Get ahead of the trend: Dynamic Pricing
February 19, 2021
As we all start to settle into the new processes and procedures put in place by the pandemic, institutions are getting more comfortable with this modern way of operating, and many are even finding ways to take advantage of this new structure to generate more revenue, while still providing a safe place for their visitors and staff to enjoy.
The biggest factor that institutions have to consider when planning their reopening, is physical distancing. It is of the utmost importance to rigorously control capacity and implement timed-entry in order to manage visitor flow and keep a safe distance between your patrons and staff. Implementing time-based entry enables your institution to limit the volume of guests at any given time, providing a safer experience for everyone.
With ACME’s timed-entry capabilities, you can set a custom capacity for any time frame throughout the day, as well as specific schedules for both the weekend and weekdays. This feature is beyond flexible and allows you to update capacities and time frames on-the-fly as trends and policies change.
Many of ACME’s customers are getting very creative and leveraging schedule-based pricing to vary by season or day of week. You can manually set this up in ACME’s backoffice, or like the Seattle Aquarium, you can utilize the power of ACME paired with our partners over at Digonex, to fully automate dynamic pricing. What is Dynamic Pricing? Dynamic pricing is a ticket price that is determined by data-driven pricing technology that was created by Digonex, and the best thing about this solution is that it is completely automated. Each day’s prices are determined based on a number of factors, including attendance patterns, popular holidays/events and weather—and they’ve been developed through extensive research and collaboration with a team of expert economists. With this technology institutions can truly maximize their revenue growth, which is especially vital as we are all trying to recover from the financial hit of the pandemic.
There is no better time than the present to implement dynamic pricing, and the Seattle Aquarium knew this. In fact, they were ahead of the curve when it came to implementing this modern technology “We made our decision to implement dynamic pricing before COVID-19 was thrust upon the world,” Johnson said. “Once that reality sank in, we felt that dynamic pricing was more necessary than ever” explained Rick Johnson, Director of Finance and Administration for the Seattle Aquarium. Time based entry has now become an essential factor in being able to operate, why not take it a step further and apply dynamic pricing in order to optimize your revenue and push visitor demand where inventory is available. Dynamic pricing increases safety and optimizes visitor flow by incentivizing people, for example by making weekdays more appealing in order to drive traffic to days and times that are historically less busy. Greg Loewen, Digonex CEO added, “We are thrilled to be a new member of the ACME eco-system partner network and excited to be working with Rick and the rest of the Seattle Aquarium team. We are confident that our dynamic pricing technology will help the aquarium to accelerate its recovery from the pandemic and its growth in the years ahead.”
The Seattle Aquarium – Plan Ahead Pricing!
The Seattle Aquarium is a true example of an institution that has used innovation to thrive through the pandemic. By utilizing ACME + Digonex, they launched their “Plan Ahead Pricing” in order to offer their guests the best deal on advanced purchase tickets, “With plan-ahead pricing, you choose the best fit for your budget and schedule”. It offers predictability and revenue growth for the institution, and benefits the guest as well!
Thinking about Implementing dynamic pricing but worried about the time and resources it will take? Worry no more. The team of experts at Digonex and ACME make the process seamless.
Digonex VP of Product Development, Chris Broshears added, “ACME’s reporting capabilities and API made integration with dynamic pricing simple. We were able to create reports to obtain all of the ticketing data we need for our pricing algorithms and to use the API to automate running those reports. Approved price changes can be implemented in ACME via API without anyone having to make manual updates in ACME’s backoffice.”
If you are interested in learning more about dynamic pricing and how it can help your institution increase their revenue, reach out to us today!