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#MondayMotivation

#MondayMotivation: “Break-Even” Price Is Faulty by Design

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 Perils of a "Break-Even" Price. If you’re not careful about the way you evaluate the price at which you need to sell tickets in order to break even, you could be setting yourself up for some big losses. Here’s how a “break-even” price gets established a lot of the time: somebody, somewhere takes the total cost of delivering a show...

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Marketing

Subj: Inter Office Mail – Customer Commitment – How Do You Look at Things?

Editor’s Note: Our own Jim McCarthy shared some thoughts about Customer Commitment with the Goldstar team, and, well, we thought you might get something out of it, too. From: Jim McCarthy Sent: Fri 8/2/2019 2:00 PM To: GSE There's a famous psych experiment that you may have read about, that you can actually play along with if you'd like. People were asked to close their eyes and, with their finger, draw an imaginary capital letter B on their forehead. (Actually, the original study used...

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#MondayMotivation

#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...

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Pricing

4 Ways to Do Discounting Right

No. 1: Know where to avoid discounting: It's simple, don't discount to your house list too much. Why is this? Because your house list is most likely made up of your full-price buyers. These are the people who are most likely to put a high value on what you do, even if they haven't bought yet. There's a principle to think about, and that is the best customers should want to give you more and get more from you. Price should...

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Marketing

Does Our Industry Make It Harder to Buy Tickets on Purpose?

Here's the thing about live entertainment: It's inconvenient. It's just a fact. A potential customer has to transport her actual human body to a place other than her own sofa at a time that she doesn't get to choose. That may sound stupid and obvious, but that's only because it IS obvious. The trouble is, when looking the same obvious thing square in the face every day for long enough, you stop seeing it. Like the park rangers at Mount...

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#TBT

#TBT: Get Busy Living or Get Busy Dying

Happy #TBT. To celebrate, we’re sharing an oldie-but-goodie post from Jim: Get Busy Living or Get Busy Dying. It’s amazing what the human mind can do. For the moment, I’m not talking about piercing scientific insights that improve life for the world, beautiful expressions of art or clever innovation that builds a prosperous business. I’m talking about the ability to deny reality in the desperate struggle to stay the same. In normal times, change is gradual. If you’ve ever been to the Haunted...

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#TBT

#TBT: Half Price Cannibalization? Only If You Do It Wrong

Happy #TBT. To celebrate, we’re sharing an oldie-but-goodie post from Jim: Half Price Cannibalization? Only If You Do It Wrong. Rick Lester from the database marketing firm TRG posted an intriguing teaser on some upcoming data that I just have to talk about. The group is looking at the behavior of half-price ticket buyers in the Bay Area, and here’s what their preliminary data says: “In this case, my three decades of experience was not helpful. I was convinced that cannibalization was...

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ICYMI

In Case You Missed It

Each week we'll share a collection of articles we think are well worth reading. And now, in case you missed them ... • Crain's reported that eight New York City arts organizations are launching an alliance this summer called Audience 360, which "will allow members to get a better grasp on their own base, share ticket buyer information with each other and collect data that can be used to champion the overall arts community." Read about it here. • Derek Thompson highlights...

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News

The Sound of Audience

Last Thursday night, 18.5 million people watched The Sound of Music performed live on television. Last season, 11.5 million people saw any show on Broadway. Quibble about the performances. Quibble about the production. Say (correctly) that the two experiences are not the same. Say (correctly) that you can’t monetize a TV viewing the same way you can monetize a theater visit. But here’s what it comes down to. When the only way to experience the product is in the building, you’re not losing...

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Pricing

How Not to Discount: Part IV

Don't punish buyers who have come to your venue on a discount ticket. The fourth way that you shouldn’t do discounting is to do it in such a way that it’s designed to punish the people buying your discount tickets. This is done by, for example, putting them in the last row of the house when other sections are available, making them wait to be seated after the "regular" patrons have been seated or otherwise creating a little reminder that...

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