Executive Summary RETAIN ENTHUSED VISITORS CAPITALIZE ON BEACH TRAFFIC CREATE A FIVE DOLLAR MODEL

Transcription

1 Executive Summary Objective: To broaden Tryon Palace s audience by targeting year old couples and young families CAPITALIZE ON BEACH TRAFFIC CREATE A FIVE DOLLAR MODEL RETAIN ENTHUSED VISITORS Launch a Sounds of the Summer concert series Team up with local businesses to create the Five Dollar Model Encourage new audience to return to Tryon Palace for more By launching a free summer concert series and teaming up with local restaurants and breweries, Tryon Palace can generate $20,565 in projits in

2 CAPITALIZE ON BEACH TRAFFIC 3 Capitalize Create Retain

3 Launching the concert series during summer months will capitalize on trafjic passing through New Bern en route to the Crystal Coast beaches 1200 Projected a.endance by concert # of A.endants June July Aug Sept Attendance Recent oyster roast was not a success The Symphony events were great PR for Tryon Palace.. they certainly have value in that way Craig Ramey Direct Revenue for Tryon Palace 4 Capitalize Create Retain

4 Fridays On The Lawn provides a fun jumpstart to the weekend for young couples and families Ideal Stopping Point on way to Crystal Coast Casual: Food, Drinks, Music on the lawn FUN FOR THE ENTIRE FAMILY Kids Club 5 Capitalize Create Retain

5 CREATE A FIVE DOLLAR MODEL 6 Capitalize Create Retain

6 Restaurants and breweries will prepare $5 servings of food and drink to eliminate lines as a result of the cashless Five Dollar Model $5 Kcket Food Kids Club Drinks Restaurant Bakery Beer Business gets $3.50 Tryon Palace gets $1.50 % of Ticket Sales Kept Tryon Palace Business Use of The Five Dollar Model will allow for an easy method of distributing money to participating restaurants and breweries at the end of the night 7 Capitalize Create Retain

7 Tryon s projected projit from the Five Dollar Model ranges from $3100 in June to nearly $4900 in September, totaling $15,930 for the series # Project ticket sales and profit June July Aug Sept Revenue Total Tickets Profit for Tryon Consumer Spending Assumptions: 50% drink 2 beers each 75% use 1 food ticket 60% use 2 food tickets 40% use 3 food tickets 20% go to Kids Club Ticket sales from food, beverage, and kids club will result in $15,930 in projit for Tryon Palace 8 Capitalize Create Retain

8 RETAIN ENTHUSED VISITORS 9 Capitalize Create Retain

9 Retain new customers by promoting One Day Passes at the exit for 40% off the original price Normal Price One Day Passes Adults Students (Grades 1-12) $20 $10 Purchased at concert $12 $6 Ticket sales Ticket sales and revenue generated Revenue (based on moderate) ConservaKve Moderate OpKmisKc June July Aug Sept By setting up ticket stands at the exit of the concert, Tryon Palace can sell a conservative average of 129 tickets each night, which results in 515 visits to the grounds and a profit of $4, Capitalize Create Retain

10 Fridays On The Lawn will lead to projits of $20,565 in 2014 and result in 515 return visitors to Tryon Palace SATISFIED CUSTOMERS WILL RETURN PosiKve experience Discounted passes sold 515 visitors eager to return PROFITS IN FIRST YEAR $15,930 from Five Dollar Model $4,635 from passes $20,565 profit in

11 Executive Summary Objective: To broaden Tryon Palace s audience by targeting year old couples and young families CAPITALIZE ON BEACH TRAFFIC CREATE A FIVE DOLLAR MODEL RETAIN ENTHUSED VISITORS Launch a Sounds of the Summer concert series Team up with local businesses to create the Five Dollar Model Encourage new audience to return to Tryon Palace for more By launching a free summer concert series and teaming up with local restaurants and breweries, Tryon Palace can generate $20,565 in projits in

12 Appendix Sponsorships Gold Sponsor Sponsor Assumptions Fridays On The Lawn Brews & Grooves Symphony Event Similar ideas Capture Beach goers Map Motivations Surveys September 5 th Financials The Five Dollar Model Selling Day Passes at exit 13

13 Obtaining a Gold Sponsor ($3,500) for each concert in the series will cover the cost of the band, production fees, and additional advertising Gold Sponsors Cost $ Band (includes agent fee) 2000 ProducKon 500 Food and drinks 0 AdverKsing 300 Security 160 LocaKon 0 Kids Club equipment 400 Kids Club staff 0 Admission Kckets 11 Total Cost $

14 The Gold Sponsor s $3,500 donation will cover the cost of the band, production, security, and additional advertising Assumptions: Liquid Pleasure/The Embers cost $2,000 for the night at a bar in Chapel Hill $5.50 for 2,000 tickets (need 4,000 on hand per concert) 2 security guards at $20/hour for 4 hours Lawn is used at no cost $300 additional is needed for advertising to print fliers, the remainder comes from the current Marketing budget Kids Club staff are unpaid volunteers Kids Club rentals (6 hour rentals) $250 for obstacle course $150 for bounce house 15

15 Craig Ramey tried to put together a music event with a local brewery but ran out of time South Lawn is just begging to have something like that - Craig Ramey Brews & Grooves During MS Bike Ride weekend (2,000 riders and families) Hoped for $2,000-$3,000 in sponsorships to cover tent, band, and marketing costs Brewer offered to donate $1 for every beer sold Risk of losing money since this was something that had never been done at Tryon Palace 16

16 North Carolina Symphony event on South Lawn had attendance of 3,000-4,000 people Attendance: 3,000 4,000 Symphony covers Costs June 2, 2012 May 14, 2013 No alcohol sold or allowed The Symphony events were great PR for the Tryon Palace they Certainly have value in that way 17

17 Similar events to Fridays On The Lawn have had success in bringing the community together 18

18 New Bern is driven through en route to many eastern North Carolina beaches 19

19 Visiting with friends, relaxing, and part of mini- vacation plan are some of the reasons for motivating concert attendance Concert Motivations (taken from Table 4) The artist performing Food/Buffet Visiting with friends Relaxing It gets me out of the house It was part of my mini-vacation plan 20

20 Travelers who prefer beach trips placed cultural trips as their second choice; 21

21 The 2014 Bike MS race coincides with the September event, bringing 2,300+ participants and their families to town SAVE THE DATE Bike MS: Historic New Bern Ride is September 6-7,

22 The Five Dollar Model Concert A.endance June 700 July 1000 Aug 800 Sept 1100 Total Tickets Profit for Tryon Palace June July Aug Sept Beer Tickets Food Tickets Kids Club Tickets Total Tickets Money Tryon Palace Profit June July Aug Sept % of a^endants are drinking 2 beers each 75% of a^endants use 1 food Kcket 60% of a^endants use an addikonal food Kcket 40% of a^endants use 2 addikonal food Kckets 20% of a^endants will go to Kids Club Tryon Palace Total Profit = $15,930 23

23 Selling Day Passes at exit Concert Revenue- Revenue- Revenue- A.endance 1 in 5 buy moderate 1 in 3 buy op@mis@c 1 in 7 buy Conserva@ve June July Aug Sept Total TICKET SALES June July Aug Sept Total 2014 Conserva@ve Moderate Op@mis@c tickets X $9 (average between kid and adult) = $4,635 24