The BIG Ticket: Beyonce Feeds #PaysToWait?
Hi!
#PaysToWait is a real phenomenon.
You can look at this recent story about Beyonce’s ticket sales and fans talking about paying crazy pre-sale prices for nosebleeds.
Yield management matters.
But so does your brand.
There is a balance that needs to be struck between maximizing revenue and preserving your brand.
Beyonce’s tour is just another in a line of tours where the balance might be off.
Your key to approaching pricing is:
Have a good price-setting process in place. In my experience, using dynamic pricing can lead to lower quality price setting process because the belief is that we can “fix” the prices later.
Set the price. I know we live in a “no set face value” environment. This can hurt demand. The price can be a point of positioning for your on-sale.
Communicate your price effectively. Drip pricing is built on the premise of tricking people. Most people run from the price. Don’t fall into the trap because it helps feed #PaysToWait.
DW
P.S. I’m looking into Ligue 1’s future right now.
So another long analysis is coming.
If you have topics you want me to cover or stories I should see, send them my way!