How Ticketsolve met client needs with support from the Sustaining Enterprise Fund

Ticketsolve“Due to Covid-19, our sales fell off the edge of a cliff. SEF has kept us going and allowed us to  continue to support our customers. Thanks to Enterprise Ireland, we have a plan for the future.”

Paul Fadden, Managing Director, Ticketsolve

Key Takeouts

  • Ticketsolve is a complete box office, online ticketing, and marketing solution servicing over 300 clients across Ireland and the UK. Due to Covid-19, the company experienced a dramatic drop in sales. Despite the hit, Ticketsolve continued serving customers. They quickly adapted their product and service offering to bring value to theatres, festivals, arts organisations, and visitor attractions.
  • In order to supplement lost revenue, Ticketsolve applied for the Sustaining Enterprise Fund, which includes a non-repayable grant. This enabled the company to continue to refresh its product and reimagine their customer support to meet client needs.
  • Enterprise Ireland helped Ticketsolve to develop a financial plan for the future and provided the necessary funding to bridge the gap caused by a global pandemic. The company onboarded 13 new clients during the lockdown and plans to continue innovating their product with the help of the Sustaining Enterprise Fund.

Case Study: Ticketsolve

At the start of March 2020, Paul Fadden was in the UK meeting with clients. During this trip, he discussed Covid-19 with friends and colleagues and remembers realising that the ramifications of a global pandemic would be enormous. Two weeks later, the world came to a grinding halt. Fadden was in the office when the government directive came in. The entire team left early to go home—and nothing has been the same since.

Ticketsolve is a complete box office, online ticketing, and marketing solution for arts and entertainment venues. Lockdown meant worldwide postponements and mass cancellations of events, shows, and concerts. As a result, Ticketsolve experienced a dramatic loss in sales overnight.

“It was one of the most anxious moments of our career,” recalls Fadden. “Our customers are extremely passionate about their work, so to see everything suddenly shut down was mind-blowing. The world as we know it has changed.” 

 

Adapting in order to meet customer needs

Fadden says the Ticketsolve team acted fast during the period of closure for their customers. Their goal was to offer uninterrupted support to their customer community. First, they encouraged ticket holders to donate a partial or full amount of their ticket bookings to the arts organisation. Customers also had the option to exchange their refund for a credit note. Through developing The Ticket Exchange Tool, Ticketsolve were able to secure 52% of ticket revenue through donations and credit for customers. The product was created to preserve their clients’ cash flows.

Ticketsolve put a stop to all outbound sales and marketing efforts, which Fadden says would have been insensitive during this time. They redeployed resources into initiatives that would help their customers recover and prepare for a successful and safe reopening. The team launched the “Ticketsolve Academy”, a webinar series offering clients three sessions per week. Sessions included a mix of industry guest speakers, skills sharing, brainstorming sessions, and steering groups. More than 3,500 people attended their virtual events over a 13-week period.

Ticketsolve also introduced the “Arts Recovery Toolkit”. This free resource was designed to guide event organisers through the coronavirus fallout as they work to make their premises safe so they can resume operations.

 

Continued service required support

Ticketsolve adapted quickly to unexpected circumstances, but there was still the issue of revenue. How would they pay the bills? What was the plan moving forward? Fadden says this is where Enterprise Ireland came in. After applying for a Covid-19 Business Financial Planning grant, they were appointed a finance mentor. She worked to understand their business and then created a number of scenario models for the coming months and even years. Fadden says this was a really useful exercise. This well-defined financial plan also enabled Ticketsolve to apply and qualify for Enterprise Ireland’s Sustaining Enterprise Fund, which includes a non-repayable grant.

“Applying for the SEF gave Ticketsolve the security we needed,” says Fadden. “It took away some of the anxiety caused by Covid-19. Funding isn’t the silver bullet—we’re working on new ideas we believe will really sustain our business—but Enterprise Ireland’s support was a lifeline.

Ticketsolve used SEF for working capital. The funding also enabled the team to focus on the complete redevelopment of their backend technology. This refresh is a large project, which they are still working on. These improvements would not have been possible without the SEF. The grant enabled Ticketsolve to keep staff working as they adapted their services to meet the evolving needs of their customers.

 

Looking to the future

Despite the upheaval and interruption of outbound sales efforts, Ticketsolve has won and onboarded 13 new clients since the lockdown. Among their newest customers is well-known Dublin tourist attraction, The Book of Kells. The Ticketsolve team have adapted their processes, moving on-site implementation to remote meetings and repurposing support tools. Overall, they’re getting used to this new way of operating and customers are up to speed.

So, what’s next for Ticketsolve? Fadden says they will continue to prioritise customer support and new product innovation. It’s his goal that Ticketsolve always be a helpful partner, making a difference for customers and patrons of the arts, now and into the future.

Enterprise Ireland has been a huge support during these times of massive uncertainty,” says Fadden. “Without the Sustaining Enterprise Fund, things would be very difficult for us.”

 

Click here to learn more about applying for the SEF. Contact your Development Advisor or our Business Response Unit to find out more.

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