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All About Vatic and Dynamic Pricing: https://help.pm.leapevent.tech/a/1654892
In March 2023 we announced a partnership with Vatic, bringing an integrated solution for pricing optimization to PatronManager to provide instant updates across all of your price types, as well as critical reporting to help you succeed.
With over a decade of hands-on experience working with nonprofit arts organizations, Vatic is a great fit for PatronManager clients. Their dynamic pricing software is specifically designed for performing arts and ticketed events, with sixteen proprietary algorithms designed to find the right price for each event. We're excited to bring you their deep expertise, strong ethics, and proven results.
Vatic clients can also take advantage of consulting on single ticket pricing strategy, subscription pricing, venue rescaling, and more.
How can I learn more?
It's easy: just contact Vatic for an introduction! They'll set up a conversation to learn more about your specific goals and help you determine if their offering is a good fit for your organization.
Check out this conversation with Vatic's founder, Sean Kelly
In this recorded webinar you'll learn firsthand about Vatic's philosophy and what their solution does.
How does it work?
Vatic automatically adjusts your ticket prices up and down to align with patron value while driving revenue for your organization.
Bespoke configuration
When you work with Vatic, you're teaming up with industry experts who will take the time to understand your business and your goals.
You'll allocate one of your PatronManager user licenses to create a temporary login for Vatic, which they'll use for the configuration. During your onboarding, Vatic pulls aggregate data (for security, they never collect any identifiable patron data) from your PatronManager account to train their algorithms based on your specific organization's sales history.
You'll also work with them to configure a few settings and preferences (for example, you can set an optional minimum threshold for lowered prices, so that a ticket never drops below x% of its original price).
Ongoing partnership
The relationship doesn't stop once you're up and running; Vatic works with you to help you meet your goals for each performance. They understand that those goals vary: perhaps for one marquee show your focus is maximizing revenue, while for another performance you may be focused on filling the house and generating word of mouth. Vatic's variety of algorithms help you meet all your goals.
Enable Dynamic Pricing by Event Instance
Using the Vatic integration with PatronManager is incredibly simple, with just a couple settings to adjust for each Event Instance where Dynamic Pricing should apply.
1. Enable Dynamic Pricing on the Event Instance
Easily activate this powerful tool by checking a box and filling in your single ticket revenue goal for that Event Instance:
Not sure how to determine the single ticket revenue goal for an Event Instance? Not to worry: Vatic can help you with this strategy, too!
2. Optional: exclude Price Levels if needed
Perhaps you have some price levels that should never change, like a student ticket price or an internal staff price. No problem!
You can also easily access the history of a Price Level from here, to see when it was changed and how.
3. That's it!
Sit back, relax, and let the magic happen.
Nightly automatic updates
Each night, Vatic evaluates PatronManager ticket sales from that day and the current ticket prices, and generates pricing recommendations for each price level: raise, lower, or no change. Those recommendations are put into action immediately as the integration adjusts prices for you, taking all the guesswork and anxiety out of ticket pricing! The resulting adjustments are also entirely reportable.
Vatic executes nightly updates based on its algorithms, ensuring you're tracking demand and delivering patron value while maximizing revenue for your organization. The Dynamic Pricing Update Report helps you see what changed:
The Vatic Pricing Detail Report shows you the original price and the current price along with the date of the last change:
If you need a more detailed play-by-play of every change to a given Price Level, you'll find that in the History tracking link on the Price Level page.
Goal tracking summaries by email
Their reports and regular updates help you track your progress and measure the revenue impact for your organization.
Get started today!
When you're ready to learn more and dive in, contact Vatic to schedule a conversation.