#MondayMotivation: The Real Challenge for Live Entertainment

Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: The Easiest Mistake in the World to Make About Pricing …

Is there a “discount buyer”? Photo Credit: Krists Luhaers via Unsplash

The easiest mistake in the world to make about pricing … is thinking there is such a thing as a “discount buyer.”

And I can prove it to you.

Next time you’re gathering six or eight of your co-workers for a meeting and have a few minutes before it gets started, do this little experiment.

Ask the group if any of them have a band or musical act that they really, really like but that most people in the room aren’t likely to know. Most people will have one.

Pick one of these people and ask them for the name of the group. They’ll say “Panda Crying Love” or whatever. “Great,” you’ll say, “anybody else heard of them?” Hopefully, you’ll have at least one or two people who haven’t.

Then ask the Panda Crying Love fan how much they would pay for a nice ticket, right down front for a Panda Crying Love concert. Their eyes will light up and they’ll start picturing this wonderful experience. After a few seconds, they’ll probably say a number north of $100, but that could vary a lot. Still, if they really are fans, they’ll put some real value on this ticket.

Then turn to one of the people who didn’t know the band at all and ask them if they would pay the same amount as the fan. …

Check out the rest of Jim’s post: The Easiest Mistake in the World to Make About Pricing …

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