How Selective Overbooking Improves Revenue Generation

Recent overhypes about “self-driving cars” have people focused more on the negative than the positive of this technology. Many believe that self-driving vehicles will eliminate jobs, not increase them.

This article argues that this perception is wrong and that most experts agree that self-driving cars are at least 10 years away if they are even possible at all!

In fact, many top companies in Silicon Valley make significant revenue by creating or licensing automated vehicle software or systems. These business models depend heavily upon having autonomous vehicles available to their customers.

Google, for example, makes much of its income through online advertising. Most advertisers would prefer to place ads in front of actual humans being paid rather than an automatic computer program, so they pay Google to ensure there are always human driven cars available for advertisements.

Uber and Lyft rely heavily on these types of automated services to run their businesses. By offering only pre-screened rides that other people create and use, Uber and Lyft do not need to invest in expensive equipment to operate and can instead focus on developing their mobile app.

There are already several fully functional automated car service apps that exist and are growing rapidly. Companies like Waymo (formerly known as Google Self Driving Cars) and Zoox both recently launched their own driverless taxi services. Both of these companies received major investments just months ago, but are now expanding quickly due to demand.

There are less people in the audience

Many artists, performers and speakers need to make money to survive! They will strive whatever means necessary to get attention for their art or message. This can include over-producing pieces and marketing strategies that may not be effective for their followers and audiences.

By creating a sense of urgency to see or hear your artist or speaker, they are encouraging more purchases by adding stress to the event.

This is very common with attending events such as music concerts where tickets often sell out within an hour or two of being available. By limiting how many tickets are had at one time, fans have a higher chance of getting their favorite musician’s or speaker's words without buying a ticket.

By offering both high demand and limited supply seats, venue owners earn additional revenue from attendee sales while still giving their audience what they want.

The show will be shorter

explain how selective overbooking improves revenue generation

In marketing, there is an element of psychology that helps explain why some strategies work and others do not. For example, research shows that people are more likely to spend money on things if you don’t try to get them too often.

By overproducing products or services, companies create a sense of urgency to buy because they don’t want to miss out. This urge to purchase can sometimes go beyond what would otherwise be needed – creating excess inventory that gets warehoused or incinerated.

In fact, according to Harvard Business School professor Michael Iacoboni, most normal humans have a threshold past which we become reluctant to waste anything — even when we aren’t hungry. He calls this “intrinsic value aversion.”

This instinct comes from our hard-wired desire to save resources and preserve space for future use. Essentially, we feel uncomfortable buying something unless it seems like there isn’t enough of it around.

Selectively offering a product or service means leaving some amount of it unsold at any given time, setting up a mental state where people feel comfortable spending money because there’s still plenty available.

The performer will make less money

explain how selective overbooking improves revenue generation

When an artist overbooks an event, they are typically trying to draw in more spectators or buyers. This is not always the case, however! Some artists use selective overexposure as a way to keep their followers/fans happy while at the same time limiting how much revenue they generate for themselves.

By creating events that are overcrowded, the artist is avoiding paying higher entry fees or selling enough tickets to get good seats. These types of events are instead free “experiences” for attendees who want to be close to the artist.

This helps them maintain relationships with their audience, but also limits what the artist makes per person attending. It may even inspire some people to stay away from expensive entertainment because it seems too hard to enjoy without spending money.

These artists seem to value keeping the fans around them rather than chasing after the big dollars. They create an atmosphere that is friendly and welcoming, which attracts more people and thus continued exposure.

The venue makes more money

explain how selective overbooking improves revenue generation

This is a very important reason why selective overbooking is such an effective way to run your business! As mentioned before, most major events have limited seating capacity. By being overbooked, the event can make even more revenue as people purchase additional tickets or re-sell their ticket.

Events will also receive extra income due to higher attendance. More attendees means more sponsored food, merchandise, and/or conversations happening around the event. Sponsors love exposure since every person in the audience is seen by many others!

