Deposits Are Commitments
When I first did Watch Parties at EWU, the restaurant we worked with didn’t care for taking reservations. Despite guaranteeing them business, the restaurant manager came from a different mindset where reservations weren’t a good thing. Truly silliness when you think about it.
Reservations are a commitment. Once you get one, the folks reserving generally show up.
The same thing goes for deposits.
In college athletics, I’ve witnessed a lot of ticket sales units get rebuffed on taking deposits for group sales or season ticket sales. There is little justification for it, beyond just blatant unwillingness to take money now to reserve the product later.
A deposit focuses the group leader on actually covering their nut. Once money is put down, now the group leader must ensure that they recover the value of that deposit in the form of tickets used. Not just tickets purchased, but tickets used.
That’s an important distinction.
We talk about sales, but really it comes down to redemption.
Once you put your money forward, it makes a commitment materialize.