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:
Understand status quo
- Analysis of visitor structure and current price strategy (ticket types, seasons, etc.)
- Defining the strategic goals for a new pricing model
- Discover the main drivers for demand and attendance (weather, holidays, etc.)
Analysis of historical & current ticketing data
- Analyze the share of pre-sold tickets throughout the season
- Develop and test interfaces to ensure ease of use for online and box-office customers
- Share best practices for online and offline price communication
Real-time pricing software for daily optimization
- Demand forecast based on prediction tool with machine learning algorithms
- Daily price optimization for tickets based on our software
- Connection of our softare with your ticketing system for seamless operation
What Our Clients Say
“The optimization of our pricing strategy has completely convinced us. We decided to launch Dynamic Pricing with Smart Pricer to match each show to our strategic goals. ”Maja Donath
”Smart Pricer developed a model that allows us to determine the willingness to pay for individual customer segments. By tailoring our prices accordingly, we increased our revenue by more than 20%.”Robert Koch
”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.”Stephanie Schaub
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.
Upcoming Conferences And Events
Find us and come say hello at these industry events, fairs, and conferences:
March 06-10, 2019
April 02-03, 2019
360 ° ENTERTAINMENT is aimed at the who’s who of the entertainment industry. The congress brings together sponsors, organizers, media, venue operators and service providers of all kinds.
the great escape
May 09-10, 2019
June 19-22, 2019