The last two weeks has been Restaurant Week here in Boston. Participating restaurants have been offering special prix fixe menus. Many of these restaurants are the “really” good ones that normally most cannot afford to eat at. This annual event is very popular. It can be very hard to get a table during these two weeks. This promotion is great for dining out. So why couldn’t we do something like this in the live event & entertainment industry?
People like a deal. They are always looking for a bargain. Look at Walmart. They are one of the most successful companies in the world because they offer a bargain. If our customers are not buying tickets because of the price, then would it not be smart to adjust? There are a few things we could offer.
Maybe you don’t want to drop all your prices across the board. Maybe you truly believe that your price is fair. Ok, so what can you do to stimulate your customer? What about offering a package deal? A deal that includes tickets, some concessions, some merchandise, etc… Maybe something like the prix fixe menu offers I mentioned above.
How about some cash back? One of the most successful promotions I ever did was when we gave our customers real cash. We handed out cash as they entered the turnstiles. This took the place of a free premium item giveaway. What’s even better is the hole the cash burned in the customer’s pocket. Per caps went up at both concessions and merchandise.
If you are a venue, why not offer a day or two a year when all events coming to your building are on sale? If they buy that day they receive a 25% discount. What about offering a multi-event package deal? Put together a deal that includes a “carrot” event along with an event that needs some help.
Creative marketing and thinking out of the box will always stimulate your customers. Yes, it takes some effort. You will have to leave your comfort zone and try some new things. But isn’t that why we have so much fun doing what we do?