Ticketmaster’s New Pricing Strategy Could Help Us Know More About Who Buys What, When
If you’re a frequent buyer of concert or sports tickets via Ticketmaster, get ready to be treated more like an airline passenger. If you wait too long to buy a hot ticket, expect to pay more. If you seem to be one of your favorite band’s few fans or your team can’t pull out a win – you may get a bargain. This week, Ticketmaster announced a new pricing plan that will allow promoters to raise ticket prices for quick selling events, and lower prices for events that aren’t as popular. It’s called dynamic pricing, and it could give Ticketmaster a huge new database of market research. What Ticketmsater chooses to do with that information isn’t yet clear.
Country in May, Rap in December?
Think about all of the data the Ticketmaster folks will have after a few years of using this new pricing model. They’ll probably be able to figure out what months are the best sellers for certain genres of music – and how to correctly price those concerts. We may find out that country concerts sell more quickly in the summer in the South, or Rap concerts in the West in winter.
Anyone Can Do This!
The coolest part of Ticketmaster’s new plan is that almost any business can make a similar move. With today’s technology, we can track consumer preferences and trends better than ever. Market research companies like The Olinger Group can help your business figure out how to make more money by simply listening to your consumers. They’re talking to you every day with their wallets, but are you listening? Ticketmaster will be.
Louis David, Marketing Manager