DynamO Pricing, Tixa Hungary, and TicketSwap Delve into Flexible Solutions and Dynamic Pricing.
Panel discussions are invaluable platforms for industry experts to exchange knowledge, insights, and experiences. Recently, at the Music Hungary Conference, DynamO Pricing had the privilege of participating in a panel discussion alongside Tixa Hungary and TicketSwap. The engaging discussion revolved around the latest trends, changes, and flexible responses in the ticketing industry. One focal point of the conversation was the untapped potential of dynamic pricing, examining both success stories and challenges encountered in implementing this innovative approach.
During the panel, representatives from DynamO Pricing, Tixa Hungary, andTicketSwap engaged in a thought-provoking conversation on various aspects of ticketing. With a keen focus on flexible solutions and crisis resilience, the discussion shed light on the importance of adapting to market demands and unforeseen circumstances. Attendees eagerly absorbed insights shared by both international and domestic experts, gaining a comprehensive understanding of the opportunities and pitfalls associated with dynamic pricing.
A major topic that surfaced during the discussion was the incorporation of dynamic pricing strategies. Panelists explored how this approach can empowerevent organizers and venue owners to achieve their ticketing goals. By leveraging data-driven tools, such as those provided by DynamO Pricing, ticketing professionals can optimize their revenue generation strategies while simultaneously increasing visitor numbers.
The panel discussion further highlighted the significance of effective communication and collaboration within the industry. Sharing success storiesand lessons learned from around the world, panelists emphasized the importance of fostering an environment where innovation and best practices can be shared among professionals. By drawing on experiences from abroad and domestic markets, event organizers can better navigate the complexities of dynamic pricing implementation, paving the way for more successful outcomes.
Those curious about the potential advantages of dynamic pricing and how DynamO Pricing can help them reach their ticketing goals are encouraged tocheck out their website at dynamopricing.com. You can also email info@dynamopricing.com with your questions and the helpful staff at DynamO Pricing will respond promptly with detailed answers and individualized support.
The Music Hungary Conference panel discussion served as a testament to the industry's commitment to innovation and continuous improvement. By harnessing flexible solutions and exploring the immense possibilities of dynamic pricing, event organizers and ticketing professionals can shape a prosperous future for the industry. Embracing collaboration, learning from both triumphs and challenges, and leveraging cutting-edge tools like those offered by DynamO Pricing, the ticketing landscape can evolve and thrive, ultimately enhancing the experiences of audiences worldwide.
Recently, the highly anticipated reunion tour of the iconic UK band Oasis has captured the attention of music fans worldwide. With the buzz surrounding their return, the demand for tickets has been through the roof. Unfortunately, the ticketing experience has left many fans more than disheartened, thanks to an avoidable problematic implementation of dynamic pricing.
The crux of the issue lies in the use of dynamic pricing, a strategy where ticket prices fluctuate based on demand. While this approach is often beneficial in optimizing revenue, it can also lead to significant consumer frustration if not executed properly.
Lack of Communication: The promoter and ticketing company failed to adequately inform customers about the use of dynamic pricing. Fans were caught off guard when they encountered unexpectedly high prices—up to £350 for a ticket that started at £150. This lack of transparency eroded trust and led to widespread dissatisfaction.
Long Queue Times: The combination of massive demand and dynamic pricing created extraordinarily long waits in online ticket queues. Fans were frustrated by the extended periods spent waiting, only to be shocked by inflated prices once they reached the front of the line.
This shock quickly tuned into heightened stress caused by a checkout timer presenting people with just a handful of minutes to decide if they wanted to pay significantly higher prices for their tickets - and with it significantly higher fees charged by the ticketing company.
Failure to Manage Expectations: Without clear communication and proper management of expectations, the dynamic pricing model became a source of discontent rather than an effective tool for managing demand and increasing revenue.
These issues stemmed from a failure to follow essential procedures and protocols when implementing dynamic pricing:
Defining Objectives: Understanding the objective behind dynamic pricing is crucial. Is it to maximize revenue, manage demand, or both? In the case of the Oasis tour, it seems this objective was not clearly communicated or managed effectively.
Assessing Suitability: Dynamic pricing should be chosen only if it aligns with the goals of the event and the expectations of the audience. For high-demand events like the Oasis tour, it’s vital to work out if dynamic pricing is the right tool for the job.
Setting Base Prices and Parameters: Establishing a fair starting price and appropriate parameters for price fluctuations is essential. If the base price is set too high or the range of price changes is too extreme, it can lead to consumer shock and dissatisfaction.
Effective Communication: Transparency is key. Clear communication about how dynamic pricing works, including potential price changes and queue expectations, can prevent misunderstandings and build trust.
Terms and Conditions: Comprehensive and clear terms and conditions help set expectations and provide consumers with necessary information about pricing changes and ticket availability.
Ethical Considerations: Ensuring that pricing practices adhere to ethical standards and consumer protection rules is vital. This includes avoiding exploitative pricing strategies and ensuring that the process is fair for all customers.
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When done correctly, dynamic pricing can be a powerful tool. Imagine it like a skilled chef adjusting the seasoning of a dish based on the taste of the diners. If the chef understands their ingredients and the preferences of their guests, they can create a balanced, enjoyable meal. Similarly, dynamic pricing, when implemented with precision and care, can meet both business objectives and consumer expectations effectively.
The Oasis ticketing debacle highlights the importance of following proper procedures when using dynamic pricing. By defining clear objectives, communicating transparently, setting appropriate prices, and adhering to ethical standards, dynamic pricing can be a valuable asset rather than a source of frustration.
