€5 to Visit Venice - Too Low or Just Right?💶
Venice's summer entry fee aimed to curb over-tourism, but is it enough? Join the two G's, Gary Bailey, LinkedIn's Top Voice and monetization guru, and George Boretos, FutureUP's Founder & CEO, as they discuss the case of Venice and key learnings for Pricing! 😎🔥
Here’s what you need to know:
➡️FINDING THE RIGHT PRICE: €5 may be a tiny barrier to visit one of the world’s most beautiful cities. Have policymakers even considered visitors' willingness to pay?
➡️AI-POWERED PRICING MISSED OPPORTUNITY: Why a flat fee? Introducing dynamic pricing could adjust rates based on demand, making it a more flexible tool for crowd control during peak periods.
➡️THE REAL OBJECTIVE: Venice thrives on tourism, so reducing visitors shouldn’t be the goal. Instead, it should be about solving problems like overcrowding, traffic, and pollution.
➡️EFFECTIVE COMMUNICATION: Improving infrastructure may be a better solution than blaming the tourists. A fee towards that end could be better received by everyone.
So, what are the ️PRICING LESSONS from this case, the Do’s & Don’ts? 📊
✅Do: Align pricing with clear goals, consider willingness to pay, use modern pricing tools, and communicate effectively.
❎Don’t: Play the blaming game - it backfires too often, consider pricing separately from your value proposition.
A big thank you to Danilo Zatta 🙏 for inspiring this discussion with his two posts about Venice in his great Price Point newsletter!
Watch the discussion here!
Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?
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