How Much Will You Pay for Premium Clubbing
Hi Monkeys,
I'm doing a fun entrepreneurship project for school. The business idea is a selective private members club that allow members exclusive access to highend nightclubs around the world. It is referral only - think super old money fancy members club in London - and those clubs are members + invited guest only. It provides an exclusive luxury clubbing experience targetting high income individuals (bankers/influencers/celebrity). I guess it offers nice networking opportunity where the bro you take shots with may end up being your VP at your PE gig and hot girls idk
Anyways how much are you guys willing to pay annually for a membership of this idea
I would pay nothing. If I'm going to a nightclub it's to make poor decisions, fool around, and waste my hard earned money - not try to network. The Fyre festival guy tried something very similar as have many others over the last 10-15 years. As you've described it, there's nothing original or differentiated about this idea because old money/referral-only clubs have existed for a long time (especially in London, NYC, etc.). What gives being a member at those types of places weight is the fact that they have been around for so long and they already have the rolodex of well-known/respected members who attract/invite the new members. A startup club will have neither of those things, so I'd suggest either scrap this and pick a different idea entirely or change the target market/angle of this one.
this idea sucks mate im sorry
Isn’t this what SoHo house is?
Not sure if this is supposed to be a novel idea or not - but this exists already in various forms.
- There is VIP access to partner clubs (queue jumping, VIP access, table bookings, ... - like "EZ VIP" which was on Shark Tank, Daymond John invested)
- Then there are quite a few members only clubs in most Western countries (anything from golf clubs, sports clubs, country clubs, private clubs in London, etc)
- Also, there are private events that are in multiple locations (the promoter/event manager book locations for a private event where you have to be invited or referred to, in Dubai, London, NYC, ..)
Some have minimum memberships, some have minimum table spend, some only allow groups (with minimum spend), some only referrals, some only certain professional groups, dating, travel, some focus on ethnic minority groups, and so much more.
I would look into the existing propositions and see how they are doing it and whether they are successful or not. Post-pandemic these are coming back as most were closed for three years. It's a marketing play for affluent young professionals in urban environments. Not a new idea, but there are more and more of these popping up these days.
You'd need to test price sensitivity for the monthly/annual premiums, how to target a very niche demographic via social media, deal with bigger attrition, and how to present the unique selling points. "hot girls" won't be enough, because these girls can be hot and not qualify to the club otherwise (due to age, income, profession, ..) and you can find hot girls anywhere in a large city, not just here at your event. Some of these clubs walk a thin line between social and adult playground - which would put many off immediately. The messaging has to be spot on.
Exclusivity is a decent idea for the young/active HNW customer target segment, but you would have to know exactly what entertainment niche you are selling and how to target them specifically.
You are also competing with a lot of events that have a much broader appeal for this demographic. While clubbing only appeals to some of them, there are plenty of events around sports, cuisine (event restaurants), culture, art, .. that might have a larger addressable base.
Just looking at my social calendar, there are so many events around this topic that may overlap significantly. STK by "The One Group" is aimed at a very comparable demographic, as an example, but has broader appeal. There are more friends who want to eat / be entertained, rather than folks who just want to go out clubbing (food is often considered lower quality in a nightclub environment as the focus is on beverages with higher margins).
Thank you!
This is most helpful and I will credit you if I get a good grade on this
If you are able to share the results here, we would appreciate it. If not, that's also ok.
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