Learn about methods for optimizing prices for products and performances, including competitor analysis and time-series analysis.
- [Instructor] Are you charging too much for your offering…and losing potential customers,…or are you charging too little and losing possible profits?…How can you find the sweet spot between these two?…Well, pricing algorithms are methods for setting prices…and may be one of the most important tools…for finding the ideal balance between these two extremes.…The way you go about this depends…in part on what your goals are.…You may be trying to maximize revenue,…that is profitability, or return on investment,…but you also may be trying to maximize reach, or you're…growing your audience to get as many people as possible.…
Or, if you're a mission-based organization,…you may be trying to maximize your impact…and provide the best services possible.…And what these choices influence is the kind of data…you're going to use and the way you're going…to reach out to each of your audiences.…But let me say a little bit…about algorithmic pricing in general.…An algorithm is a formula or a method…for reaching a particular solution.…
This course is a nontechnical overview that helps creative organizations use the principles of data science in practical ways. It's required viewing for those working in media, but is also appealing to anyone interested in how technology affects the world around us. Learn how to use data science to assess your target audience, optimize pricing and scheduling for events and digital products, identify piracy, protect your intellectual property, reward employees, and maximize your ROI. Incorporating some simple analytics can lead to broader audiences and richer experiences for your next creative endeavor.
- Assessing the audience for performing art and live digital media
- Optimizing prices for products and performances
- Splitting limited time, money, and staffing among different outreach and sales efforts
- Honoring the requirements of government grants and private donors
- Maximizing the social nature of live events like concerts and performances
- Using competitive and predictive analytics to schedule performances for greatest audience reach and potential revenue
- Understanding how data science can identify piracy and reduce lost revenue
- Incentivizing and rewarding staff and performers without incurring additional costs