Price Sensitivity Analysis

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  • How willing and able are your customers to buy tickets?
  • Where do you have headroom to increase prices without undermining demand?
  • With which segments should you consider strategic discounting?
  • To what extent is price holding your audience back?
     

Price Sensitivity Analysis helps you to answer these questions, providing invaluable insight into customer attitudes.  

 

photo: flickr.com/jason_peper

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. 

 

Quick to get up and running

To ensure you can get up and running quickly, the survey uses a standard design (some customisation possible).

As a minimum, to get started, all we need to know is:

  • Three common propositions to test (e.g. Panto / Drama / Musical or House & Gardens / Gardens Only / Special Event)
  • Your typical range of prices for each proposition

We’ll construct a survey for you to send to your customer base. We take care of all secure data collection and analysis.

The results of the Price Sensitivity Analysis are tailored to your situation, and unique to your customer base.

Join the pilot programme

Price Sensitivity Analysis is based on advanced market research design which is usually only available at substantial cost.

In recognition of the crisis facing the arts and cultural sector, Price Sensitivity Analysis is currently available for a fixed fee of £3,000+VAT.  If you would like to discuss this further, please fill out the form below or contact robin@baker-richards.com.

Enquire

Some organisations may choose to commission a wider consultancy project or further primary research after completing the Price Sensitivity Analysis. The cost of this analysis will be discounted from any such work commissioned within 12 months.

The Price Sensitivity Analysis is designed with the COVID-19 economy in mind. It is available at low cost, and all data is analysed by a Baker Richards consultant who compiles a report which is specific to your organisation.

Enquire about the Price Sensitivity Analysis


Any personal data or information you provide will be used solely for the purpose of addressing your enquiry (except where this data is already held or obtained by us for alternative purposes) and/or to fulfil legal or regulatory requirements if necessary. This information will be passed on to members of staff who are in the best position to process your enquiry.

 

*Applies to a pricing, membership or Triple A consultancy project commissioned for the same venue, within 12 months.

If you’d like to find out more please get in touch

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