Maximizing Your Community Theater’s Event Value: Effectively Managing Your Event Costs

Happy New Year! We hope you’ve had a fantastic holiday season and that you’re feeling rested, relaxed and rejuvenated. We’re ready to get back into the swing of things for 2015!

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Today we’re back with the sixth installment of Maximizing Your Community Theater’s Event Value. Here’s what we’ve covered so far:

Part 1: An Introduction and Overview
Part 2: Increasing Ticket Sales
Part 3: Assigned Seating as an Optimal Ticket Pricing Strategy
Part 4: Managing Discounts as a Ticket Pricing Strategy
Part 5: Managing Other Event-Specific Revenue

Today we’ll be discussing the occasionally tricky task of managing theatre event costs.

Let’s get started!

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Event Cost Basics

Event costs can be separated into two distinct categories:

Production: Production costs refer to the total cost of producing an event. These are fees associated with paying the performers, using the facilities, operating lighting, music, sound, and the purchase/rental price of costumes.
Support: Support costs refer to the cost of everything that is required in supporting the presentation of the event. These fees include the cost of your ticketing system, labor fees for front of house staff and ushers, as well as event marketing and advertising.

Best Practices for Managing Event Costs

Effectively managing event costs can help your community theater find greater financial success through the presentation of your events. Here are a few best practice tips for managing event costs:

Leave a (Paperless) Trail. It is highly encouraged that you consider making all of your event-related documents (such as budgets, labor lists, ticketing information etc.) available to your creative and administrative team through a service such as Google Docs. This type of access makes it easy for your team to access vital information on the go and to keep everyone up-to-date.
Reduce, Reuse, Recycle. Does your community theater have a great costume wardrobe and props closet? Encourage your creative team to reuse and recycle items that your company has used in previous productions. This type of resourceful thinking will really help you find a more profitable bottom line.
Watch your Dollars and Cents. The best advice we can give you is to use a budget! There’s no better way to manage your event costs than to use a projected and actual budget. We’ve written a couple of articles on budget management – you can access them here and here.

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How Can TicketPeak Help Manage Event Costs?

TicketPeak can help your community theater manage event costs in two different ways:

TicketPeak offers a low cost ticketing system with exceptional features. Our clients report savings of over $1 per ticket in ticketing costs by switching to the TicketPeak system. This can quickly translate into huge savings for your organization.
TicketPeak automates tasks that you might currently be completing manually. Tasks such as tracking ticket purchases, managing seat inventory and seating charts, as well as managing other event-related data are a breeze with TicketPeak. (This also helps your organization with the allocation of labor!)And check popular weekly ads:
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Stay tuned for future installments of Maximizing Your Community Theater’s Event Value. Up next is an examination of some best practice ideas for maximizing your community theater’s reputation impact.

Click on the document below to access your free, fully downloadable whitepaper, which covers the complete Maximizing Your Community Theater’s Event Value series, as well as ways in which TicketPeak can help your organization optimize your results.

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