Expert insights, tailored to your audience
As a consequence of the Coronavirus pandemic, some customers will be less willing to return to venues and attractions for a variety of reasons.
Some will have become acutely price sensitive due to changes in their circumstances, while others may be willing to pay more for something they have come to value even more by its absence.
These effects are likely to be temporary, but to heavily impact the 20/21 financial year.
Levels of price sensitivity will vary widely – up and down – by venue, activity, artform, and audience segment.
The Price Sensitivity Analysis tells you how your customers currently feel about your pricing, providing an essential evidence base for pricing in the new normal.
Many research approaches to price simply produce a single figure – the ‘willingness to pay’ – but this is not useful to most organisations who recognise that maximising sales and income requires a range of different price points.
Our approach, using Conjoint Analysis, captures the different levels of willingness to pay across different segments of your market, enabling you to design the optimal differentiated offers. This market research methodology is known for its high levels of accuracy at forecasting consumer behaviour.