Pricing for
Experience Economy Businesses
Welcome to the Experience Economy:
Increase Profits With Pricing Strategy
The COVID-19 lockdowns hit the experience economy based industries harder than most – those in the airline, hotel, and travel industries, live events, conferences and trade shows, indoor and outdoor venues, etc. – and reopening raises significant questions around pricing as businesses and consumers brace for our new reality. Although the combination of pent-up consumer demand and an excess of disposable consumer income bode well for the future of experiential businesses, the pandemic has increased operating costs (labour, cleaning protocols, testing, tracking, etc.,) while simultaneously reducing capacity leaving experience-based businesses limited opportunities to change pricing.
Those within the experience economy who establish strong pricing strategies by capitalizing on their pricing power, gaining consumer confidence, considering consumer behaviour, and identifying value drivers will maximize profits, overcome pandemic-related losses, and set the groundwork for long-term success.
At Pricing Solutions, we have extensive experience in transforming experiential institutions of all kinds to solve strategic problems such as performance improvement, operational excellence, demand and dynamic pricing strategies, cost management and reduction, growth strategy, and ticket pricing. Our team uses a focused and personalized approach to research, considering existing assumptions alongside gathered information to create a data-driven, custom pricing strategy that works. We help experience economy businesses realize their true value and potential within their respective markets, providing them with insider insights and informed guidance to optimize their pricing strategies.
Our Experiential Pricing Expertise
At Pricing Solutions, we are experienced in understanding the unique issues that businesses in the experience economy face, and in developing customized, data-driven plans on how they can best use pricing to achieve their goals. We have completed projects for many leading entertainment, travel and experiential organizations globally. This includes helping our clients grow revenue, market share and contribution. We partner with clients over time to help them move up the 5 levels of World Class Pricing…and realize real bottom-line results.
Experience Economy Pricing Insights
What does England’s “Freedom Day” mean for UK Cinemas and Restaurants?
By: Ed Heskins, Director of Pricing Strategy (UK) Last month marked “Freedom Day” in parts of the UK, when the government removed almost all remaining restrictions on its citizens, leaving them free to [...]
Experience Economy Set to Profit from Renewed Pricing Power
With wide-scale vaccine rollouts well underway, our entry into a post-pandemic world is already a reality for some, and inevitable for others. That's good news for experience economy survivors —those in the airline, hotel, [...]
Third-Party Delivery eating costs : 3 Ways Restaurants are Pivoting during the Second wave of COVID-19
By: Fred Puech, Vice President of Analytics The COVID-19 pandemic has caused extensive and ongoing limits to in-person dining, and with the patio season ending across North America, more and more restaurants are relying [...]
Optimising Pitch Pricing : Case Study
The Pricing Challenge
The client is a UK wide company that rents 5 aside football pitches. Their prices had largely been set by local managers with no central control or alignment, this inconsistency was confusing to customers and money was being left on the table.
Pricing Objective: to find pricing improvement by aligning prices based on local competition levels and willingness to pay differences.
Keep Climbing: Delta Airlines
The Pricing Challenge
Delta was into its third year of sponsoring one of the world’s most iconic sporting events. To date, the brand had struggled to find a meaningful connection to the sponsorship through communications. Our brief was to address this challenge.
Pricing Objective: combine experiential marketing and pricing strategies to maximize client revenue from sponsorships.
Proudly Working with Leading Experience Economy Organizations
Iris Pricing Solutions’ multicultural, multi-lingual team understands different market, cultures and consumer segments
enabling us to provide effective pricing analysis and strategy to Experience Economy Organizations globally. Our 360º approach to pricing providing expertise in strategy, research, people, training, systems and tools.
Disney
Marriott
American Skiing Company
Delta Airlines
Haven
Canadian Science Museum
Parks Canada
VUE Cinemas
InterContinental Hotels Group
Uber
Power League
Beaulieu National Motor Museum
Blenheim Palace
P&O
Barclays
Experience Economy Pricing Case Studies
Providing Management with Confidence in the Value of the Science Museum
Leveraging Customer Research to Discover Key Value Drivers & Trade-offs
Research-driven customer segmentation and price strategy
Utilizing Data Intelligence to Drive Loyalty in UK Cinemas
Contact Us for a Pricing Consultation
Pricing Solutions is one of the worlds’ leading pricing consultancy firms. We are dedicated to helping clients tackle their specific pricing challenges and dramatially grow profitability. Our consultants have extensive experience in B2B and B2C markets within a wide range of industries.
For more information about our services or to get in touch with one of our consultants directly please contact our global headquarters.