Ask Me Anything Question
"How can I begin dynamic pricing if I don’t have any historical sales data?"
Tony Lance’s Answer
Having historical sales data can certainly help with making pricing decisions that are based on customer behavior. However, due to a number of reasons you won’t necessarily have all the tools that are ideal for dynamic pricing. Maybe you’ve had a poorly mapped database migration into a new ticketing system, or you don’t have any historical sales records from past shows or ticketed experiences. While these are drawbacks, they don’t exclude you from being able to make pricing decisions. Cut your losses and do what you can moving forward to ensure that you are keeping accurate sales records and begin to lay the groundwork for deeper sales analysis. In the meantime, monitor your sales daily and see where opportunities for revenue growth start to appear. You can also look to your surroundings to see if any dates or events could drive up demand for tickets (i.e.: Memorial Day Weekend or increased foot traffic near your theater during a street fair). Start today and in no time you’ll have a stronger handle on sales patterns at your organization.
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JCA Arts Marketing collaborates with cultural organizations to increase revenue, boost attendance and membership, and grow patron loyalty. We provide consulting and software services to hundreds of cultural institutions across multiple genres, including dance, museums, opera, performing arts centers, symphony, and theatre. We can help you achieve your marketing goals.