The Early bird & Buy first, pay less strategies both rely on the proven and successful principle of offering buyers a price reduction to reward them for their timing either by encouraging buyers to be early or the first to purchase tickets.

Both of these strategies will work for your products which have Real-Time Pricing (RTP) as their pricing type. Below we will explain both of these strategies in more detail.

Strategy overview: 

1. Early bird strategy

2. Buy first, pay less strategy

 

1. Early bird strategy

Here you reward buyers for purchasing in advance.  

How this strategy works with Convious:
The price increases every X-days within a selected time frame. 

For example, if the ticket price increases after every 4 days for a time frame of 12 days, someone trying to buy tickets for the 12th of April will have better prices on the 1st of April than on the 4th or 8th. This also means if we are looking to buy tickets today, the further the visit day we select lies in the future, the cheaper the price will get.

Facts:

  • This strategy depends on time.

  • Logically, with this pricing model, prices leading up to the visit date will only increase and not go down. 

  • You define the steps and time frame in which the price increases. 

  • To get you started, you will have to inform us how many days in advance we should start increasing the price and your preferred step size. This will define the amount of steps. 

    In our earlier example, the rules were:
    1. Start 12 days before the visit day
    2. Step size of 4
    = The price increases 3 times: Once on the 1st of April, on the 4th and on the 8th.

  • The price increase per step: Our systems will define based on your Maximum and Minimum price and the amount of steps according to your rules. 

    For example:
    1. Maximum price: 20
    2. Minimum price: 15
    3. Amount of steps: 3

    = Every step, your price will increase € 1.67
    (Max. price - Min. price)/Amount of steps

Benefits of the Early bird strategy:

This strategy is extremely effective for pre-season sales because it

  • Makes such pre-season sales impacts your long-term planing and sales positively
  • Increases the number of early bookings 
  • Secures revenue in advance
  • Enables better planning with more predictability 
  • Generates more revenue from last-minute bookings 

Are you intrigued by the benefits of the Early Bird strategy? Reach out to our support team via support@convious.com or directly to your Customer Success Manager! 

 



2. Buy first, pay less strategy

When using this strategy, you are rewarding buyers for being among the first to buy for a particular day. 

How this strategy works with Convious:
Price will increase with every X-amount of tickets sold.

For example, if you say the ticket price will increase after every 100 tickets sold, someone among the first 100 people buying tickets for the 12th of April will have better prices than the 101st or 150th person trying to buy tickets for the same day. 

Facts:

  • This strategy depends on ticket sales.

  • Logically, this means the more people buy for a particular visit date, the more the price increases. Here as well, the price will not go down. 

  • You define the steps at which the price increases depending on the amount of tickets sold. 

  • To get you started, you will have to inform us about
    1. The  amount of sold tickets at which we should start increasing the price.     Every 50 tickets? Every 100 or 200? 
    2. From which amount of sold tickets your price should reach its maximum. 

    In our earlier example, the rules could have been:
    1. Sold ticket steps: 200
    2. Amount of sold tickets at which price reaches its maximum: 1000
    = The price increases 5 times at every 200 tickets sold until it reaches your set maximum price. 

    If you need help thinking of a good approach for your venue, please ask one of our experts! We are happy to help. 
  • The price increase per step: Our systems will define based on your Maximum and Minimum price and the amount of steps according to your rules. 

    For example:
    1. Maximum price: 20
    2. Minimum price: 15
    3. Amount of steps: 5

    = Every step, your price will increase € 1
    (Max. price - Min. price)/Amount of steps

Benefits of the Buy first, pay less strategy:

  • Increase the number of bookings for quiet days
  • Spread visitors 
  • Plan better with more predictability 
  • Generate more revenue from bookings for busy days
  • Make pre-season sales have an impact on your long-term planning and sales

Are you intrigued by the benefits of the Buy first, pay less strategy? Reach out to our support team via support@convious.com or directly to your Customer Success Manager! 

 

Before you go: 

The only settings we recommend using in addition to these two strategies are those to highlight holidays and/or weekdays to define extraordinarily popular visiting hours if required. 

Beyond those settings, we do not advise using any additional settings when using the Early bird or Buy first, pay less strategies, as this will impact the effect of such strategies in undesirable ways.