For those experienced in ticket brokerage, transitioning into event reselling can be a natural progression. While both practices involve the buying and selling of tickets, event reselling requires a broader, more strategic approach. Here’s how you can leverage your ticket brokerage skills to succeed in event reselling.
1. Expanding Your Focus: From Individual Tickets to Entire Events
In ticket brokerage, your focus has likely been on buying tickets at face value and selling them at a higher price to meet immediate demand. Event reselling, however, involves a more holistic approach. Instead of concentrating on individual tickets, you will need to consider entire events or series of events. This means researching which events will see the highest demand closer to the event date and purchasing blocks of tickets accordingly.
To start, leverage your existing expertise in understanding market demand for specific events. Consider factors such as artist popularity, venue size, and timing to predict which events will experience increased demand. The ability to foresee market trends, which you have honed in ticket brokerage, will be critical in identifying the right events to invest in (GigWorker) (Ticket Flipping).
2. Deepening Market Research and Analysis
In ticket brokerage, you might already use tools like Google Trends, social media analytics, and sales data from platforms like StubHub to gauge demand. Transitioning to event reselling will require you to deepen your research. You’ll need to understand broader market dynamics, including seasonal trends, regional preferences, and even economic factors that could influence ticket sales.
For example, monitoring the number of streams an artist has on platforms like Spotify, analyzing the size and engagement of their social media following, and considering historical ticket sales data can provide insights into future demand. This kind of detailed analysis will enable you to make informed decisions on which events to invest in and when to sell your tickets (Ticket Flipping).
3. Managing Greater Risk with Potential for Higher Rewards
Event reselling inherently involves more risk compared to ticket brokerage. Instead of quick transactions, event reselling often requires holding onto tickets until market conditions are optimal. However, this patience can pay off with higher returns, especially if demand surges close to the event date.
To manage this risk, use your existing knowledge of the market to diversify your investments across multiple events. Just as in ticket brokerage, where you spread your risk by selling tickets to various events, in event reselling, you should consider investing in different types of events—such as concerts, sports games, and festivals—to minimize the impact of any single event underperforming.
4. Utilizing Technology and Automation
Event reselling often involves handling a larger inventory of tickets across multiple platforms. Fortunately, your experience with ticket brokerage platforms like Ticketmaster and SeatGeek will be valuable here. However, to streamline the process, consider using advanced tools that allow you to list tickets across multiple platforms simultaneously and manage your sales more efficiently.
Ticket Attendant is a platform that enables you to list tickets on various marketplaces and automatically remove them once sold, can be particularly useful. This technology helps you maximize exposure and reduce the risk of double-selling tickets, which can be a significant concern when managing a large inventory (Ticket Flipping).
5. Setting Strategic Pricing
Pricing is a crucial aspect of both ticket brokerage and event reselling. In event reselling, pricing strategies become even more critical as the market for an event can fluctuate significantly. Use your brokerage experience to set competitive prices, but be prepared to adjust them as the event date approaches. For example, you might lower prices slightly to sell tickets quickly or hold firm if you anticipate a last-minute surge in demand (Oakland Grown).
By applying these strategies, you can successfully transition from ticket brokerage to event reselling. While the approach requires a broader perspective and a higher tolerance for risk, the potential rewards make it a worthwhile endeavor. Your experience in ticket brokerage provides a solid foundation for success in this more advanced, strategic form of ticket sales.
