Archives

#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...

Read More

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...

Read More

#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...

Read More

Pricing

How to Take the Emotion Out of Discounting

Jim Lewi is the president of LiveWorks Events, host of the Aspen Live Conference and a consultant at Goldstar, to name just a few of his titles. Recently, he covered discount channels in the article below in his company's newsletter. It's a nice refresher on the importance of RPS. You can read more from Lewi at the LiveWorks newsletter. “Our job is to take the emotion out of discounting” is a line I use when talking with industry peeps about...

Read More

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 … • The Milwaukee Symphony Orchestra successfully completed its $5 million emergency fundraising drive. Find out the breakdown of how they got it and their next steps for fiscal health. • The Canadian Museum of History, formerly the Museum of Civilization and Canada’s largest, most-visited museum, is launching a fundraising campaign, but it has set the bar very low for...

Read More

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...

Read More

Pricing

How Not to Discount: Part III

Don't discount only your lowest-priced inventory. Today’s example of how not to discount is slightly counterintuitive because it’s easy to associate “discount” with “low price.” The mistake I’m talking about is only discounting the lowest-priced inventory in your venue. This happens because some marketers are conflating two different things: a low price and a discount from face value. They aren’t the same thing, and they function psychologically to the consumer in very different ways. A tier of seats that is inexpensive has...

Read More

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...

Read More

Pricing

How Not To Discount: Part I

Don't discount to your full-price channel too much. At Goldstar, we believe strongly that when done well, discounting (not just through Goldstar) is highly beneficial for venues. I’m going to talk about several ways you should not discount and why. Here’s the first way you shouldn’t discount, and it’s a doozy. When you make your full-price buyers the primary target of your discount promotions, you’re making a big mistake. I’m not saying you should never put a discount out to your...

Read More


Sign Up for Emails

VIEW PAST ARTICLES