The venues that use selective overbooking ensure that there are not too many seats left empty at their event. They want everyone to feel comfortable attending so that more people do! This helps create a crowd which attracts more attention and engagement from the spectators and speakers.

The show will go longer

explain how selective overbooking improves revenue generation

An overbooked event means that there are not enough seats for everyone who wants to attend, which creates an atmosphere of excitement because people must make their decision about whether or not to come influenced by how many tickets they have.

This is why most events get so much attention because almost every person attending it has invested in a ticket.

By having more people wanting to be at your event, you’ll be able to generate revenue through entrance fees and souvenir sales. You may even attract new attendees due to word-of-mouth marketing.

If you oversell your event, then some people might feel bad about buying a ticket but they’re still going to want to be part of what happens next, creating a lot of interest. This also helps you retain current attendees as they can afford to contribute financially to keep the event thriving.

It's important to remember that while selective underselling is an effective way to prevent empty seats, overdensifying your event is not. More people attending equals higher attendance costs, which could hurt your bottom line.

The audience will enjoy the show longer

explain how selective overbooking improves revenue generation

Many people have discussed the benefits of selective over-production, but few talk about how it can boost revenue generation. While some say that producing too much content is a way to gain popularity, this argument is weak at best.

By creating excess content, you are actually hurting your brand’s reputation. This is because when there isn’t enough content, people begin to wonder if you don’t care or if you don’t know what you are talking about. When this happens, they stop listening, which costs you money in terms of engagement.

On the other hand, when everyone seems to be vying for attention by posting almost identical content, nobody feels like they get their value for time invested.

This effect is very similar to why people flock to big box stores after shopping online – you get the same low quality product, more expensively packaged, at lower prices. As a consumer, you lose out.

As marketers, we need to recognize that this behavior is harmful to our business and find ways to counteract it. By adding just the right amount of content, you increase the chances that your target market will watch your videos and read your articles.

The audience will get to see more of the performer

explain how selective overbooking improves revenue generation

Many performers depend on sales for their income, so they actively look for ways to increase attendance and exposure. A common tactic is called selective overbooking. This means offering free events or discounts at an event that the public can attend.

By underpromising and overdelivering, you create an atmosphere where attendees are willing to spend money because there isn’t another opportunity to enjoy the performance without spending money.

This also creates word-of-mouth marketing as people talk about the event and how much it cost to attend. By promoting the event through social media, your follower or fan may be able to pick up some tickets from others!

Not only does this help generate revenue, but it helps keep the artist relevant in the music scene by giving them greater exposure.

The performer will invite more people to the show

explain how selective overbooking improves revenue generation

When an artist overbooks, they are inviting large crowds to attend their event or performance. This is very popular these days as artists use social media to promote themselves and their art!

By having a larger audience, the artist earns more money per person attending the show. More people watching the artist’s work means higher revenue for them!

The artist doesn’t have to pay expensive entrance fees or tution rates for spectators who want to watch them perform. All you need to do is enjoy the show!

This article will talk about how selective overbooking can help your career in the music industry. But first, let us look at some examples of overeager musicians that may hurt rather than help their careers.

Examples of overeager musicians

Many famous singers and musicians seem to constantly be on stage performing. They put out too many messages about what they are doing and why it is important to get attention.

Some feel like they have to make lots of noise with all the promotions because they rely so much on computer software and technology to succeed.

But this constant activity makes it hard for others to focus on their career when those around them keep up-to-date on what they are doing. It also creates a sense of chaos which looks unorganized and less professional.

Kanye West often interviews himself during his concerts. He sometimes goes on extended rants that lack consistency and flow.

About The Author

Juice Beta is ending July 1st! Subscribe before end of month to lock in Juice Plus for 50% off!
$49 $25
Sign up now
Juice Beta is ending soon! Subscribe now to lock in Juice Plus for $49 $25
Sign up now
cross