Tarsus is partnering with Smartxpo to deploy the pricing and customer retention engine Profisy. Powered by artificial intelligence (AI), and combined with market, GDP and inflation rates, Profisy gives Tarsus access to real-time recommendations on optimal prices across all physical and digital products, encompassing several of its largest brands.
Douglas Emslie, CEO of Tarsus, explained: "Our partnership with Smartxpo reflects the importance we place on customer retention, and the potential presented by new and innovative tools to make evidence-driven decisions."Often a sensitive area, price-setting is now particularly challenging due to increased market volatility and exceptionally high inflation rates.
„Managing a business through a period of high inflation is tough.“
Event organisers typically rely on experience and gut feel to set prices. However, in the face of uncertain economic conditions, there is a growing trend toward the use of data science and independent benchmarks to assess the impact on customer retention and find the sustainable price points that each event market can bear.
Phil Stone, CEO of Smartxpo commented: "Managing a business through a period of high inflation is always tough, and our mission – using data to find that delicate balance between price, profit and customer retention – is perhaps more relevant than ever."