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Dynamic Pricing For The Attractions Business – Successful Case Studies

Dynamic Pricing For The Attractions Business – Successful Case Studies. Speaker: George Frantzis II, Quassy Amusement Park, Middlebury CT (USA). 3:30 p.m., Monday, November 12, 2012 IAAPA Attractions Expo Orange County Convention Center Orlando, FLA (USA).

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Dynamic Pricing For The Attractions Business – Successful Case Studies

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  1. Dynamic Pricing For The Attractions Business – Successful Case Studies Speaker: George Frantzis II, Quassy Amusement Park, Middlebury CT (USA) 3:30 p.m., Monday, November 12, 2012 IAAPA Attractions Expo Orange County Convention Center Orlando, FLA (USA)

  2. Components You Can Work WithRegardless Of The Size Of Your Attraction • (1) Capitalize On The Slow Times • (2) Not A Closed Case After All • (3) The Tried And True

  3. Capitalize On The Slow Times ‘Q’ Pon Day At Quassy Amusement Park Components: (1) Targeted A Weak Pre-Season Saturday In May (2) Dynamic Pricing Offer: $10 All-Day Ride Wristband - $18 Regular Price (3) Delivery: Existing e-mail database; Social media such as FACEBOOK, Twitter (4) Advertising/marketing costs: None; Handled all in-house (5) Sharing the proceeds? None!

  4. ‘Q’ Pon Day Results * Nearly $3,000 in ‘Q’ Pon ticket sales for the one-day event * In-park spending up more $10,000 for the day * Introduced numerous families to the park for the first time * Complemented a ‘pre-season’ day attended by season pass holders, students in annual art competition. Summary: A ‘dynamic pricing’ opportunity that will likely be on the calendar for 2013 due to its inaugural success.

  5. Third Annual Homeschool Day Components: (1) Early June date with limited operating hours (10 a.m. to 4 p.m.) (2) Program included educational activities, rides, lunch (3) Delivery: Tapped into local and regional homeschool database through in-house Internet research to develop contact list. E-blasts outlining the day to regional homeschool leaders got the program launched. (4) Advertising/marketing costs: Less than $50 to be included in monthly newsletter distributed to homeschoolers. (5) Dynamic Pricing Offer: $17.50 per student - regular all-day wristband price in season is $23.50 without food

  6. Homeschool Day Results

  7. Summer Bash Components: (1) Selected a slow group outing day in the height of the season (2) Program: Food buffet in private pavilion, all-day wristband, volleyball, horseshoes, bocce (3) Dynamic pricing offer: $23 per person - regular all-day wristband price in the height of the season is $23.50 without food (4) Delivery: Strictly e-blasts through existing database, social media (5) Advertising/marketing costs: None; All in-house

  8. Summer Bash Results

  9. Not A Closed Case After All: Taking Advantage Of Opportunities Through Dynamic Pricing When Your Facility Would Otherwise Not Be Operating Components: School Carnivals in pre-season Grad Nights Exclusive times for summer camps Buyouts

  10. Not A Closed Case After All School Carnivals Components: Weekday evenings before going into full summer schedule; Property closed at 4 p.m., leaving a window of opportunity for a four-hour event (4 to 8 p.m.). (2) Dynamic pricing: $10 to $15 for a ride wristband with schools upselling the ticket in support of their fundraising efforts (everyone needs a ticket to enter the park). Pricing flexible depending on the size of the school. (3) Limited operations: Waterpark, some games and food concessions not open to limit operating expenses.

  11. Busy Ride Area During A 2012 June Carnival Night At Quassy Amusement Park In Middlebury, Connecticut. 800 Guests In Attendance.

  12. Grad Nights – Ideal For Parks and FECs Components: Exclusive late-night “lockdown” party at the park. Rides, food, arcade, DJ, game show, magician, palm reader, hypnotist, volleyball, basketball. Dynamic Pricing: Depending on length of stay and program menu: $45-$95 per student. Event planning expertise is the strong selling point to school officials and parent organizations. Marketed to regional high schools in-house. Limited window of opportunity.

  13. New Cash Flow Initiative In 2007

  14. Exclusive Time For Summer Camps Components: Selling rides and or waterpark during times outside of normal operating schedule Dynamic Pricing: Ranging from $14-$18 per guest, depending on the size of the group. Regular pricing would be $19.50-$23.50 Limited staffing Short operating period, generally two to three hours

  15. Exclusive Time For Summer Camps Generates – on average – more than $20,000 in additional revenue during the summer months. Majority of summer camps schedule times during normal operating hours and take advantage of our scheduled group rate pricing.

  16. Own The Park For The Day: Exclusive Buyouts By Schools Components: Available during pre and post season weekdays. Minimum of 800 paid guests. Rides, waterpark, lunch buffet, games coordinator, DJ, game show. No other groups or guests allowed in the park. Dynamic pricing: $28.50 per guest Limited staffing as not all rides or concessions are open (depending on the age group).

  17. Tried And True Dynamic pricing has been a tradition at Quassy Amusement Park in Middlebury, Connecticut, for decades. Prime Examples: (1) 50-Cent Fabulous Fridays. Memorial Day Weekend through Labor Day weekend the park features an after 5 p.m. Friday special with 50-cent rides, hot dogs and soft drinks!

  18. Tried And True (2) $35 Saturday night carload special. Pack up the family and everyone in the car gets an after 5 p.m. wristband for only $35 - $6 parking fee included! After 5 p.m. wristbands are $10 each if purchased separately. Both the Friday and Saturday evening dynamic pricing events are built on volume and still very successful for the park. Cars roll in for the $35 Saturday evening carload special at Quassy.

  19. Online after 5 p.m. wristband special: Dynamic pricing of two for $13 ($10 each at the park). The Monday-Thursday promotion grow since being initiated in 2010 and boosts slower evenings at the park.

  20. Dynamic pricing in exchange for entertainment: A win-win at Quassy. * Dance Days * Karate Day * Drum Corps Day - $15 all-day wristbands ($23.50 regular price). Events that bring hundreds of additional guests to the park.

  21. Other Dynamic Pricing programs enacted at Quassy include: • Season Pass Sales leading up to the holidays. Tiered sales with price increases monthly. Final price set on Jan. 1 for the New Year. • Consignment Outlets: Including grocery store chain, automobile clubs, warehouse clubs with preferred (Dynamic Pricing) for their patrons. • Online Consignment: Offered to companies that cannot hold a catered outing at the park. Preferred pricing with a login code given to each firm to tracking online sales. ($23.50 price reduced to $16.95) • Community Service Events staged at the park: Dynamic Pricing offered to attendees. Variable pricing scale used per event attendance.

  22. Thank You! Questions after all panelists have presented Contact information: George Frantzis II: george@quassy.com 203-758-2913 ext. 108

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