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)
Components You Can Work With
Regardless Of The Size Of Your Attraction
• (1) Capitalize On The Slow Times
• (2) Not A Closed Case After All
• (3) The Tried And True
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!
‘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.
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. Eblasts 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
Homeschool Day Results
Homeschool Day Pre-Sale Ticket Sales
2010 - $300
2011 -$2,050
2012 - $3,500
Projected 2013 $4,000
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
Summer Bash Results
Summer Bash Pre-Sale Ticket Sales
2011 - $720
2012 - $2,990
Projected 2013 $4,000
Not A Closed Case After All:
Taking Advantage Of Opportunities Through
Dynamic Pricing When Your Facility Would
Otherwise Not Be Operating
Components:
(1) School Carnivals in pre-season
(2) Grad Nights
(3) Exclusive times for summer camps
(4) Buyouts
Not A Closed Case After All
School Carnivals
Components:
(1) 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.
School Carnival Pre-Sale Ticket Sales
2011 First Carnival
(1) - $11,400
2012 Two
Carnivals $19,700
Projected 2013 $25,000
Busy Ride Area During A 2012 June
Carnival Night At Quassy Amusement
Park In Middlebury, Connecticut. 800
Guests In Attendance.
Grad Nights – Ideal For Parks and FECs
Components:
(1) Exclusive late-night “lockdown” party at the park.
(2) Rides, food, arcade, DJ, game show, magician, palm
reader, hypnotist, volleyball, basketball.
(3) Dynamic Pricing: Depending on length of stay and
program menu: $45-$95 per student.
(4) Event planning expertise is the strong selling point to
school officials and parent organizations.
(5) Marketed to regional high schools in-house. Limited
window of opportunity.
New Cash Flow Initiative In 2007
Grad Night Party Sales
2007- $5,000
2008 - $13,000
2009 - $16,000
2010 - $18,000
2011 - $25,000
2012 - $37,500
Exclusive Time For Summer Camps
Components:
(1) Selling rides and or waterpark during times outside of
normal operating schedule
(2) Dynamic Pricing: Ranging from $14-$18 per guest,
depending on the size of the group. Regular pricing
would be $19.50-$23.50
(3) Limited staffing
(4) Short operating period, generally two to three hours
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.
Own The Park For The Day: Exclusive Buyouts By Schools
Components:
(1) Available during pre and post season weekdays.
(2) Minimum of 800 paid guests. Rides, waterpark, lunch
buffet, games coordinator, DJ, game show.
(3) No other groups or guests allowed in the park.
(4) Dynamic pricing: $28.50 per guest
(5) Limited staffing as not all rides or concessions are open
(depending on the age group).
School Buyout Sales
2008 - $89,800
2009 - $65,300
2010 - $81,200
2011 - $94,200
2012 -$154,600
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!
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.
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.
Online After 5 p.m. Sales
2010 - 1051 sales
2011 - 1089 sales
2012 - 1242 sales
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.
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.
Thank You!
Questions after all panelists have presented
Contact information:
George Frantzis II: george@quassy.com
203-758-2913 ext. 108