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Pricing

Pricing Is Yucky

"Yucky" is a really useful catch-all term that little kids use to describe things that they just don't want to have anything to do with. I remember my own toddlers would describe various things as yucky, which didn't mean they smelled bad or had some horrible sticky substance all over them. It just meant they weren't interested and couldn't be made to get interested.I have a theory that a lot of the mistakes and misconceptions that people make about...

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Pricing

Consumers Getting Wise to Primary-Secondary Market Shenanigans

A man in New Jersey who bought some pretty expensive tickets to the Super Bowl is suing the NFL for not releasing more tickets to be sold to the general public.His claim is that, according to New Jersey law, at least five percent of tickets must be available for regular people to buy.I don’t know anything about the merits of his case, but it shows that consumers are getting savvy to the idea that the primary market sellers (in...

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Pricing

Individualized Dynamic Pricing Could Boost Attendance and Revenue

In summary, the Children's Museum of Tacoma moved to a "Pay As You Will" model a few years ago and saw BOTH attendance and revenue go up. Attendance has tripled, but, if you do the math, revenue has increased by only 50%. "Only."That's interesting enough, but let's look at it differently. In a way, it's dynamic pricing taken to the individual level. Dynamic pricing is an attempt to change a price to reflect the level of supply and demand...

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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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P&L

Measure Success Using Revenue Per Seat

The name of this site is Selling Out, but the goal of Selling Out is achieving success with your marketing.So how do you measure success? You can sell out by having a great show; or you can sell out by putting a show in a house that’s way too small for the act; or you can sell out by dramatically underpricing the tickets.If there’s one thing I wish I could teach the world of live entertainment marketers about pricing,...

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Pricing

Price Has Nothing to Do With Costs

When I talk about this, people look at me puzzled. A couple years ago, Michael Kaiser, smart guy and Big Chief of the Kennedy Center, wrote an article on Huffington Post that gives me a starting point for what I want you to understand about prices:“The central challenge facing arts managers is to fill the ever-widening gap between rapidly increasing expenses and earned income, primarily from ticket sales. This gap continues to grow each year since the number of seats...

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Pricing

Tonight’s Game Perhaps the Most Expensive Baseball Game Ever

Tonight, the Boston Red Sox play the St. Louis Cardinals at Boston’s Fenway Park, and some of the people I trust to evaluate the true value of the tickets in the secondary market are suggesting that it’s getting pretty crazy. Jeff Passan at Yahoo brings it together here.Here’s the key tidbit:“By early afternoon, the average resale price for tickets sold stood at $1,024 per ticket, according to SeatGeek. Remaining ticket inventory on Internet sites was even heftier: an average...

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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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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...

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Marketing

No One Knows and No One Cares

Here’s a joke for you: What’s the difference between ignorance and apathy?I don’t know, and I don’t care.No, really, that’s the answer. Seth Godin once said that booksellers shouldn’t be worried about piracy robbing them of riches, but instead wishing people cared enough about their products to try to pirate them.That reminded me of something I say to entrepreneurs and would-be entrepreneurs all the time: If you work from the assumption that no one knows or cares about your product or...

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