If They Want It, They Will Buy It

Over the weekend I attended the Boston Wine Expo.  This annual event is always a big draw for wine lovers.  But the most interesting facts from this years event were that both days were sold out, the price/type of the wines being sampled, and the average age attending.

Yes, this event was sold out.  I am not sure how many tickets were sold each day but tickets cost $85 each.  The event was from 1:00 PM until 5:00 PM each day.  With the economic climate we are in, I think this is impressive.  As with last years event the demo of the ticket holder was younger.  I would guess the late 20′s / early 30 something crowd.  Why were they willing to drop $85 bucks for a few hours of wine tasting?  The answer is in the title of today’s post.  If they want it, they will buy it. If they see a value, they will buy it.

While I was there I hooked up with wine and social media guru Gary Vaynerchuk.  He was all decked out in his Jets football jersey.  He is a huge Jets fan so I feel bad for him today.  I understand his pain!

A very interesting fact worth discussing is the average price point of the wines being sampled.  The average bottle being offered was in the $10 – $15 range.  This has dropped since last year.  Wine producers have come to the realization they are now main stream.  They need to offer their products to the “masses not the classes”.  I remember this was a favorite line of Allen Bloom when describing the demo of Ringling Bros.  He also finished that line with “we are Chevy not Lincoln’s.  More people drive Chevy’s then Lincoln’s”.

As you produce and sell your events you should keep in mind these five important items when it comes to pricing:

1. Who is my demo?
2. Is this a product they want?
3. What will they really pay?
4. Will my customer see a value?
5. Will they buy again next time?

Consumers Want A Really Good Deal

The results are coming out now on how retailers did through November including the big Thanksgiving weekend.  As we all know Black Friday did pretty well and was up from 2007.  However, the numbers have been dropping ever since.  The reason of course is the deals.  Consumers are buying for the holidays but they are going for the deals.  Deep discounts, promotions with teeth, this is what is working.  As marketers in the event and entertainment business we should be looking at this current trend and adjusting our marketing plans accordingly. 

While we may or may not be able to offer deep discounts we can offer promotions with teeth.  If you are going to put together a ticket package or promotion around the holiday period or to counter the recession don’t just do it to do it.  Create a promotion or package that will make an impact.  A good quality promotion should create some buzz, get to your demo, and move tickets. 

Use all the marketing tools you have to create the buzz.  Some of these don’t really cost much.  Spread the buzz on the social networks.  Go deep into these sites to find groups that are your true demo.  Try it, they are really there. Go to where the customer is.  If you are a sports team, go where the fans are.  If you are family show, where are the moms and kids hanging out?  These are your “low hanging fruit”.  Make your promotion fun.  Remember, you are selling fun. With consumers in a bad mood, they are looking for an escape.  Show them you are that escape.  If you can lower your price without losing your shirt or cheapening the product, do it.  This is no time to be greedy. 

Consumers are buying holiday gifts.  They just want a REALLY good deal.  Let’s get them thinking that event, sports, and entertainment tickets are a really GOOD deal.

Practice What I Preach

Since I have been writing for the past few weeks about using tickets as great holiday gifts, I thought I should help the sports and entertainment business by purchasing some tickets for gifts.  Today I am trying three different ways to get tickets.  I am buying tickets for one event at a box office, purchasing tickets online for an event, and I am trying to win tickets for another event via a mobile marketing promotion.  I will report back on the experience I had with all of these methods.