to increasing its impact and role in the community," says Avner.

The Carol Ann and Ralph V. Haile Jr./U.S. Bank Foundation is a private family foundation with a unique bank partnership. Its mission is to enhance the quality of life in Greater Cincinnati, concentrating its efforts and resources on economic development, arts and culture, education, and human services. The Foundation's work is designed to have the largest possible impact towards a strong and vibrant community, and to honor the legacies of Carol Ann and Ralph V. Haile Jr. Over the coming years, the Foundation anticipates supporting a limited number of innovative cultural initiatives that focus on long-term sustainability.

Know Theatre of Cincinnati's mission is to create explosive and evocative live entertainment.

Know Theatre of Cincinnati's vision is a world awakened to its collective possibility.

 

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