User acquisition & retention consulting project for an Event Ticketing startup
Background and challenge
Our client offers an event ticketing SaaS for business clients that allows a seamless creation of event pages and ticket sales. App Marketing Minds (AMM) were approached to develop a sales approach that would enable our client to generate demand on both sides of the marketplace. That is, to attract the businesses to sell tickets, and also customers to visit the marketplace and search for events. Starting from square one, businesses operating a marketplace often face the "chicken or the egg" problem - which side of the market to attract first. The goal of this project was to develop a growth strategy with a detailed plan of execution.
The project commenced with a close working relationship with the founding team and in-depth interviews to understand their business model, the challenges their business faces, just as what are the common problems of other players in the event ticketing market. This analysis was complemented by our own analysis of the market to provide an outlook on the major competitors and their presence, their clients' (businesses) and users' (attendees) purchasing behaviours. This analysis involved not only pragmatic preferences when booking an event, but also industry trends and market changes in relation to offering online tickets for specific industries.
Recommendations and results
AMM developed sales strategy and also a blueprint for tactical implementation. In terms of strategy, AMM built on a framework that utilized network effects. Meaning, the product gains more value as more people use it. In practical terms, more event-goers will use the product if more events are on offer, and more businesses will publish their event and/or use the product for creating events if the product has a base of users that are ready to purchase.
We focused on 5 elements:
- Product value: We developed the correct messaging and angles for both sides of the market
- Alignment of market messaging and ICPs' buyer questions
- Growth tactics: Rapid growth in the shortest possible timeframe was achieved through a series of following activities:
- Segment and prioritize the market according to different verticals
- Building demand before supply through direct sales (cold email and Facebook advertising)
- Attracting the "hard-to-get" side of the market (businesses) by reduced fees to publish their events through direct marketing initiatives and content marketing
- Attracting attendees by utilizing PPC to gain initial traction
- Critical mass: The following strategies were used to create an action plan to trigger and utilize the existing user base to attract further
- Financial incentives
- Viral campaigns
- Sharing-enticing content an UI
- Product development tweaks to encourage sharing
- Engagement trigger: Lastly, we focused on increasing time to first value, engagement and product stickiness
- Encourage in-app engagement and event engagement through reducing friction (sign-ups and repeated log-in) and increasing the value/motivation of product usage (adding social elements such as social media integration, photo sharing)
- Utilize social components, such as event galleries, social media integration to create personal connections
All the above approaches were supported by detailed sales execution plans, time frames, and milestones, just as hiring guidelines. As a result, our client received a personalized growth strategy that could be executed in-house with their team.
” Highly Recommended ”
Exactly the support I needed. Strategy for initial customer acquisition was detailed. Went above and beyond with creating the sales strategy and setting up a game plan for my SaaS business. Highly recommended
Frank Avila, Founder