Ticket Refundability - Why Don’t We Do This?
If you’ve bought an airline ticket recently, you know many airlines offer different pricing to allow you to return or exchange a ticket. Similarly, many arts organizations offer the ability to exchange tickets as a subscriber benefit.
Seems to me the way to enhance the benefit of the subscriber exchange is to put a dollar value on it. In other words, if your ticket is $35 and it’s non-refundable, and you offered a return/exchange price of an additional $7.00 – then suddenly a four-pack subscription with two tickets has an incremental value of $56. You’ve associated the benefit with an actual cost, rather than the emotional benefit of knowing you can exchange.
Anyway, credit for this thinking goes to Joe Patti in his “Butts in the Seats” blog, I encourage you to read the full article here. This is provocative stuff, and surely worthy of more of a discussion than we have in the industry right now – which is mostly not at all.