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#MondayMotivation

#MondayMotivation: Invest More in the Things That Drive Results

Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: You Can't Cut Your Way to Greatness. When businesses and organizations reduce their costs, one of two things happens. Either they stop being able to do something useful that they previously could do, or they stop wasting resources that weren’t doing them any good. Of course, it’s more nuanced than that. Most budget cuts probably do at least a smidgeon...

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#TBT

#TBT: The Third Ticket

I asked the Selling Out team to put out a second Throwback Thursday article today because I want to help you think about something that I know is tripping people up. I hear live entertainment marketers talk about ‘hitting goal’ for a show and then turning their attention elsewhere. This is understandable, but the wrong way to think about it. I once said that “the last $100k you sell is just as valuable as the first $100k you sell,"...

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Pricing

The Third Ticket

Live entertainment and arts have a screwy business model. Almost all the costs are locked in. The minute you decide to do the event, you’re committed to most of the costs, even if the show or event bombs. Bummer. The good news, though, is that once you get past break-even, the business model starts to get really good really fast. For most events, break-even is somewhere in the 60 to 70% sold range. Generally speaking, if you sell two out...

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Pricing

#1: Good Pricing Is Free Money

A few weeks ago, we published 15 thoughts about pricing for the new year -- 2015. A lot of people read the article, and so I thought I’d expand on a few of the topics and give them their own posts. Let’s start with the first one: Good pricing is free money. This means that if you’ve paid little or no attention to how you set prices, or if you’ve done it mostly based on costs or based on what...

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Pricing

Ticket Buyers Don’t Care What You Spend on Your Show

A couple weeks ago, the BBC website reported on the comments made by the head of a UK movie studio that suggested movie tickets should be priced based on the costs incurred in making the movie. So, for example, the article said, “An independent British film should cost 4 pounds, and a Hollywood blockbuster 10 [pounds].” This led to a discussion in the live entertainment and arts world whether the same thing might be true for live entertainment tickets, and a...

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Pricing

How Not to Discount: Part II

Don't discount at the last minute only. This one’s pretty simple. The second bad way to discount is to wait until the last minute, and then do it in a panic. Why is this a bad idea? First, you’ve narrowed your options considerably. When venues come to us the day or two before a show and say they’d like to discount, we typically can’t help them, and we’re fast! But the fact is that we, like every big website, have a...

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