#MondayMotivation: Cost is your problem. Price is theirs.
Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: Ticket Buyers Don’t Care About Your Costs.
That sounds a little harsh, but it’s essentially true. When it comes time to evaluate what they are willing to pay to see your show, ticket buyers do not care what you are spending to create that show.
Cost is your problem. Price is theirs.
This is a confusing subject for people, and my goal here is to help more live entertainment and arts marketers face reality as it is on the subject of price and costs. When someone produces an event or show, they have things they have to pay for. These are the costs of the show. On the other side, ticket buyers or potential ticket buyers place a certain value on the experience. This isn’t a hard and fast number, but people tend to have some kind of benchmark or range of prices they’d pay to see a given thing.
Making the price people are willing to pay at least equal or hopefully significantly greater than your costs is the financial goal of any given show.
There are two ways to do this of course: increase the value or decrease the costs. …
Check out the rest of Jim’s post: Ticket Buyers Don’t Care About Your Costs.
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