Today’s Q&A Wednesday is with Paul Cross, President of TicketBud.
Explain what you do in a way that my mom can understand?
Ticketbud.com allows event organizers to sell unlimited tickets to their events for one low flat-fee, the only such online box-office service in the world. Highly disruptive.
What was your “lightbulb” moment when you knew you had something?
The overwhelming positive response from our initial customers after launch. They expressed extreme commitment to Ticketbud and their dissatisfaction with their current vendors. We kept hearing, “Where have you been all this time?” We knew we had something.
What is the “secret sauce” that will make you shine above the competitors?
Sponsorships – just wait! We have had a sponsorship feature for quite some and own Sponsbud and the related code but we think we have it figured out. Re-launching soon.
We’ll know we made it when:
When we hit five digits in worldwide events per month. We are tracking towards this in 2013.
Who are some of your first customers?
Small, local charities right out of the gates, like sustainable farming, funding diabetes, etc. Also Fraternities and Sororities. For $40 bucks they can have an online ticketing box office, sell tickets for $10 or $20 and make $5 to $6k in proceeds in a weekend. That money can then be directed to the charity of their choosing. Everyone wins. Students are industrious these days. I had one president of a sorority tell me she made almost $6,000 free and clear off a big social event using our ticket service and then gave all those proceeds to the cause they supported. At the end of the day it’s about finding and working at something meaningful that helps [and not hurts] others. At least that’s the philosophy we all have at TB.
Our first breakthrough came when:
We did a big 5,000 ticket sale event for a large international conference in Europe. We made $69.99 total without a hitch. That same event on Eventbrite would have cost them over $10,000 in fees. The attendees of that event created their own events throughout Europe, extremely viral. We’ve been concentrating now on operational, organizational and coding efficiency and getting exceedingly good at understand the long tail. After funding you need to figure out things at a brisk pace. We were lucky in that we made money our first day.
The best advice we’ve received so far has been:
It’s all about execution.