The Place is a sleek dance hub right in the heart of London, rocking 300 seats. Since it’s a studio stage, where you sit doesn’t really matter, so they originally charged the same price for all tickets, even though each show had different prices.
But check this out:
- Their research revealed that ticket buyers would have been down to pay more.
- If the prices were lower, it would’ve attracted a different crowd.
- A whopping 50% of their sales happen on show day!
So, they switched up their pricing strategy:
- Tickets now start at £5 (for purchases over a week in advance) and climb to £15 if you snag them less than 24 hours before the show.
- They also introduced a swap policy and refunds for pricier tickets, answering the classic question: “What do I get for the extra cash?”
- They kept the price consistent across all shows.
The results?
- Ticket sales jumped by 28%! 🎉
- Net income soared by 44%! 💸
Pretty slick, right?
(Source: culturehive.co.uk)