ATTRACTIONS AND MUSEUMS
Our Intelligent Pricing solutions help amusement parks, museums, and zoos optimize their revenues and profits.
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
Drive Revenues
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:
Typical Results for the ATTRACTIONS INDUSTRY
What Our Clients Say
”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 ’Christmas Garden‘ and ’Christmas at the Zoo” events are extraordinary audiovisual events that delight a diverse audience and have been established as winter cultural highlights for many years. In my opinion, they are therefore also predestined for the introduction of dynamic prizes. Over the past two years, we have seen how demand has actually shifted as a result of dynamic pricing: more peace and quiet at peak times and more predictable visitor flows. For us, dynamic pricing was therefore another lever to take the guest experience and advance sales to a new level.”
”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.”
FAQ – Answers to Your Questions
Why is dynamic pricing suitable for attractions?
The combination of fixed capacity and variable demand creates the perfect conditions for dynamic pricing. As price sensitivity for each day fluctuates, depending on date, weather and several other factors, dynamic pricing can be used to increase attendance at low demand days as well as slightly lift ticket prices for days with high demand.
What specific goals can be reached with dynamic pricing?
Real-time dynamic pricing enables attractions to achieve strategic goals such as:
- Drive ticket revenues
- Increase visitor attendance at low demand days
- Lift online shares and collect customer data
- Secure earlier cash in by enticing earlier bookings
What are the benefits of dynamic pricing for visitors?
By booking early and/or attending low demand days, spectators are rewarded with more attractive prices.
How to communicate dynamic pricing in the attraction industry?
- Communication is key for a successful introduction of dynamic pricing. It is crucial to get visitors on board by communicating clearly and transparently what the dynamic pricing switch involves and how it can benefit spectators
- We propose to communicate how fans can get the best prices e.g. “Buy early, buy smart”.
- We also encourage advertising using “from prices” or taking down the price lists from the website to maximize flexibility
- We help you with both online and offline communication with customers based on our world-wide experience
What are the expenses for implementing dynamic pricing?
The costs vary based on the amount of dynamically priced tickets. However, revenue uplifts achieved with dynamic pricing are typically 5x – 10x higher than the cost of implementation.
Will our prices increase as a result of dynamic pricing?
The choice is yours. Dynamic pricing works “up” and “down”
We recommend a dynamization around the current price level: for days with high demand, an increase in prices to skim willingness to pay. For days with low demand, a decrease in prices to stimulate demand.
We recommend a dynamization around the current price level: for days with high demand, an increase in prices to skim willingness to pay. For days with low demand, a decrease in prices to stimulate demand.
How Can We Help You?
Let's talk about how we can achieve your goals.
Leave us a message to schedule a first free consultation about your needs and goals. We are happy to hear from you. Just give us a call, send us an email, or stop by at our office in the heart of Berlin.
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Smart Pricer – Office Germany
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Atrium Plaza, Mainzer Landstraße 178-190
60327 Frankfurt am Main