You would think and hope that the promoter and the ticketing company for the Oasis tour would have these procedures and protocols in place. Oasis themselves are distancing themselves from who was to blame and the promoter and the ticketing company are pointing fingers at each other. Perhaps it was all a mistake. Perhaps they all knew what was going on. I'll let you decide.
No Oasis lyrics were used in the creation of this article.
We are pleased to announce our new partnership with Soho Theatre, marking a milestone in our efforts to help the performing arts sector engage fill more seats and drive-up ticket revenue. This collaboration with one of London's key cultural venues is a significant development in our mission to revolutionize pricing strategies in the performing arts.
Located in the heart of London’s West End, Soho Theatre stands out as a premier venue showcasing a diverse range of theatre, comedy, and cabaret. Since its establishment in the early 1970s from a former synagogue, the theatre has grown into a cultural powerhouse with three performance spaces, attracting over 180,000 audience members each year. Originating from the ground-breaking Soho Poly Theatre, it remains at the forefront of promoting varied and provocative works. This year, they are set to expand their reach with the opening of a new 1000-seat venue in Walthamstow, broadening their capacity to host larger audiences and more ambitious projects.
We’ve integrated DynamO’s dynamic pricing engine with the Spektrix CRM and ticketing system, which will now allow all Spektrix clients to activate our dynamic pricing solutions effortlessly.
In this initial phase, we've launched our service across more than 100 performances at Soho Theatre. We’ve worked closely with the team at Soho Theatre to review their current processes and refine their pricing strategy. Having fully understood their needs and ambitions, our pricing expert, Dr. Pal Danyi, we’ve supported them to make adjustments tailored to meet their unique needs and optimize outcomes.
Mariko Primarolo, Head of Sales and Ticketing at Soho Theatre, commented on the partnership:
“It has been good working with DynamO Pricing and we have found the team responsive and supportive throughout the onboarding and development process. Dynamo have consistently gone the extra mile to problem solve quickly and efficiently. We are currently piloting the programme, having been interested in the dynamic approach to differing dynamic pricing strategies. The business model, with no upfront fee, was also a draw allowing us to pilot the programme to see if it works with Soho Theatre’s unique programming style.”
"Soho Theatre has been manually adjusting their ticket prices for years. Automating this process significantly enhances their operations, given their deep understanding of show attendance and revenue expectations. Their audience is already accustomed to variable pricing, so this transition will feel seamless and natural"
remarks Dr. Pal Danyi, CINO of DynamO Pricing.
Bence Marosi CEO of DynamO Pricing highlights the company's deep connection to the performing arts, embracing bothits for-profit and non-profit dimensions.
"Originating in Hungary, DynamO understands the importance of maintaining excellent audience experiences in the arts sector while smoothly transitioning venues and organizers to evolved pricing strategies"
he states.
We look forward to expanding our dynamic pricing services throughout Soho Theatre’s programming. We believe this partnership will positively impact audience engagement and revenue, as it has with our clients in other countries. This collaboration underscores DynamO's dedication to equipping arts organizations with the necessary resources to thrive in a challenging environment.
Want to learn more? Get in touch with us today to explore how we can specifically assist your business. You can reach us through our website's contact forms or simply send us an email at info@dynamopricing.com. We look forward to hearing from you!
In the rapidly evolving world of pricing strategies, Pal Danyi, PhD, stands at the forefront, blending advanced AI technology with over two decades of cross-sector experience. This article delves into Pal's innovative approach to dynamic pricing, showcasing his unique blend of academic insight and industry expertise, and highlights his recent forays into sharing knowledge on LinkedIn.
Pal Danyi, PhD, our Head of Research and pricing expert at DynamO, brings an extensive background in addressing dynamic pricing challenges through advanced AI technology.
With over 20 years of experience across IT, telecom, and financial sectors, Pal specializes in developing strategies for price optimization, demand forecasting, and revenue management. His expertise extends to crafting dynamic pricing models that adapt to market changes, optimizing pricing for events and entertainment venues to maximize revenue and attendance. Additionally, Pal’s work encompasses competitive pricing analysis and the implementation of price sensitivity models, leveraging his deep understanding of data analytics to inform pricing decisions. His academic role as an associate professor further enriches his approach, merging practical industry insights with the latest in innovation and IT strategies. His theoretical knowledge and practical expertise are chiefly channeled into enhancing DynamO's in-house developed dynamic pricing solutions.
Pal has started sharing insights twice weekly on LinkedIn, diving into intriguing pricing-related topics. Here's a taste of the diverse subjects he covers:
• Urban Pricing Strategies: Exploring Paris's decision to triple parking fees for SUV drivers, highlighting environmental concerns and the implications of size-based pricing discrimination.
• Innovative Tolling Systems: Reflecting on California's FasTrak, an electronic toll collection system that dynamically prices lane usage to reduce congestion and improve air quality.
• Efficiency in Art Exhibitions: Discussing how dynamic pricing could transform the visitor experience at popular events like the Renoir exhibition in Budapest, reducing wait times and optimizing revenue.
Follow Pal Danyi on LinkedIn to delve into the world of dynamic pricing and its impact across various sectors, from urban planning to cultural events. Engage with his posts for more fascinating insights and discussions.
Want to learn more? Get in touch with us today to explore how we can specifically assist your business. You can reach us through our website's contact forms or simply send us an email at info@dynamopricing.com. We look forward to hearing from you!
