After months and months of COVID induced lockdowns and restrictions, many parts of the UK were recently able to celebrate “Freedom Day,” as the government removed almost all remaining restrictions on its citizens and enabled businesses to dial-down some of the social distancing measures in place for the last 18 months. In this article, one UK pricing expert examines what this means for restaurants, cinemas and other experience economy-based businesses looking to attract customer and regain much needed revenue.
With wide-scale vaccine rollouts well underway, our entry into a post-pandemic world is already a reality for some and an inevitability for others. Those within the experience economy who establish strong pricing strategies by capitalizing on their pricing power, gaining consumer confidence, considering consumer behavior, and identifying value drivers will maximize profits, overcome pandemic-related losses, and set the groundwork for long-term success. One thing is for sure – there’s no time to lose, as the author explains.
In this article, the authors provide data-driven strategies to help companies readjust their pricing strategies during these challenging times. Although focused primarily on travel and tourism industries, this article provides pricing insights that can be applied in multiple business markets and types.