BookMyShow follows the consumer trail
As rivals step on its turf the ticketing portal lean sin, increases customer touch points and expands its foot print in the entertainment business
Since it first set up shop as a movie ticketing portal, nearly two decades ago, BookMyShow (BMS) has seen the business of entertainment go through a complete overhaul, even as it has been a part of the rapidly evolving swirl of customer expectations. Now as rivals such as Paytm make an aggressive play for its position and business, BMS is hoping to use the intimate understanding of the entertainment space to lean in closer with the customer. From being a facilitator, it has slowly inveigled itself into the entire entertainment experience, first as event and venue organisers, and most recently as producer of the Disney theatrical extravaganza Aladdin.
“We stand wherever the consumer is,” says BMS founder and CEO Ashish Hemrajani to explain his company’s foray into production. BMS was a movie ticketing company when digital companies were a novelty, but the Indian market and the brand have come a long way since. The company has evolved and Hemrajani says, BMS is now a bigger part of customers’ lives as a complete entertainment horizontal.
Connecting more often
For an all-digital brand like BMS, it was important to build tangible points of contact and increase the number of times customers engaged with the platform. This led the brand to expand its footprint in the entertainment business.
The expansion has been organic in terms of the brand’s gradual movement into allied segments and via acquisitions. For instance, BMS picked up 75 per cent stake in a Punebased company called Townscript. The company provides ticketing and planning services for workshops, conferences, exhibitions, college festivals, marathons and adventure events. It has also bought Chennai-based movie ticketing company Ticketgreen.
“One of the tenets we operate on is how do we get closer to the consumer? We want to remove all impediments between us and the consumer and if it makes sense to invest in a company to do so, we go ahead and do it. Having said that, we are also very aware that money is precious and is not to be squandered. So we’re conscious that our investments be successful and so far, we’ve managed to maintain a 100 per cent success rate,” Hemrajani says.
The company has also been steadily reducing its dependence on movie ticketing, although that still brings in the largest chunk of its business. From 95 per cent of the company’s business a couple of years back, its share is down to 65-70 per cent, with various other businesses taking up the balance. This gives BMS a wider bouquet of services to woo consumers with and offers it a shot at better margins on ticket sales. However Hemrajani cautions, comparing movies with events is tricky, while margins may be better given the higher average ticket price for events, actual realisation depends on the wide variety of tax rates and regulations instituted by different state governments.
Diversifying has helped BMS by adding to the expertise basket. And that has come in handy for international forays. BMS is now in Indonesia and Sri Lanka and plans to enter the Middle East and parts of South East Asia. “In Indonesia, event ticketing has been our foot in the door while in Sri Lanka, cricket has given us the required thrust. As with domestic operations, we prefer to take things slow, so we don’t have a plan to enter so many countries in a year. We’ll study markets and enter when we’re confident that we’re filling a need gap,” Hemrajani adds.
ASHISH HEMRAJANI Founder and CEO, BookMyShow
Building identity and character
Around four years back, BMS went in for a brand overhaul. And one of the things it did at the time was to create an easily identifiable logo that would stand out on a screen full of apps and lend itself easily to a tangible presence at offline venues. “The brand name is self-explanatory, but a bit long. We needed a mnemonic to help consumers connect with the brand wherever they see it,” Hemrajani explains.
Apart from creating a logo that helped with recall, he says he worked on creating a memorable experience with employees and with customers. “Brands are not built through advertising, discounts or deals. They are built by providing a superior product and service consistently. That’s what builds loyalty (towards a brand),” he adds.
The company says it offers a range of benefits to employees that fosters long term relationships. For customers, the company says it has invested in training and on-the-ground facilities, all aimed at providing an efficient and enjoyable experience.
“A company has to be nimble footed to survive. Today more than ever with the consumer spoilt for choice, the challenge is two-fold—being niche and at the same time horizontal, and sorting out the signals that consumers are sending your way from the noise. Consumers are always giving feedback it’s up to us to listen and implement,” he says.
BMS uses the vast data at its disposal to offer a customised experience, which Hemrajani says will separate his brand from the rest. “Competition is inevitable and not in our control. It is good because it helps grow the market. What we can control is how we interact with our consumers and serve them consistently and as they say, let the best man win,” Hemrajani says.