GrowthHackingIdea - Boost your income by 44% (case study)

The Place is a 300-seat centre for contemporary dance in the middle of London.

As they are a studio theatre, the experience doesn’t vary that much depending on where you sit. Hence, they charged the same price for all tickets (different for each performance).

Their research told that:
1. Those who bought tickets would have paid more for them.
2. But other people would have bought tickets if prices were lower.
3. 50% of their sales happen on the day of the performance.

They changed their pricing model:
1. The earlier you buy the ticket the lower the price is: from £5 (> 7 days) to £15 (<24 hours).
2. Offering ticket exchange and refunds on the more expensive tickets also helped answer the question of 'what more do I get?’
3. Used the same pricing model for all performances.

Results:
1. Ticket sales increased by 28%.
2. Net income increased by 44%.

Source: culturehive.co.uk


Cheers,
Charlie Patel ;)



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