Check this out. True story.
Local non-profit. A big one.
(More revenue than some startups we work with.)
They come to the solutions team at RTS Labs and say:
“We’re spending money on special shows – touring ones.”
“Adding events and programs to our calendar.”
“Getting the word out.”
“Stocking our gift shop for visitors afterwards.”
“Revenues are up some.”
“Not as much as they should be.”
“Membership levels – pretty flat.”
“We can’t tell if the cost of these shows is justified.”
“Not enough renewing members.”
“Haven’t stayed in touch with past members.”
“Please – is there an easier way to track our ROI AND our members – past and present?”
The answer was clear to us:
Business intelligence tools!
Tools to help them:
1. Track trends.
Who’s coming to which shows?
Which shows generate:
– Gift shop purchases?
– Visits to the restaurant?
– More out-of-town visitors?
2. Track marketing.
What are people responding to?
– Social media?
Figure that out, then use data to allocate the budget.
Don’t just guess.
3. Ultimately make better business decisions.
Regain all that lost revenue with membership renewals.
Choose best exhibits and events to invest in for the future.
Be able to explain to donors and investors:
– ROI on exhibits, events and programs (beyond basic ticket sales)
– Ripple effect on shops, restaurants, memberships
– ROI on efforts to drive revenue and membership
Create easy-to-read charts to explain everything.
After all, a picture is worth a thousand words, right?
Read the entire case study of how BI tools really helped this client level up to rock star status, making management, donors and investors very happy and helping them take better advantage of their prestige as one of the east coast’s finest art museums.