We are dreadfully sorry, but you appear to be using a rather out of date browser…
There's nothing wrong with that but our site was built to take advantage of the latest HTML & CSS features.
If you want to look at updating to a newer browser you can visit this site to get an idea of the options you have: https://whatbrowser.org/
Last year I attended the Annual National Conference of Visitor Attractions and was fascinated by one speaker in particular, Debbie Richards from Baker Richards, who spoke about how to sell more tickets and memberships and make more money! Sounds good huh? I thought so…
Her presentation focused on pricing strategies and growth strategies – both of which I’m going to share with you now.
On its own, it’s hard to justify whether something is worth it or has the right associated value. Everything is relative.
Value and price are inherently linked, and whilst we’re quick to jump to discuss pricing options, Richards asked us, when do you start to broach the subject of changing the value proposition rather than the price?
Her first recommendation was - display a range of prices (with associated benefits) to allow people to compare and judge the perceived value of the price.
This is by no means a new suggestion, (one of my Silicon Beach write-ups touched upon it here) but you’d be amazed at how many businesses still don’t vary their pricing models, even if its just monthly versus annual options. Ideally, provide 3, and low and behold, the most popular will be the middle one, so choose that middle one wisely
Richards then posed a variety of considerations to help decide what options should be offered to customers – this was presented particularly in relationship to ticketing where a finite number of tickets may be available:
In terms of what may affect these pricing decisions think about:
When you’ve considered these options it's advisable to put some decision modelling into practice to test a range of benefits and appreciate how (relatively) attractive they are…
Ultimately feature real benefits and pricing options that allow people to make their comparisons and determine the value proposition they want in return. But don’t go overboard, too many options can make the decision confusing, and could inhibit a sale!
The growth strategies presented fitted into five key areas
So, whilst considering your pricing strategies, think about how price may affect the five routes to driving sales growth.
The holy grail, is to match the right product, to the right customer, at the right time, for the right price.
And the best way to do this is to consider yield management pricing strategies.
The price/value trade-off is often made more explicit to the customer, and they can decide what they’re prepared to pay, and for what.
The whole presentation sparked a whirlwind of thoughts for a few clients of mine…
…and the questions went on and on…
Perhaps you’ve faced similar questions yourself, or hopefully this article has sparked some more to stimulate debate… test & learn is the only real way of knowing what is going to be right for your business though.
Remember, whatever you do, you’ll have to set the agenda when it comes to pricing, as people can only really react to changes, and if you ask customers what they want you’ll likely get the response of lower prices plus more advantages!
In the meantime, I’ll leave you with a lovely diagram of how admissions, ancillary sales and affiliation pillars co-exist to provide an effective, integrated earned income strategy. Pick out the elements that might hold the answers for you…
Diagram courtesy of Debbie Richards, VAC Conference presentation, October 2017
Even in our automation-obsessed day & age, we’re all still human and we all still make mistakes. Even the most seasoned PPC professional makes mistakes. I’m going to go through some of the most common mistakes made in PPC so they can be avoided.
If you don't already know, Google Ads is an online advertising platform provided by Google and if you want to be great at advertising there, you need to be great at writing ads, if you want to know how, this blog post is a great starting point.
Learn here how we rebuilt websites to achieve over 90/100 for Google Page Speed for a top Travel Brand!