What’s The ROI On That Skybox?
Bank of America’s ticket inventory numbers in the hundreds of thousands, including seats in more than 80 suites for teams like the Boston Red Sox, the Dallas Cowboys, and the San Francisco Giants. Managing that inventory? That wasn’t really the bank’s forte.
So last summer, the bank signed on with online reseller www.RazorGator.com. Using proprietary software, RazorGator manages approvals for bank staffers to use those tickets, both to comply with Sarbanes-Oxley and to increase return on its investment. . .
“In past years, people managed tickets in desk drawers,” says Bill Read, Bank of America’s sports-and-events ticket management executive. “With the online system, it’s all centrally managed, so we know what tickets we have and how they are utilized. We look at the clients, the order, whether all the tickets were used, and whether there was a benefit to the organization.”
At $3 to $8 a ticket, RazorGator’s work with Bank of America (NYSE:BAC) and a handful of other Fortune 500 clients is lucrative. It also gives RazorGator a way of differentiating itself from the pack. “We’re morphing from a traditional ticket broker to a provider of services to corporations in the ticketing world,” says CEO Jeff Lapin. “If a corporation wanted to keep track of gifts for approvals and for Sarbanes-Oxley, our software could be programmed for that type of request.”