There’s a buying frenzy for tickets for the Broadway smash hit “Hamilton.” The musical about founding father Alexander Hamilton has won a bevy of accolades including 11 Tony Awards, a Pulitzer Prize, and a Grammy. As a result, tickets instantly sell out and scalpers are in heaven.
To earn higher profits, the producers of “Hamilton” recently raised ticket prices across the board, with the top ticket price jumping to a record-breaking $849. Despite the price boost, tickets sold out instantly and asking prices for tickets on the resale market are often $3,000 - $4,000. I argue “Hamilton” should have been more creative by employing dynamic pricing – consumers are beginning to accept market-based pricing.
Please check out my latest piece for the Harvard Business Review for further insights.
Posted on June 24th, 2016 (0 Comments)
Uber recently retreated from it’s no tipping policy. While the rideshare company still maintains tipping is not necessary, it now allows drivers to ask for as well as post signs that encourage voluntary gratuities.
While relaxing this policy is no big deal, the process that passengers provide a tip is problematic. Now, riders will have to fork over a tip before their driver rates them. The result? A Tony Soprano-like veiled threat, “Pay up or I’ll give you a low rating.”
Please check out my latest piece for the Harvard Business Review which reaffirms the importance of structuring a pricing strategy properly.
Also, if you’re so inclined, please check out our new enhanced consulting section – we offer many services to help companies price for profit and growth.
Posted on May 5th, 2016 (0 Comments)
In the name of protecting consumers from being “gouged,” two Senators recently introduced a bill that will require airline add-on fees to be “fair and proportional” to their costs. What these Senators don’t understand is regulating add-on fees will actually harm consumers. Any regulation will result in the base price of airline tickets rising.
For full insights – and reasons why this Senate bill makes no sense – please check out my Op Ed in today’s Wall Street Journal. The Journal has a paywall – so consider subscribing or stopping by your local newsstand for the full article.
Posted on March 30th, 2016 (0 Comments)