Measure what matters: 6 metrics arts leaders should track
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TRG Blog: Analysis from TRG Arts


Measure what matters: 6 metrics arts leaders should track

Amelia Northrup-Simpson | September 11, 2015 7:06 AM

 Photo by Gavin Brogan (CC BY 2.0)

There are a lot of metrics that an arts organization could track in an effort to be successful and sustainable. With today’s robust CRM systems, there’s no shortage of data on arts patrons and their buying and donating behavior.

The truth is, what gets measured gets managed.

When you decide to track a metric and make changes in your work to move that number up or down, you’re giving that metric power. That means your organization sets its priorities as an institution by what you collectively decide to measure.

So what are you measuring? We’ve compiled 6 metrics that arts and cultural organizations should be tracking in order to assess their current situation, stabilize their business model, and start generating working capital. Members of our team have generated a short video on each metric.

We’ll be releasing one metric a week, starting next week. Watch them separately, or clear an hour in your schedule and watch all of them as you would a TRG webinar.

Metric #1: Patron-generated revenue

Released September 15

Forget earned and contributed revenue. Thinking about revenue generated by patrons vs. other sources may help your arts organization far more. In this video, Amelia Northrup-Simpson of TRG Arts explains why categorizing revenue only as earned or contributed can create siloes within organizations and how to calculate the amount and percentage of patron-generated revenue.

View the full post>>

Metric #2: Active patron participation

Released September 22

Active patrons are the patrons an arts organization serves today. But will they still be there tomorrow? It depends on how YOU cultivate them. In this video, Jill Robinson of TRG Arts discusses how and why to measure active patron participation at performing arts organizations and museums. She also explains the concept of an “upgrade”—the next step for every patron to grow their loyalty.

View the full post>>

Metric #3: Data capture rate

Released September 29

If we want to cultivate an arts patron, we’ve got to know their history with our organization first. That starts by collecting their contact information. In this video, David Seals of TRG Arts explains why capturing contact information can mean serious revenue gain—or lost opportunity. He’ll also review what contact information you should collect and tips for collecting it at the point of sale.

View the full post>>

Metric #4: New audience churn rate

Released October 6

Churn. Attrition. Turnover. Call it what you will; the fact is, you’re losing new patrons. With few exceptions, arts organization over-prospect for new audiences and under-retain them. In this video, Jim DeGood of TRG Arts explains why retention matters, how to measure your risk, and a simple 4-step process for retention that you can implement at your own organization.

View the full post>>

Metric #5: % of subscriber-donors

Released October 13

Is renewal rate the best measurement of loyalty? While it shows how many subscribers or members arts organizations are retaining, it doesn’t indicate if patrons are growing in their loyalty. In this video, Keri Mesropov of TRG Arts explains why renewal rate can be deceptive and the metric arts organizations should consider tracking alongside it.

View the full post>>

Metric #6: Per capita revenue

Released October 20

Is your arts organization generating the most revenue it can for each event? There’s a way to measure that! In this video, Lindsay Anderson of TRG Arts explains how to figure out if your pricing strategy is causing you to lose money, and common causes of lost revenue due to pricing strategy.

View the full post>>


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Case Study: Lyric Theatre of Oklahoma

Annual operating budget up 32% in 5 seasons

Lyric Theatre of Oklahoma 
 Photo: Joseph Mills

After a poor year for earned revenue in 2012, Lyric Theatre of Oklahoma (LTO) had rebounded and was experiencing a growth spurt. In 2013, Director of Marketing Danyel Siler had turned her attention to single tickets.

Her hard work had paid off, but season tickets were still a challenge. “Season tickets were steadily declining,” she said. “The season ticket campaign had been done the same way for years, maybe even decades. And we blamed the fall on the trend that subs were declining everywhere. Our executive director, artistic director, and I all knew something needed to change, but we didn’t know what.”

Read More>>


Killer Group Sales Campaigns

A boot camp for arts marketing and fundraising leaders


Friday, August 18, 2017 
Online Workshop (11am-2pm MDT)

Do group sales contribute less than 10% of your single ticket revenues? Does your organization only sell tickets to groups reactively? Are you setting group sales goals only to fall short every year?

After subscriptions, group sales is the most important ticket-buying group for an arts and culture organization to cultivate. In this one-day session, learn how to leverage your group sales program to create a renewal base of loyal customers, while also driving new patrons to attend, all by tapping into the social networks that already exist within your marketplace. 

You’ll leave with your own, unique group sales campaign plan for next season, front-line sales strategies, and projections of what is possible for growth.

Contributors


Jill Robinson
Adam Scurto
Amelia Northrup-
Simpson
J.L.Nave Vincent VanVleet Keri Mesropov
 

Upcoming Events

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Executive Summit in North America - October 12-13, 2017; Colorado Springs, CO

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Conferences

American Museum Membership Conference - November 6-9, 2017; Seattle, WA

Americans for the Arts - National Arts Marketing Project (NAMP) - November 10-13, 2017; Memphis, TN



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