Dear nordic colleagues
How long it's been since our last meeting. I hope you are getting on despite the difficult times.
We are working towards optimizing the structure of our pricing schemes, i.e. the distribution of price zones, price categories, and price increments.
Among other things, we are trying to make a price elasticity analysis, to see if we can find margins we can work within.
Have any of you worked specifically with your pricing in recent years? Are any of you interested in discussing pricing in more detail?
Look forward to hearing from you
Martin
Hi Martin,
We had a dynamic pricing project at FNOB in 2020 but it is now on hold because of the Covid19 situation. We would be interested in discussing with You and other Nordic colleagues.
regards Anu and Tiina from Finnish National Opera and Ballet
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Hej,
We are interested also to take part in these discussion.
At the moment we are doing a conjoint analysis together with Baker & Richards to, among other things get answers around pricing for upcoming season in relation to corona.
Take care!
Maria Girke Magnusson
Chef försäljning & CRM
Malmö Live Konserthus AB
Tel: +46 708 283537
maria.g.magnusson@malmolive.se
www.malmolive.se
Hi all,I would also like to join this discussion.Thanks,Josefin
Hello, I'd also be interested in listening in on this discussion! Skånes Dansteater hasn't done any recent or planned any current explorations on the subject as of now, but I'd love to learn more about your findings and/or motivations.
Best regards, Maria
Hi Anu
How interesting, would you care to share any more thoughts on the dynamic pricing you were going to implement?
We have discussed it here often as we think it might have good income potential, but haven't done it out of concern it might cause public resentment, and that it might be resource intensive to impelement and maintain.
I do think it's possible to do in a way that works both for audiences and for the administration.
Thanks
Wow, it's great to see so much interest around this topic.
At the moment, we're still doing desk research mostly, trying to find papers or articles that can enhance our perspective on this topic. But it does seem as if there isn't a lot written on it, not publicly available in any case. Please feel free to share anything you think is interesting.
We did a project with Baker Richards in 2017, but that was more about programming and segmentation, and we only touched lightly on pricing. We might work with them again, though, on this topic.
Maria Girke Magnusson said:At the moment we are doing a conjoint analysis together with Baker & Richards to, among other things get answers around pricing for upcoming season in relation to corona.
Maria, if you want to share any insights or changes you are going to do to your pricing following this project, that would be very interesting indeed.
Hello all,
It's very nice to see so many interested in this subject. It seems that everyone has relative experience to share that could benefit us all. Dynamic pricing, price elasticity, price adjustment in relation to Corona, etc.
Other possible topics or directions could be seat price optimization. We recently did some analysis on how people choose their seats in two of our houses (Opera and Drama) and we found out that it was not what we expected. For example, cheaper seats next to more expensive ones sell better. There seems to be a problem in the zones and our pricing method because it creates these what we call 'cold zones'. You can see in the picture, for example, second balcony 4th row is almost green, meaning we rarely fill up those seats, but the seats behind it in 5th row are very 'hot', red. Ideally we would like to fill the audience starting from front rows to back, and from middle seat extending to the sides of the row.
We don't have this 'cold zone' problem in our Ballet house, but we are not yet sure how to solve it. And that is another topic we would like to add to this "Price Optimization Forum".
Has any of you had similar problems in your houses? What about number of different price levels: how do you decide how many to offer?
Me and Martin Havn at the Kongelige Teater are still analysing our seating arrangement and looking at how our customers choose seats. We see that we have a lot of weird 'cold zones' (see picture attached) which probably result in sharp differences between prices in these areas. However, we are still not sure how to go about it.
We know that other Nordic theaters have very different pricing zones and strategies and we think it would be interesting to compare heat-maps if only we could get the data.
If anyone is willing to share their sales data then we could offer doing some heatmap plots and analysis for you, so you can see which seats are popular, which ones sell fastest, which type of customers prefer which type of seats, etc. etc.
We think it would be an interesting project that we all could benefit from in the long run.