Sales forecast tool for event ticketing

Most event organizers who use our online booking system have a large number of events on sale at the same time. In such conditions, it is very important to have a tool that allows you to see the event that needs additional work on promotion and track sales dynamics. This is the reason we have developed a sales forecast tool.

How to see the calculation results

It is necessary to go to the page with the events list. An icon is displayed in front of each event name and it can be either in the form of a green smiley (it means that there is a high probability of a full house at the moment) or in the form of an exclamation mark on a red background (this means that while maintaining the current sales pace, all tickets may not be sold). After pressing one of these icons a detailed sales forecast report will be displayed.

What and how we calculate

The calculations are made on the basis of daily sales from the moment of organizing an event until the current moment. We calculate the average number of tickets sold per the whole day, compute the number of days left for the beginning of an event, and we can provide a rough forecast of sales by doing simple arithmetic actions. It means that it is possible to predict if all tickets will be sold while keeping the current sales pace.

Why the forecast is rough

It occurs when we don’t take into consideration seasonality, promotions, and discounts which can affect the level of sales, the increase in sales that happens with the coming day of the event, partnership arrangements of the event organizer and other factors. It should be also understood that the forecast accuracy is growing with the time tickets are on sale. Conclusions made from the first days of sales cannot be considered as exact data because the first wave of sales can lessen or vice versa, sales may increase as the advertising will be activated.

Parameters that are the most important

The most important parameters are the average number of tickets sold per day, and the average number of tickets that should be sold to get a full house. Taking into account these factors we can see the real picture. If the average sales are 5 tickets, and to get a full house it is necessary to sell 10 tickets, it means you should double your efforts. If 10 tickets are sold for a long time, and for a full house you need 5 tickets, it means you can think about raising the price.

This is the example of the report with sales forecast:

You should pay attention to the fact that in the first column as in many others it is indicated not only the number of tickets but also their general cost.