What comes to your mind when you hear dynamic pricing? Most of us think of buying plane tickets — but we’ll show you what else it can be used for!
Until now, the term dynamic pricing was almost exclusively associated with air travel. Typically, before a trip, we would browse through countless options, pick a flight, and then wait a few days to decide — knowing that eventually we would still be able to buy a ticket somewhere. The real question was always just: at what price?
What exactly is dynamic pricing?
Dynamic pricing goes far beyond the flight example. With this demand-and-supply based solution, everyone benefits: both the service provider and the customer. On this principle, DynamO Pricing has developed pricing engines that allow organizers and buyers alike to gain advantages — whether through ticket sales or purchases.
To fully leverage the innovative opportunities in dynamic pricing, we have established a strategic partnership with DynamO. This was followed by a test phase, during which several events (such as a ByeAlex concert and the One Dance party series) were sold using dynamic ticketing. Together, Cooltix and DynamO fine-tuned and optimized the parameters of the pricing engine throughout this period.
How can I use it?
Thanks to the successful testing phase, Cooltix is the very first platform in Hungary to offer this feature. When creating an event, organizers can configure the pricing engine independently, quickly, and easily, based on their own business goals (for example, aiming for a sold-out show).
At the beginning, Cooltix and DynamO experts provide free guidance to help organizers understand the system and set up the pricing dashboard in the most effective way. If needed, they also offer further support: ongoing consultations, tailored pricing strategies, and even in-depth sales and pricing reports.
Why choose dynamic pricing as an organizer?
As an event organizer, one of the biggest challenges in the unpredictable period following the Covid-19 pandemic is to quickly regain — or even surpass — the usual stable level of audience interest in your events. At the same time, staying competitive against other events is crucial, and dynamic pricing is the perfect tool for this.
With the help of the pricing engine, you can increase revenue, manage unpredictable and fluctuating demand with greater flexibility, and reach sold-out ticket sales multiple times. On top of that, we continue to receive more and more positive feedback from satisfied customers about its performance — so it’s definitely worth trying.
What advantages does dynamic pricing bring for ticket buyers?
As a ticket buyer, you gain more opportunities for great deals — just think of those budget airline tickets for only a few euros. At the same time, tickets that used to sell out instantly remain available for longer, with prices fairly adjusted based on demand.
Dynamic ticket pricing can be seen as one of the positive outcomes of the pandemic, or as another step forward in extending innovation into new industries. But ultimately, the essence remains the same: in the end, everyone wins.
