Hi!
#PaysToWait is a real phenomenon.
You can look at this recent story about Beyonce’s ticket sales and fans talking about paying crazy pre-sale prices for nosebleeds.
Yield management matters.
But so does your brand.
There is a balance that needs to be struck between maximizing revenue and preserving your brand.
Beyonce’s tour is just another in a line of tours where the balance might be off.
Your key to approaching pricing is:
- Have a good price-setting process in place. In my experience, using dynamic pricing can lead to lower quality price setting process because the belief is that we can “fix” the prices later.
- Set the price. I know we live in a “no set face value” environment. This can hurt demand. The price can be a point of positioning for your on-sale.
- Communicate your price effectively. Drip pricing is built on the premise of tricking people. Most people run from the price. Don’t fall into the trap because it helps feed #PaysToWait.
DW
P.S. I’m looking into Ligue 1’s future right now.
So another long analysis is coming.
If you have topics you want me to cover or stories I should see, send them my way!