What happens when you raise or lower prices?
There was a debate waging on the boards last week about whether or not ticket prices for the theater should go up, down, sideways, or—to quote one of my favorite movies, which is soon to be a musical–slantways, and longways and backways (anyone?), in order to promote accessibility to more audiences.
One thing I think everyone can agree on . . . we all want ticket prices to go down.
That said, there are two axioms I live by in terms of pricing that I thought I would pass on to you. While I certainly could fill up blog page after blog page on pricing, when it comes to pricing your show, there are two things you should know:
1. Lowering your prices doesn’t mean more people will come.
2. Raising your prices doesn’t mean less people will come.
In the luxury consumer goods market (which is what we are, whether we like it or not), it’s about product first and then price.