Vantage: TicketCo

TicketCo is striving to create a new global standard for all event payments

TicketCo is a Norwegian born business that provides a unified platform for efficient event payments. Essentially, TicketCo is striving to create a new global standard for all event payments. The key to this is its unified platform that processes efficient, fast and safe payments, bolstered by its belief that event payments should be easy.

How has listening to your customers actually improved your customers’ experience, and what are the hard and soft results?

Customer driven technology development is key to achieving success. The simple reason why is that a software can be virtually anything and easily end up being nothing. Without customer interaction in product development you will most likely end up making something that doesn’t solve the customers problem in a good way, alas becoming nothing (great).

To successfully achieve in making a great product, it is about making sure that the product truly solves the customers problems at hand.

The customer is the problem expert, we are the technology experts. The great challenge is how we solve the problem for the customer. How we do it is our great opportunity of creating innovative solutions to the problems.

We try to be strategic in product development and we are focused on identifying effects for the customer, such as increased revenue, higher efficiency, better control, reduced costs etc.

But we also have an overarching vision which commits our product development direction: Creating a new global standard for event payments that make life easier for both the event organiser and the audience. This also means we set a constraint on what problems we will focus on solving.

With your Nordic and UK hats, are there any differences in customers’ needs and in what is considered ‘excellent’ customer experience? Should any lessons be taken away for either the Nordics or the UK, and potentially internationally?

In essence there’s very little difference when it comes to customer experience. Uber doesn’t deliver a different customer experience in different countries, neither does TicketCo. Instead of focusing on country specific needs and expectations, we focus on delivering excellent customer experience to different segments.

Large supply chains and ecosystems often make delivering a consistent and planned customer experience difficult. How do you ensure an ‘excellent’ customer experience is provided to both your direct customers (event organisers) and their end customers (ticket buyers)? Is this something that can be managed, should be managed, or is a pipe dream?

By being lean and by understanding the needs of both event organisers and their customers, we constantly focus on building the best customer experience possible.

An example is by connecting our software with iZettle and Adyen, which enables a seamless omnichannel solution for both customer and end-user. In addition, we enabled ticket buyers to easily carry out seating selection for whole stadiums on small mobile phones.

Another example is offering one-click payments for ticket buyers. We believe that buying an item in the price range we operate in, that’s an emotional thing. Usernames, passwords and credit card details should not be a blocker.

In your opinion, how disruptive are FinTechs really when it comes to customer experience? Are FinTechs truly disruptive or actually just effective at improving a specific experience?

I think disruptive is a misused word. The definition of being disruptive is creating a new market and value network which eventually takes over an existing market or value chain. Not all innovations are disruptive even though they are revolutionary. I think we see a lot of revolutions in FinTech these days.

How do you maintain momentum in continually improving your CX? Are there any secrets of success and where do you look for inspiration?

You have to live as you learn. We go out there to experience the events, testing the technology, observing how it works, getting user feedback etc. It all goes back to listing to our customers, being present and get a greater understanding of how our customers feel about our technology.

We also have to gain an expert understanding of payments and always to be on the lookout for new technologies that can be applicable for our customers.

The inspiration comes from looking at happy faces when our technology is being used. Happy customers is a constant source of inspiration. In general, I think companies that are very customer centric are likely to succeed. Learning from these companies is something we strive to do. TicketCo have big ambitions and getting insights from partners like Adyen and iZettle create inspiration to keep on making our vision a reality.

How will you ensure your business model stands the test of time as competition grows?

In order to have a sustainable business model we need to continue to add value on top of every transaction at TicketCo. As long as we are valuable for our clients we will continue to grow. We are being tested against our competitors every day, and we are happy with the competition as it makes us constantly improve our product.

Regardless of the industry, what is the one golden nugget that companies, FinTechs and incumbents alike, forget to look for or pay enough attention too? And what is the risk of missing this?

Customer driven focus. It’s as simple as that, and as difficult as that. Too often I think companies either lose track of this or get entangled into conflicting priorities where what’s best for the customer gets sacrificed on the altar of “other” priorities.

The more a company scales the more tricky it also becomes to keep this customer driven focus in mind.


About the Author:

Kaare Bottolfsen
Co-Founder & CEO

Kaare Bottolfsen founded TicketCo in 2011 together with Carl-Erik Moberg. He was then the Managing Director of the restaurant group KJS, running 20 bars and restaurants in Norway’s second largest city Bergen and employing a workforce of more than 150 people. He started his career in KJS as a security guard, then worked as a bartender, site manager, company group IT manager, and eventually the group Managing Director. He knows the event industry from every angle. Kaare is known as a leading expert on Point of Sale, cash flows and computer programming. He is originally from the city of Bodø, far north in Norway.

More about the Vantage Series:

This post is part of the Vantage series by KAE that provides a fresh perspective and hears first-hand from various players across the FinTech & CX ecosystem.

KAE will be posting a number of interviews with companies that share their candid viewpoints and to really get under the skin of the FinTech world and Customer Experience within various industries.

If you would like to share your views and participate in the Vantage series, feel free to reach out to us at Vantage@kae.com.

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