Smart pricing

Armed with your data, implement dynamic pricing strategies to optimise your sales and better manage your limited capacities — start simple and move on to a model with artificial intelligence.

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1.

Conduct A/B testing

Start by testing several pricing models and only show dynamic prices to a pre-defined percentage of your audience.

2.

Create your own strategies

Once familiar with simple strategies, take the next step and develop your own strategies based on your sales forecasts and artificial intelligence.

3.

Track your results

Measure the impact of your smart pricing strategies by analysing your current sales and forecasting future sales.

What are the benefits of smart pricing?

The results of a dynamic pricing strategy depend on your objectives. Do you want to increase your revenue or shift bookings to off-peak times? Do you have limited capacity to manage?

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Pre-sales

Secure pre-sales by encouraging your customers to buy tickets 2x earlier with prices that increase as you get closer to the final date.

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Attendance

Optimise your capacity management and increase your attendance rate by 10% by spreading the visits between peak days and off-peak hours.

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Revenue

Offer prices that closely follow your customers' willingness to pay. Over time, you can expect an increase in revenue of 15 to 20%.

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COVID-19

Counteract last-minute booking trends and declining occupancy rates by optimising your limited capacity due to COVID-19.

"Unlike hotels and airlines, cultural and tourism providers do not have an integrated solution to optimise pricing during peaks and lows."

Matthias Leroy, data scientist at Smeetz

Dynamic pricing for culture and tourism

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Why use dynamic pricing?

The purpose of dynamic pricing is to meet the real demand of your customers with prices that are calculated according to your data.

This pricing strategy allows you to adjust prices in real time based on various industry-specific factors such as demand, weather forecasts, peak hours, days of the week, time remaining before an event, traffic on your website, etc.

Who uses dynamic pricing?

This pricing method is already used in many industries, such as airlines, hotels and e-commerce. It is also gradually becoming the norm in the leisure, culture and events sector.
Dynamic pricing users in various industries
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Download our white paper

Learn more about smart pricing in the leisure and event industry. Discover the 5 benefits of using this pricing method for organisers.

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Create your smart pricing strategies

Smart pricing with Smeetz is easy. You create your own strategies by configuring one of our models.

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Linear price variation

Your price increases linearly between a starting price and a final price. This model makes it easy to get started - the closer you get to the date, the higher the price.

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Step price variation

Your price is changed at each time step you set. This method is perfect if you are interested in selling several "packs" of tickets at different prices (e.g. early-bird tickets).

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Revenue optimisation

Your price varies between a minimum and a maximum price with the objective of increasing your income. The artificial intelligence algorithm takes into account the number of tickets sold.

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Attendance optimisation

Your price varies between a minimum and a maximum price with the objective of selling as many tickets as possible. The artificial intelligence algorithm takes into account the flow of tickets sold.

Take the first step towards artificial intelligence

Our artificial intelligence tool is designed to learn from your past data to produce the best outcomes. As a result, your optimisation strategies become become smarter day after day.

Whether you are starting out or are an expert in dynamic pricing strategies, our specialists will guide you throughout the process. Get in touch with one of our experts to develop your own strategy.

Get advice from Matthias

Which strategy works best for you?

Fill in our form with some information and one of our experts will propose a strategy adapted to your needs.

Trust AI, but never loose control over your prices

Our algorithm will always follow your guidelines, so you will stay in control of your pricing strategy. You can adapt your parameters at any time.

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Set your own boundaries

Define your custom price range by setting a minimum and maximum price that our algorithm will never cross.

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Measure the impact of the strategies

A/B testing allows you to apply a smart pricing strategy only to a specific percentage of your audience. The rest of your traffic will still see your base price which will remain static.

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Modify your prices manually

Override your automated pricing strategies at any time by manually inserting the pricing of your choice.

Frequently Asked Questions

How does smart pricing work?

Prices are calculated according to the dynamic pricing model you have chosen. You define whether the recalculation takes place every hour, every day or every time a certain number of tickets are sold. This way, when there is little demand for a product on a certain date, the prices of this product will be very advantageous. The more a product is in demand, the closer its price will be to a fixed maximum price. The organiser can set a minimum and maximum price in advance.

How do models with artificial intelligence work?

The two models using artificial intelligence are the optimisation models. When there is little demand for a product on a certain date, the prices of this product will be very advantageous. The more a product is in demand, the closer its price will be to a fixed maximum price. Price determination can be done by taking into account the weather forecast, your sales forecast and the traffic on your website.

Will the prices be higher?

The choice is entirely up to the organisers. Some models let prices move gradually from a minimum price to a fixed maximum price. Others are to let the model adapt to the current price level and offer lower prices during periods of low demand, and higher prices on days when demand is high.

What is the maximum price?

The maximum price is set by the organiser for each product. Setting a maximum price avoids excessively large increases of the price in times of high demand and ensures that the activity remains affordable at any time.

What are the advantages of smart pricing for the organisers?

  • The use of dynamic pricing allows for a better distribution of participants over time and optimises the management of limited capacity. With attractive prices, customers are encouraged to buy tickets for periods of low attendance.
  • Dynamic prices also maximise income in two other ways. Prices can increase automatically on days of high demand, or prices can increase gradually as the final date approaches.
  • Lower prices at the beginning of sales also encourage your customers to book their tickets in advance, thus ensuring pre-sales and better anticipation of event management.

What are the advantages of smart pricing for the final customers?

  • Users are rewarded with the best rates when they choose to book their tickets in advance.
  • Users can now get last-minute deals for your products if your remaining stock is too high just before your event.

Start working on your pricing strategy today

Our data analysts and consultants are here to answer all your questions.