unique

4 Keys to Effective Ticket Pricing

kirk_wakefield 2016, Sales Management, Sell, Tickets , , , , , , , , ,
4 Keys to Effective Ticket Pricing
by Kirk Wakefield – November 2016

Leave Emotion at the Door

In a scene from the movie Ocean’s Eleven, Rusty (Brad Pitt) is teaching Hollywood actors how to play poker. During his lesson on “how to draw out the bluff,” he asks a player what the first lesson of poker is. The answer: “Leave emotion at the door!”

Does that lesson sound familiar?

One of the greatest mistakes a sports organization can make is pricing from a sense of pride–Charging what we want or need instead of setting our prices based on fan and market intelligence.

Considering these four key questions will help make good pricing decisions.

Are we pricing to move inventory or leverage revenue?

Ticket pricing isn’t only about numbers. It’s a strategic puzzle. The answer to this question provides you strategic direction and synergy for the season, games, packages, sections and seats. Pricing synergy maximizes value, retention and new sales.

What does the fan & market intelligence tell us?

Decisions based on your intuition and experience alone is basing your plans more on the past than present circumstances. Include in your decision making:

  1. sales reports & forecasts
  2. current industry trends
  3. fan surveys
  4. social media conversations (consider scraping and social listening software)
  5. gatekeeper feedback (ticket office, ticket sales, development staffs)
  6. direct conversations with fans

What is the unique value of each game?

Whether you’re using advance pricing software or a traditional method of pen and paper, recognize each game has unique value. Variable pricing (different price levels for differently valued games) and dynamic pricing maximizes value, revenue and sales. Analyzing what makes each game different from the others helps you set realistic price and attendance targets and also identify segments and groups to target.

What is our inventory analysis telling us?

Using past data and forecasts, ask these 7 inventory questions to maximize revenue for each game.

  1. Which sections do we need to sell each game?
  2. How many seats do we need to sell each game?
  3. Which groups are we targeting for each game?
  4. Which promotions are we scheduling for each game?
  5. What is our plan for distressed inventory should advance sales fall short?
  6. How do game day variables (time, date, opponent, fan experience, etc.) affect each game?
  7. Did we objectively project sales for each group or promotion?

Have these conversations a year in advance to capitalize on year-round sales opportunities and for a runway that is long enough for your external relations team to realize success!

“Pride goes before destruction, a haughty spirit before a fall.”
Proverbs 16:18

 

 

 

Are you the best around?

kirk_wakefield 2013, Careers, Learn, Marketing, Sales Training , , , , , 0 Comment
Are you the best around?
by Jeff Eldersveld – August 2013

What does “best” mean?

The word “best” is interesting. While clearly defined in sports with crowned champions, MVPs, medals and trophies, the business side of sports is a little harder to understand.

Who is the champion of website marketing? What was the best in-game promotion?

Sure, there are awards for these types of things, but they are voted on by members within the industry – based more on gut and feel rather than stats and numbers.

If I ask you who’s the best hitter in baseball, you should reply with the league leader in batting average (don’t say Yasiel Puig!). If I ask you to name the best promotion in Minor League Baseball, you could reply with a variety of answers from Brittany Spears’ Child Safety Night with the Newark Bears to Free Gas Night with the Fort Myers Miracle. Different promotions are the “best” in their own unique way.

Best in class

A characteristic of the best salespeople and managers I’ve known is that they have a clear vision to be the “best” wherever they are. If people in this business are satisfied with middle of the pack or bringing up the rear, odds are it won’t be long before they’re realizing their vision of work somewhere else. Here are some tips that have helped me stay focused on the right path.

Define what value means to your organization–>especially your boss.

dan migalaNot everyone has the same idea. You should constantly present data, statistics, or examples that prove your worth to the organization. For those already employed, this is a great way to solidify your position within the organization. For those seeking employment, this is a great way to get a foot in the door. Dan Migala, Founding Partner of Property Consulting Group, could not agree more:

“Iowa State University Associate Athletic Director, May Pink, just reminded me at NACMA this year that hiring decision-makers look for candidates that show they want the job the most. I think this is great, timeless advice. I would encourage any applicant to find multiple opportunities during the interview process to show vs. just tell why you want the job the most.”

Always encourage others. Go out of your way to compliment a job well done.

You can’t get anywhere in your career by yourself. The people who can propel your career development are the ones with whom you work most closely.

Take time to cultivate those relationships; it will strengthen the chemistry within your team and positively affect the culture within your organization.

The faster you embrace your company’s culture, the better, says Migala, “Understand that the culture and people you work with and learn from are more important than the logo on your business card.”

Be unique

You are your own person. “Be yourself, ” says Oscar Wilde,  “Everyone else is taken.”

“Legendary Notre Dame SID Roger Valdiserri taught me early in my career that each person is the sum of their own experiences,” explains Migala. “The minute I realized this, I stopped trying to guide myself into the box of what I thought the industry wanted me to be and focused instead on carving my own path.”

Start now

So start being the best around. And if you are the best, share it. Shout if from the mountaintops, market the heck out of it, or more literally, leave your comments below. Remember, we make each other better. The worst thing that you can do is keep your “best” to yourself.