How it works?

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We should be unapologetic in the belief that objective data tells us more than subjective thumb-sucking. Precise judgements, however restrictive, are more informative than sweeping judgements. There is too much nonsense and too many unchallenged myths around about arts audiences and their behaviour.

Mark Hazell, Marketing & Publicity Director, Norwich Theatre Royal

Jargon Buster

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Transaction

What does this mean?

Defined by the Oxford Compact Dictionary as ‘an exchange or interaction between people’, in arts use this term should be taken to mean a discrete and self-contained sequence of actions between a user and an arts organisation that contribute to and complete a particular outcome.

Thus a transaction takes place whenever a person contacts and interacts with the organisation. Consequently the entire process of booking a ticket and attending an event could be made up of a number of different transactions. For instance:

a reservation transaction

a purchase transaction

an attendance transaction and

a refund transaction.

So each transaction needs to be seen as a one-off happening that is a component of a more extensive pattern of occurrences. That more extensive or overall pattern of interaction is the total transaction and the money generated from it is the total transaction value.

How did we get this definition?

A ‘transaction’ is a discrete one-off interaction between a user and an arts facility. A chain of such transactions – working in combination to a particular end – thus make up a total transaction (i.e. from the start to finish of a sequence of interactions).

Related and similar definitions

Following the above logic, the total transaction value will thus be the overall, combined financial value of all interactions involved in a particular sequence of transactions (i.e. the value of the overall transaction). Hence, working from start to finish, total transaction value should be calculated as:

Value of all purchase transactions within the interaction sequence

PLUS

Any additional payments made in relation to the transactions (e.g. service and credit card charges)

LESS

Any refunds made or discounts taken.

When to use

On any occasion when an organisation wants to evaluate the overall value of each series of interactions with a customer.