What I Would Charge for my Augmented Reality Escape the Room Experience [TINST 475]

This blog post is going to discuss what I will charge my customers to participate in my augmented reality escape the room experience. To arrive at a price, I first did some research. From my own experience participating in room escapes, I am aware that the pricing strategy is typically a per person, ticket charge. This means that the more people that go through the room in one go, the more money I will make. This strategy seems like a good fit for my business, because I will be providing relatively expensive technology to each player (whether it is an app, a headset, or some other device) the cost should scale with the number of participants. In addition, a quick Google search revealed that escape the room experiences typically cost between 25 to 30 dollars per ticket. Additional searching found that my nearest competitors charge around 27 dollars. I conveniently have access to a relatively low rent commercial space and my initial employees will make minimum wage, which as of January 1st is 11 dollars. The most expensive component of my business will be the augmented reality hardware and software, and any initial build out of the rented space. Thankfully, my plan is to reduce build out and puzzle costs through the creative use of the augmented reality portion. Taking all of these things into consideration, I have decided to set my ticket price at 32 dollars per ticket. Despite this higher price, I believe that I will be able to sustain adequate traffic for a variety of reasons. For one, I have no escape the room competitors in the immediate area, the nearest being Tacoma. Secondly, the pricing is not too far off of the average, and is appropriate considering the expensive technology being implemented. Finally, to drive more traffic, I will be running a promotion where if you manage to escape the room (following the rules and on the first attempt) in the fastest recorded time, your experience will be free. I expect this to drive a lot of traffic initially, as well as promoting a spirit of competition in my guests.