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July 3, 2018

How do you set Prices for your attraction?

How do you set Prices for your attraction?

How do you set Prices for your attraction?
Pricing is expensive or cheap depending on who you are targeting, therefore, framing & testing is critical.


NEWS/Quick-Takes:
California Data Privacy Law Passes
“The bill -- AB 375, or the California...


How do you set Prices for your attraction?
Pricing is expensive or cheap depending on who you are targeting, therefore, framing & testing is critical.


NEWS/Quick-Takes:
California Data Privacy Law Passes
“The bill -- AB 375, or the California Consumer Privacy Act -- turns the tech world's business model on its head by letting regular internet users ask for the data a company has collected on them and whom the data has been sold to. That alone could be eye-opening for consumers. Most people understand their online activity is being tracked for targeted advertising, but we don't have a broad understanding of what data's being used. The bill will take effect at the beginning of 2020.”

Facebook/Twitter now publicly show all ads a brand is running
“Every Facebook Page carries a new button called “Info and Ads.” That new section will display the ads the Page is currently running across Facebook, Instagram, Messenger and Facebook’s partner network. Facebook also will have a button to report each ad. Facebook also will publicly share more information about Pages. Pages will display changes to their names along with the date they were created. Facebook said it plans to add more information in the coming weeks.”

Pinterest is Growing Faster than Twitter and Snapchat, and Offers Significant Opportunities
Pinterest may not be growing at the rate the company had once anticipated, but the platform is expanding, with new data showing that the app is now closing in on 250 million monthly active users, up from the 200 million it reported back in September.
https://www.socialmediatoday.com/news/pinterest-is-growing-faster-than-twitter-and-snapchat-and-offers-significa/524417/


Main Topic:
Pricing Your Attraction
Consider: Are you a Value or Luxury Play?
Have you tested pricing through digital A/B tests, etc.?

Examples:
Pricing is expensive or cheap depending on who you are targeting, therefore, framing & testing is critical.
Pat Flynn - Testing your product before the product is built.
Use the contrast principle.
Stay away from predictions; people are terrible at predictions.
Always offer tiers.
Find out your optimal capacity; you can make a fatal mistake if you misjudge your capacity. Whatever you think the capacity will be, divide it in half and price from there.

Wrap-Up:
Leadership Symposium: https://www.eventbrite.com/e/seasonal-attraction-leadership-symposium-2018-registration-45141589710?aff=0a3e2d60b4
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