Hi!
I’ve started to write notes for the folks in the ‘Talking Tickets’ Slack channel.
Almost daily.
Here’s today’s:
Good morning everyone.
I’ve been thinking about Ferrari a lot lately.
No, I’m not buying one.
I want to get back to the point where I don’t have a car.
I like to be able to take public transit everywhere.
That’s why I love London, NYC, and where my apartment was in Seattle.I could walk everywhere.
In DC, I have to drive everywhere.
No.I’ve been thinking about Ferrari because they’ve done a few cool things that create revenue and scarcity.
First, there’s the idea that Enzo Ferrari built the company on, “Making one car fewer than the market wants.”
This helps support the price.
Second, Ferrari has a contract that requires you to resell your car to Ferrari.
If you don’t want to sign the deal, you don’t get to buy a Ferrari.
Why does this matter?
Because it controls the value and brand equity of the cars by ensuring that Ferrari controls the car.
Third, 80% of Ferrari buyers already own a Ferrari.Fourth, customization can add up to 20% to the price of a Ferrari.
These are amazing things to pay attention to.
If I were to put this through the lens of tickets, how would this apply?
- Instead of looking to play bigger buildings, dropping down and creating more scarcity can create unique experiences that drive demand.
- Requiring a person to sell their ticket back to the venue could help with purchase timelines, unwanted resale, and supporting pricing.
- Maintaining loyalty would be a bigger deal. You’d recognize that your market of non-buyers is always bigger than your market of buyers. This is true in just about every situation that I know of.
- Thinking of ways to let people develop their own experiences can be a real win. It might mean pushing beyond the normal stuff you are doing and listening to your customers more.
I’m also working on a piece for Jeweller Magazine in Australia on marketing natural diamonds that I’ll have some ideas for you later.
Everything is premium lately.
Everything.
What’s new?
DW
Why am I doing this?
Three reasons:
- I can test my thinking.
- I can pull together ideas from a spectrum of areas.
- It can encourage conversations, in the open and in my DMs.
I found this by Paul Krugman helpful.
The General Theory of Enshittification
a day ago · 1611 likes · 575 comments · Paul Krugman
He writes about “enshittification” and, especially, how it applies to businesses that depend on “network effects”.
You would know those as platform businesses.
So think:
- Live Nation
- AEG
- Vivid Seats
- Stub Hub
And, more…
I’m curious about your thoughts.
I’ve been digging Hannah Grannemann’s blog lately.
She did a week expanding on the topics in our podcast conversation.
This week, she wrote about the way that she designs her arts management classes.
Dig this piece, share it!