As an event planner, you want to satisfy your ticket buyers and ensure they get the best value for their dollar so they become repeat customers. As you plan your event, you have two choices for setting prices: dynamic and variable ticket pricing. These differ in several ways, and at Evey Events, we provide information that helps you make the best pricing choice for your next sporting event, concert, or festival.
What Is Variable Ticket Pricing vs. Dynamic?
Each of these selling strategies has one thing in common: the necessity of demand. However, the variable pricing model uses a few pieces of data to set ticket prices, including:
- The popularity of the team or artist
- The day of the week
- The type of event or game (regular season vs. the playoffs)
- The venue location
If you decide to use variable ticket prices, then you use this data to determine set prices that remain flexible for different days of an event once you release them for sale. This differs from dynamic ticket pricing, where the prices rise and fall due to ticket demand. The team’s or artist’s popularity within a city or state also affects variable ticket prices.
What Is Variable Ticket Pricing Based Upon?
The definition of variable ticket pricing is to optimize profit by offering different prices for the same product or service based on the point and region of sale. For example, the cost or value of a ticket to a major sporting event set by variable pricing would not fluctuate, no matter how many people want to see the game or how many tickets remain. Variable pricing also prevents the cost of tickets from skyrocketing to a price where the average fan could not afford to attend a game or festival.
What Is an Example of Variable Ticket Pricing?
Using variable pricing means comparing the demand for a game or event before allowing tickets to go on sale. The National Football League uses this system by evaluating which games feature the most anticipated team matchups. Then, once the tickets become available, it sets the price accordingly, without any changes. The season’s progression can also affect ticket prices, such as when a team plays a major rival at home.
With this manner of pricing, the NFL can sell tickets to important events, such as the Super Bowl, and handle the changing demands of consumers at the same time.
How To Choose a Sales Strategy
Now that you know the difference between dynamic and variable ticket pricing, which will you choose? Consider a few factors about the event itself and review a few important factors with your marketing and sales teams, such as:
- Capacity constraints
- Whether you offered advance tickets
- The predictability of ticket demand
Pricing tickets based on projected demand and a flexible time frame for those who want to attend your event but have yet to choose which days they will attend during a multi-day festival follows the variable pricing model.
Contact Us for Assistance With Variable Ticket Pricing
As you prepare to launch your next event, deciding between dynamic and variable ticket pricing is no easy task. At Evey Events, we can help you choose which system works best for you. Contact us to learn more about variable pricing and other services that will put you at the top of your event planning game.
