the behavior of your entire audience<\/a>, rather than the behavior at specific events (as a price band or average spend report will). A metric that you want to look for is the average spend per individual\/household \u2013 this will give you an idea of the range your audience members are willing to spend and how the typical order of one group measures up against another. You can even use segmentation to take a closer look at key segments of your audience like your top donors or repeat visitors. <\/p>\n\nThis kind of report gives you an insight into the buying power of your audience. It might change over time when external factors like inflation or wider economic pressures affect your audience’s willingness to spend \u2013 this is one to look out for to meet your audience where they’re at and price your events with them in mind. <\/p>\n\n<\/figcaption><\/figure>\n\nSeat popularity<\/h3>\n\n Whereas a price band analysis gives you an idea of what range of seats are popular at which price, you can go much more granular than that. For example, you can look at which seats are the most sought after. Find the best seat in the house, based on data alone. In Spektrix, you can create a report that outputs each seat in your seating plan and details: <\/p>\n\n
\nhow many times it has sold<\/li>\n\n\n\n its average price<\/li>\n\n\n\n the value that seat has cumulatively brought<\/li>\n<\/ul>\n\n(Note: Creating this report in Spektrix will output the information as raw data)<\/p>\n\n
This is useful for delving into questions like “If this seat is the most popular, could it be more expensive?”. Not every audience member is motivated by the lowest price \u2013 some are there for the experience and some, indeed, want the best view you have to offer \u2013 especially when a show is popular. Use this knowledge sparingly, and keep your goals in mind when putting the data to use. <\/p>\n\n
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Whether you're 'maximizing revenue', 'maximizing ticket sales' or 'enhancing early bookings': Each event, ticket category, and sector can be priced according to distinct customer segment propensities without implementing individualized pricing, ensuring equitable costs for all patrons.<\/div>\n\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tBence Marosi, CEOListen to your audience<\/h2>\n\n Dynamic pricing experts DynamO describe the combination of dynamic pricing and audience insights as “nurturing a dependable and mutually beneficial relationship between event organizers and their attendees.”<\/p>\n\n
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Identifying patterns and predicting future sales contributes to accurate ticket pricing, and enhances customer satisfaction and loyalty. By minimizing unsold tickets, it supports a consistent value proposition, ensuring equitable pricing and enabling access to varied events.<\/div>\n\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tBence Marosi, CEONot every data point that helps you build a dynamic pricing model will involve numbers. Experts from Digonex and JCA recommend taking more unusual factors into consideration when assessing your audience members’ perception of value and willingness to pay \u2013 both central elements of your strategy. These factors could include the performers or director of any given play, the genre, the weekday or even the weather on the day of attendance. Piece by piece, you’ll build a good image of your audience. <\/p>\n\n
And how does your audience feel about your pricing? Sometimes, asking them is the straightest way to an answer. Direct feedback is much harder to quantify than numbers in your system, but that doesn’t make it any less valuable or worthwhile. Your audience members will appreciate the direct connection, and their opinions might surprise you. <\/p>\n\n
How to build a dynamic pricing model that lasts<\/h2>\n\n What comes first \u2013 building a dynamic pricing model or building your audience loyalty strategy? They might be less separate than you thought \u2013 the same audience insight data will support both. “Granularity in data not only reveals optimal timings for ticket sales but also opens avenues for strategic, data-driven customer engagement”, concludes Marosi. <\/p>\n\n
Once the data have aligned your own and your audience’s values, motivations, and goals, they’ll shape your connection to your audience through flexibility. You can be strategic without becoming rigid. Whether you’re going all out or starting with a small dynamic pricing experiment, now is the time to revisit your audience data. <\/p>\n\n\n\t\n\t\t\t\t\t
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\n\t\t\t<\/svg>\t\t<\/button>\n\t\t\n\t\t\tMandurah Performing Arts Centre<\/p>\n\t\t<\/div>\n\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t\t\t
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Championing Dynamic Pricing to your audience<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t
<\/svg><\/span>Read more<\/span><\/a>\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/aside>\n","protected":false},"excerpt":{"rendered":"Learn how to build a dynamic pricing model in your box office by tapping into the valuable data you have on your audience.<\/p>\n","protected":false},"author":2,"featured_media":941922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[159,132],"tags":[],"class_list":["post-1176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ticketing-sales","category-sector-insights"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/posts\/1176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/comments?post=1176"}],"version-history":[{"count":4,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/posts\/1176\/revisions"}],"predecessor-version":[{"id":943406,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/posts\/1176\/revisions\/943406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/media\/941922"}],"wp:attachment":[{"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/media?parent=1176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/categories?post=1176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.spektrix.com\/en-us\/wp-json\/wp\/v2\/tags?post=1176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}