Which price maximizes demand? Can we raise prices without losing customers?
Pricing can be a difficult decision for many attractions. An effective pricing strategy is one that is informed by consumer research.
Hersheypark Entertainment & Resorts
Problem: The Christmas season was approaching for Hersheypark and the ticket price during Hersheypark Christmas Candylane hadn’t increased for many years. Park operators needed to know how that price was perceived in the marketplace, the price elasticity of demand and the intent to purchase tickets.
Solution: H2R’s Pricing Research indicated that while an increase in price would decrease demand slightly, the increase in revenue would more than make up for any losses in attendance. Hersheypark decision makers confidently increased the price of a general admission ticket to the park by $2 that year, brought in more than 300k guests—and generated an additional $600k in ticket revenue.
“We have been able to integrate key learnings from H2R’s research and analytics across multiple channels of our business. They are clearly experts in their field.”