- Blog #1: Demystifying Dynamic Pricing: a guide for visitor attractions
- Blog #2: Unlocking the power of Dynamic Pricing: why you should get started
- Blog #3: Choosing the right Dynamic Pricing solution: a step-by-step guide
- Blog #4: Success stories: take the plunge and opt for dynamic pricing
Dynamic pricing is revolutionizing the way businesses approach their pricing strategies. In this article, we share success stories of our long-standing clients who have embraced dynamic pricing and witnessed significant improvements in their sales and revenue. By implementing dynamic pricing solutions, these businesses have gained a competitive edge and achieved their goals. Discover how dynamic pricing can transform your business too.
Chillon Castle Foundation
The Chillon Castle, a major Swiss attraction, partnered with us to optimize their pricing strategy. Through dynamic pricing, they successfully spread visitors across different periods, particularly during the COVID-19 pandemic. By adjusting prices based on booking curves and demand peaks, they maximized revenue and encouraged visitors to choose less busy periods.
As a result, Chillon Castle experienced an average basket value increase of 40%, while maintaining conservative dynamic pricing parameters.
Swiss Vapeur Parc
The Swiss Vapeur Parc, a renowned amusement park, leveraged our dynamic pricing solution to automate their pricing strategies. Previously using a rules-based system, they transitioned to dynamic pricing with impressive results. By adopting a next-generation approach, Swiss Vapeur Parc achieved a significant average sales increase of 25% while maintaining optimal conversion rates.
The simplicity of the conversion funnel provided by our solution played a vital role in boosting their sales.
Making Dynamic Pricing Easy with Smeetz
Whether you're a beginner or an expert in dynamic pricing strategies, Smeetz provides a user-friendly solution that guides you through the process. With our dynamic pricing tool, you can create and implement your pricing strategies in just a few clicks.
Here are some of the default strategies we offer.
Set a linear price increase between a starting price and a final price.
Experience exponential price growth between a starting price and a final price.
Step Price Variation Based on Occupation
Change prices step by step based on predefined levels of occupancy.
Step Price Based on Time Change
Modify prices step by step according to predefined time periods.
Vary prices between a minimum and maximum price to increase income.
Adjust prices between a minimum and maximum price to maximize the number of visitors.
Technical Side of Dynamic Pricing
Our dynamic pricing solution utilizes advanced technologies to deliver accurate and effective pricing strategies.
Here's how it works.
Recording Transactional Data
We capture real-time data on website traffic, conversions, and sales while customers make purchases. This data allows us to predict sales and booking curves using machine learning algorithms and measure real-time occupancy.
Enriching Data with Context-Aware Information
We gather additional contextual data, such as meteorological forecasts, venue traffic, competition pricing, and perceived attractiveness of experiences. These factors contribute to a comprehensive understanding of market dynamics.
Incorporating Business Metrics
You have the flexibility to define additional revenue earned onsite with the sale of one ticket and your marginal cost for selling an additional ticket. Our machine learning algorithms optimize all parameters to provide you with the optimal price in real-time.
Once you have established your dynamic pricing strategy, the following steps will help you maximize its effectiveness and drive positive results:
Adapt the Strategy to Your Needs
Customize the pricing factors specific to your industry and business requirements. Fine-tune the parameters that influence your pricing decisions, such as occupancy levels, time periods, and other relevant metrics. By tailoring the strategy to your unique circumstances, you can optimize pricing outcomes.
Apply the Strategy
Begin implementing your dynamic pricing strategy by applying it to the activity or product you wish to optimize. Start with A/B testing on a defined percentage of tickets or offerings to assess the impact of the new pricing approach. This testing phase will help you gauge the effectiveness of your strategy and make any necessary adjustments.
Transparently Communicate with Customers
Communication is key when implementing dynamic pricing. Be transparent with your customers about the pricing strategy and its benefits. Clearly communicate how dynamic pricing allows for fair and optimized pricing based on demand and other relevant factors. Transparent communication builds trust and enhances customer satisfaction.
Discover the Positive Impact
Monitor the impact of your dynamic pricing strategies on your revenue and key performance metrics. Analyze the data and observe how the new pricing approach affects your sales, conversions, and overall profitability. Identify any trends or patterns that emerge and leverage this information to refine your strategies further.
Become an Expert in Dynamic Pricing
As you gain experience and insights into dynamic pricing, continue to expand your knowledge and stay informed about industry trends. Stay in control of your prices by regularly reviewing and adjusting your strategies based on market dynamics and changing customer preferences. By becoming an expert in dynamic pricing, you can unlock its full potential for your business.
Dynamic pricing offers immense opportunities for revenue optimization and staying competitive in today's market. With careful implementation and continuous monitoring, you can harness its power to drive growth and profitability while maintaining control over your pricing strategies.