Pricing strategies refer to the processes which attractions use to set prices for their products and services. If pricing is how much you charge for your products, then a pricing strategy is how you determine what that amount should be.
Having an effective pricing strategy helps solidify your position by building trust with your customers, as well as meeting your business goals.
Here are three factors which form the basis of a winning pricing strategy:
1, Portrays Value
The word cheap has two meanings. It can mean a lower price, but it can also mean poorly made. There’s a reason people associate cheaply priced products with cheaply made ones. Built into the higher price of a product is the assumption that it’s of higher value.
2, Convinces customers to buy
A high price may convey value, but if that price is more than a potential customer is willing to pay, it won’t matter. A low price will seem cheap and get your product passed over. The ideal price is one that convinces people to purchase your offering over the similar products that your competitors have to offer.
3, Gives your customers confidence in your product
If higher-priced products portray value and exclusivity, then the opposite follows as well. Prices that are too low will make it seem as though your product isn’t well made.
Sarah added: “If the pandemic has taught us anything, it’s that spending time with our loved ones is a higher priority for most that material gifts, so when you’re considering your offering, how about giving your experiences a priority?”
TOR Systems ticketing and CRM solution “Maxim” has the functionality to support experiences such as gift vouchers, which can be sold and redeemed through all sales channels.
It provides an excellent commercial opportunity to maximise the gift market, without any additional administration cost incurred by the attraction. Vouchers can be personalised with the inclusion of individual messages.
It also provides opportunities to upsell during the online customer journey, whilst promotions allow attractions to offer a variety of discounts to customers.