One of the most important aspects of sports ticket management is pricing. With a good management system in place, you can get the most profit from your ticket sales while making sure that all of the tickets sell. Here are some of the common strategies for pricing sports tickets.
Changing Prices for Individual Games
One of the most common strategies for ticket pricing is to price tickets for individual sporting events, based on the expected demand for tickets. To use this method, you'll need to use analytics to see how similar games performed in the past, how well the sales went for similar teams at different price points, and how well you've predicted demand in the past.
Changing Prices During Sales
Another strategy is to leave the ticket prices open so that you can change them during the course of sales. If your tickets aren't selling well or they're selling too fast, you'll be able to adjust the prices mid-course to maximize supply and demand. With this method, it's a good idea to let consumers know that the prices could change unexpectedly (which may also encourage them to buy quickly!)
Using the Secondary Market to Your Advantage
It's no surprise that many fans buy their sports tickets after the fact on the secondary market. But with a little bit of planning, you can actually have your sporting team take place in this market. One example is to reserve some tickets for players or for the team's needs, and then sell them later when the demand has skyrocketed. If part of the tickets are barred from purchase on the primary market, it will also create the illusion of higher demand for your event and drive people to buy sooner.
In short, finding the right pricing strategy is often about using data to your advantage. Some of these sales methods allow you to set a price and then simply let the tickets sell themselves, while others require active monitoring to make sure that the tickets are fluctuating at the right price. If you have a background in analytics, you can handle the pricing adjustments yourself; if not, there are several sports ticket management consultants that can help you to keep your strategies fresh. No matter which strategy you choose, it may be good to switch it up once in a while to make sure that you have the right strategy for your crowd.