Win-Win With Dynamic Pricing

In his post “Variable Versus Dynamic Pricing,” Jim defined the two concepts and answered a few FAQs about each. He wrote:

“Dynamic Pricing simply means prices that might change after the tickets are put on sale. Variable Pricing by contrast is not about prices changing, but about prices being different initially for different reasons.

Can you do both at the same time? The answer is absolutely.

Which is more important? My information from multiple sources tells me that variable pricing, including proper, data-based scaling, has more potential for most venues.

Which do I do first? Here I would suggest you clearly do your variable pricing project first and get it in good shape. Dynamic pricing should be a layer on top of a pretty smart system of knowing what is worth what to your ticket buyers.

Chicago Reader‘s Deanna Isaacs recently wrote about dynamic pricing after she scored a rush ticket to Porgy and Bess at Lyric Opera. “This is Econ 101 in action,” she stated.

Pricing can make or break an organization. As Jim concluded in his post: “Dynamic and variable and different, but related, and both valuable.”

porgy_and_bess_tickets

“Porgy and Bess” at Lyric Opera

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