Terry Vavra's Blog

Pricing to Preserve Customer Relationships

Posted on 05. May, 2009 by tvavra in Customer Relationships

I just returned from NASCAR at the Richmond International Raceway.  What a blast!

Most entertainment and sports events industries appear oblivious to the current recession, having continued to raise admission prices to stratospheric levels.  Not so NASCAR.  The Association has adopted a more realistic pricing strategy.  President of RIR, Doug Fritz explains it this way, “We have the best, most loyal fans in sports.  We recognize that times are tough and we want to offer our fans a lower entry point to be able to continue to enjoy the thrill of live NASCAR racing.”  RIR, as other NASCAR venues, has actually lowered prices of a limited number of tickets to below 2008 prices!  The venues also continue to allow fans to bring their own food and beverages into the stadia, making NASCAR still an affordable family outing.

What a unique idea!  NASCAR has recognized that if they raise prices in these dollar-scarce times they’ll chase away all of their current, loyal fans.  They’ve adopted a truly long-term approach, keep the fans coming now, and they’ll be around in the future (when increased ticket prices – if necessary – may be more affordable).  Few of sporting’s national associations appear to have understood the severity of the current recession as well as NASCAR.  And very few others have acted to respect and preserve the value of the long-term relationship they have with their loyal fans!

Tags: appreciating customers, Customer Relationships