Tour Forecasting (MerchIQ)

Tour Forecasting is a feature of MerchIQ. It's a powerful tool that allows you to manage your inventory to maximize sales driven by your nightly Settlements, Gross Revenue, and $/Head.

Project Gross Revenue, Expenses, and Net Profit on tour merch. Predict nightly show Settlements and know exactly how much merch to order. Real time algorithmic forecasts tell you what you will run out of and when. 

Once you've completed your Tour Plan and you begin settling shows, Forecasting will kick in. This article will provide an overview of each area of MerchIQ Tour Forecasting.

Access MerchIQ Tour Forecasting:

  • Click the MerchIQ button
  • Click Tour Forecast

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Performance

  • Make sure the correct tour is selected in the dropdown
  • The page will default to Performance
  • Click on the Arrows button in the upper right to load the page in full screen view

MIQ_tour_forecast-1a.jpg

The Performance page provides a visual way to see how your Tour Plan and Forecast line up, as you settle shows, with a color coded graph. You can switch between Gross Revenue, $/Head, and Net Receipt views using the buttons on the lower right of the graph. 

Hover over any of the points on the graph to reveal the Tour Plan and Actual figures. 

Further down the page, you're provided with a quick breakdown of the Top 5 performing items and cities (by Gross and by $/Head). 

MIQ_tour_forecast-1.jpg

Summary

  • Click on the Summary button

The Summary page provides a tour-to-date comparison of your Tour Plan vs. actual show data pulled from your nightly Settlements. 

MIQ_tour_forecast_summary-1.jpg

Green or red arrows indicate whether you are positive or negative as compared to your Tour Plan. Hovering over an arrow will reveal the Tour Plan Gross, Expenses, or Net Profit amounts.

MIQ_tour_forecast_summary-1b.jpg

Venues

  • Click on the Venues button
  • Click on the Arrows button in the upper right to load the page in full screen view

All of the calculations on this page are driven by actual show data. Based on your nightly Settlements, atVenu will forecast attendance and $/head for upcoming shows. This determines Gross Revenue by show, which is used to project sales of each item/show.

A Forecasted Total Gross for the tour is also included in the upper left. 

Working with the Venues page:

  • Click a blue date to edit the Venue details for any un-settled show
  • You can edit the information in the individual cells for any un-settled shows
  • Completed (Settled) shows can not be edited

MIQ_tour_forecast_venues-1.jpg

Products

  • Click on the Products button
  • This page is best viewed full screen. Click on the Arrows button in the upper right to load full screen view

The Products page provides a real-time picture of your tour inventory, how it's performing, and how your on hand inventory compares to what you'll need for any upcoming shows, based on forecasted attendance and $/head. From here, you can see what you might be running low on, what you need to reorder, and when shortages will impact you.

Here's a quick overview of the information displayed on this page: 

  • Forecasted Attendance and $/Head: These figures carry over from the Venues page and can be edited as needed. Any edits made here will sync back to the Venues page
  • Total Needed: Total number of items needed to complete the tour, broken down by size
  • On Hand + IT: Total inventory of the tour Trailer, including On Hand and In Transit quantities
  • Shows Left: How many more shows your On Hand + IT inventory will cover
  • +/-: How many units of an item you are over or short to meet demand
  • Sales to Date: Total units sold to date
  • Shows by Date: These columns show all upcoming shows and based on the forecasted attendance and $/head the number of units you'll need for each. Blue indicates you have enough stock to meet demand, while red indicates a shortage
  • Warehouse: This column will show any item you have in your saved Warehouses. You can disable this by clicking the down arrow next to the Warehouse title and disabling the Warehouse from the pop-up menu
  • Ordered: Lists any quantities you have on order
  • Global +/-: This is a global over/short calculation which factors in any available quantities from the Warehouse and Ordered columns

MIQ_tour_forecast_products-1.jpg

Expenses

  • Click on the Expenses button
  • Click on the Arrows button in the upper right to load the page in full screen view

Expenses carry over from your Tour Plan and can be edited as needed. Edit existing Expense entries or add new ones. 

MIQ_tour_forecast_expenses-1.jpg

Also see: Tour Planning (MerchIQ)

 

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