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PRICE OPTIMIZATION: The Secret to Butts In Seats, Selling
More Tickets and Making More Money
ERIN SEARFUS SENIOR ACCOUNT EXECUTIVE
VENDINI
What You’ll Learn ★ How to get more butts in seats
★ Increase ticket revenue
★ Through…
★ Utilizing price optimization strategies
Who Am I? ★ Former General Manager of Mid-Size Theatre
★ Worked in various box offices / arts management for 9+ years
★ When I’m not at Vendini, I’m out seeing plays, concerts, and sports games (Go Giants!)
★ Why am I talking to you today?
Erin J Searfus Senior Account Executive
Because I’ve done this, and it’s worked
What is Price Optimization? ★ Pricing Optimization:
Creating flexible pricing around certain seats, times, or dates in order to sell more tickets
★ Examples of this are: – Increasing prices on “more desirable” seats or “more popular” show
times – Reducing prices certain seats or show times
+ =
PRICE OPTIMIZATION STRATEGY REVENUE
This Led to Staggering Results
TACTICS
★ Moved from $40 blanket price to $20-$70 range
★ Varied pricing based on seating section, day and time
RESULTS
★ Increased from 47% to 99% fill rate
★ Average nightly Box Office $$ total = 2.5X increase
★ Moved to larger theater
Added “Sections within Sections” SEC: ORCH I ROW: 1 SEAT: 2 PRICE: $55
HOLD: None STATUS: For Sale COMMENT:
Not All Seats Are Created Equal “But there isn’t a bad seat in my venue!”
★ No matter the size, there’s always going to be seats that are better for different people
Example:
★ Some people will always pay more for an aisle seat
★ Some prefer sitting closer to the stage, some closer to the back
Photo Credit: The Muppet Show
The Matrix
Photo Credit: The Matrix
The Real Matrix Seating Section Ticket Type Thurs at
7pm Fri at 8pm Sat at 8pm Sun at 2pm Opening Night
Orchestra I Adult $50.00 $60.00 $70.00 $60.00 $70.00
Senior / Student $70.00
Orchestra II Adult $45.00 $55.00 $60.00 $55.00 $70.00
Senior / Student $30.00 $30.00 $70.00
Orchestra III Adult $35.00 $45.00 $55.00 $45.00 $70.00
Senior / Student $25.00 $25.00 $70.00
Orchestra IV Adult $20.00 $20.00 $20.00 $20.00 $70.00
Senior / Student $20.00 $20.00 $20.00 $20.00 $70.00
Pricing for every budget “My Patrons can’t afford to pay more”
★ Remember that some people might have the means to spend more on tickets
★ Some people are always looking for the best price or a discount
★ By offering a range, you’re not pricing people out
How Do I Get Started? ★ Do research
– What shows are selling out? – What show times are most popular? – Which seats sell the best? – Which seats and show times sell first? – Which sell last?
Put That Research to Good Use ★ Do some experimenting
★ Be vague with ticket price, but set a range, or starting point – Tickets $15-35 – Tickets from $15
★ Set your pricing matrix, adjust as you go
★ Implement in your ticketing system
Other Things To Consider ★ Season tickets
★ Flex Passes
★ VIP Packages & Experiences
★ Concessions Add-Ons
THANK YOU ERIN SEARFUS
SENIOR ACCOUNT EXECUTIVE [email protected]