Malmo Opera – Increasing attendance through Dynamic Pricing
By Thomas Wickell, Marketing Director of Malmö Opera, Sweden.
Long before the emergence of Secondary Market sites, the notion of ‘airline style’ market-led pricing for live entertainment tickets was being fiercely debated.
Some within the industry claim that dynamic pricing has been in practice for years through discounting and packaging. But taking a lead from the Secondary Market, sports teams and theatre venues have been experimenting with much more sophisticated pricing tools and processes.
But how successful have they been?
Malmo Opera has worked with a system for analysing price and behavior for several years now, finding new, small details that it can change and adjust in order to be more effective.
Ticketing Technology Forum 2014 is delighted to welcome Thomas Wickell, Marketing Director of Malmö Opera, Sweden, to share how Dynamic Pricing has been implemented at the Opera house which, in result, has increased attendance by 50% in the space of a year.
Here Thomas shares his five key points to creating a successful Dynamic Pricing strategy within venues:
1. Dynamic pricing is just one part of a successful pricing strategy – get your prices right from the start!
2. A huge advantage of dynamic pricing is that it offers the venue the flexibility to respond to unexpected patterns in demand.
3. Dynamic pricing is planned as part of the overall strategy and should not be considered in isolation – it needs to work in harmony with other areas of strategy e.g. subscription.
4. Monitoring demand is important – the earlier you can make changes the more impact they will have.
5. Learn from what you do – evaluating what works and what doesn’t means you become more effective each year.