A smart pricing strategy increases your sales, occupancy and allows fans to attend games with affordable prices.
Fans now have multiple platforms to watch matches. That’s why clubs must try strategies that help grow their ticket and attendance revenue, minimizing costs to increase their profitability.
Smart Pricing, also known as Revenue Management, is a strategy focused on promoting the right price, at the right time, to the right person. This discipline is used in various industries such as hospitality, aviation, transport, retail and entertainment.
The effective implementation of strategies is based on the ideal planning of prices and adjustments in real time based on different pre-configured variables, according to the specific objectives of each organization. For example match day, season, time, types of seats, advance purchase, rival team, and many more.
This strategy can allow sports clubs to maximize their revenue and improve fan satisfaction by offering more competitive and attractive prices to each segment.
We have contributed to generating increases of more than 20 percent in revenue. Recently, in a pilot test, we managed to increase sales by 5% of a type A match, which previously had little interest and attendance.
What can be the results with a smart pricing strategy?
- First, it maximizes revenue opportunities for clubs and event organizers.
- By adjusting ticket prices, depending on demand, teams can have different reduction and increase strategies, for low and high attendance matches.
- Having full stadiums is increasingly a challenge, so you could not only increase the actual seat occupancy but also sales revenue with merchandising, beverages and food, among other ancillaries.
- Offering lower prices during lower-demand games can make sports events more accessible to a wider audience, encouraging inclusion and seat occupancy.
- In terms of experience, fans can plan their attendance based on their budget, choosing from a variety of prices, depending on seat location and the match’s importance.
- Provide valuable data on fan behavior, which can be used for more effective marketing strategies.
- The data analyzed can help forecast demand and adjust operational strategies.
Reservamos SaaS, the Hat-trick for sport
At Reservamos SaaS we developed a Smart Pricing solution, based on data science, which aggregates all the data a sports club has and needs to make decisions that meet its objectives.
This solution provides precise and agile responses to commonly manual and static processes, helping to strengthen performance and automate strategies.
It consists of a series of modules such as:
- Price suggestions
- Smart alerts
- Multiple custom variables
- Control center
One of the main advantages of the solution is that it is very easy to use, and offers recommendations in real time.
In addition, our team of experts offers comprehensive support in the development of these strategies. In addition to providing specialized consultancies for those organizations that already have more robust teams in revenue management.Get in touch with us here
