Pricing Challenges And Goals For Attractions
Attractions, like amusement parks, museums, and zoos, are increasingly facing pressure from shifting spending behavior and new entertainment offerings in the market. The correct Pricing Strategy ensures better customer communication and increases revenues.
Challenges for the Attraction Industry
How many will come each day?
There are hundreds of factors that influence the number of visitors each day. E.G. date and time, weather, promotions, etc. Predicting the daily demand is key for optimizing daily operations.
High demand vs. low demand days
Holidays and weekends attract more visitors than mid-week. Attractive and dynamic prices shift demand to less visited days and increase revenue on peak-days.
Price changes may alienate visitors
A change of set prices needs careful customer communication to avoid visitor disappointment and bad press. Finding the right communication strategy can be difficult.
Machine Learning-driven demand prediction
Dynamic prices follow the demand to increase revenues
Pricing Goals for the Attraction Industry
Utilize the price insensitivity of spontaneous and solvent customers for high-visited days to increase overall revenue.
Increase visits at less visited days
Offer attractive prices at less visited days to shift demand and reduce the impact of fixed costs at those times.
Incentivize online sales
Increase online sales through special discounts to collect more customer behavior information and get better planing security while saving money.
How We Can Help You Achieve Your Goals
To achieve the strategic goals of our clients we usually follow three steps:
What Our Clients Say
“Smart Pricer conducted a very insightful pricing workshop with us, including comprehensive ticket analyses and measures to optimize our current pricing. Our expectations were not only met but far exceeded. The project with Smart Pricer is an important step in the development of our future pricing strategy.”
”Together with Smart Pricer, we developed a social pricing strategy that focuses on children, families and school-groups through attractive prices and ticket offers while at the same time securing our ticket revenues.”
”The Smart Pricer team supported us to introduce a flexible ticket pricing structure that helped us massively increase online sales, better distribute visitor attendance, and streamline our customer management.”
”The guest experience is our core focus. The integration of Dynamic Pricing helps us to refine the booking process as an important part of the customer journey. Smart Pricer is the perfect partner for us to embark on this journey.”
Our Case Study
Discover how we introduce dynamic pricing with our clients.
Classictic Case Study
In this case study we explain the approach used by us to determine Classictic customer’s willingness to pay by using A/B testing.
- 100k€ increased revenue for tested venues
- 200k€ total annual revenue increase potential
The case study shows the used approach in details and presents the final recommendations for Classictic based on the A/B testing results.