Dynamic Pricing Solutions for the Arts
Introduce flexibility into your pricing strategy and set ticket prices with confidence
A successful dynamic pricing model embraces data to reward arts and cultural organizations with increased revenue and a better understanding of their audiences.
Built on the principles of flexibility, trust and fairness, dynamic pricing becomes more than just a revenue maximization tool - it’s also an opportunity to boost audience loyalty by giving your customers access to what they value.
On this page, you’ll find new ways of thinking about demand-based pricing and practical tools to turn your goals into reality.
What is Dynamic Pricing
and why does it matter in the arts?
Dynamic, or flexible, pricing is the practice of setting ticket price based on demand. Prices rise when events are selling well, and reduce when sales fall. It’s a practice that’s commonly used in other sectors, from booking flights early to enjoy the best prices, to paying extra for flexibility when confirming a hotel.
Setting prices in response to demand can bring benefits to both arts organizations and audiences. Theaters and arts organizations which price flexibly have seen a positive impact on buying patterns, revenue and staff capacity.
When tickets go on sale at a fixed or highest price, it’s impossible to increase overall income potential and easy to reduce it. Last minute offers, inflexible returns policies and online purchase fees which don’t apply on the door, all work to deter early sales.
With a flexible, popularity-based pricing model, it’s possible to accelerate slow sales and maximize the potential of the most popular events.
Through Spektrix, you have access to a range of approaches to help you get started with dynamic pricing - from simple reports to help you understand buying behaviors, through to fully automated software solutions taking the work out of your hands.
Set Ticket Prices with Confidence
The benefits of dynamic pricing in the arts
“Price tickets too high, and venues remain half-full; too low, and potential revenue is lost. Dynamic pricing automates price adjustments - both up and down - within a set range. This enables swift reactions to demand fluctuations, better sales predictions, and revenue forecasting. The automated nature of dynamic pricing reduces manual interference, yet with human oversight, adjustments can be made swiftly when conditions change unexpectedly.”
Chief Development Officer, DynamO Pricing
Is dynamic pricing right for your arts organization?
The pros and cons of flexible event ticket pricing
We’ve all read the headlines. Big arena tours have given dynamic pricing a bad press in recent months, raising questions about hidden fees and event prices that exclude many loyal fans.
That’s not what we’re suggesting. Finding the right price is as much about relationship management as revenue - with the principles of flexibility, trust, and fairness top of mind, you can take your audience with you on your journey.
To explore that idea further, we invited arts sector experts TRG Arts and Baker Richards to share their ideas about dynamic pricing. Read their blogs to learn why it’s vital to find the right pricing fit for your organization and patrons, and how everyone benefits when you find a model that works for you.
Dynamic Pricing and Audience Loyalty
“Dynamic pricing is not just about squeezing out every possible cent from a high demand show. It's a nuanced strategy that, when executed thoughtfully, balances revenue generation with audience building and loyalty. It helps you better understand your audience, respond to their behavior and needs, and make the arts more accessible.”
Content Manager, TRG Arts
Double the Income, or a Double-Edged Sword?
“Often, the determination to go dynamic is driven by perceptions. A sense that dynamic pricing is the thing that everyone else is doing. Dynamic pricing can be new, sophisticated, modern and advanced – but also inflationary, unnecessary, expensive, confusing, time-consuming, and annoying.”
Get started with Dynamic Pricing
Set benchmarks and make the case to your team and patrons
So you’ve decided to take the first step into Dynamic Pricing. What’s next?
Before you make the change, it’s vital to understand how your price models are working right now, and to spend time understanding the response from your team members and audience.
To make this a success, upskill your whole team - from box office counter to board level - to understand what your data tells you today, why you’re making the proposal, and how you’ll measure success.
Set Ticket Prices with Confidence
Find the price that's right for you and your patrons
How flexible ticket prices can open up new avenues for your loyalty strategy, audience development and revenue maximization.
Dynamic Pricing for small or stretched organizations
Test the waters with no commitment
Implementing a dynamic pricing strategy may sound daunting, especially if you have limited financial or human resources.
Get started with core tools in Spektrix, find out if it's a good fit for you, then explore greater automation and sophistication through a choice of partner solutions.
Why not give it a try?Download: Dynamic Pricing for Small Organisations
Read more about Dynamic Pricing on our blog:
Dynamic Pricing in Spektrix
A choice of pricing features delivers the right solution for you
Through reporting and manual bulk updates, you can get started with dynamic pricing within Spektrix. Track how events are selling, and change prices quickly and easily in response to sales trends.
If you're eager to achieve even more, expert partners have built data tools and software solutions to support and automate dynamic pricing as part of your venue operations.
By integrating with Spektrix, these solutions import sales data, identify optimal pricing, and amend event prices automatically - reducing manual work for your teams, and helping you maximize revenue from your ticket inventory.
Spektrix Dynamic Pricing partners
Reduce manual work with easy-to-adopt integrations and dashboards
Discover who you can work with and how to get startedDownload: Spektrix Dynamic Pricing Partners
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