Why think about pricing?
This resource draws together thinking on the subject of pricing for organizations with admissions, with contributions from a range of individuals who have been developing theory and practice around the subject for many years.
There has never been a greater need for arts organizations to explore and exploit all opportunities for maximizing earned income and the aim in sharing this work is to help disseminate thinking and practice that will benefit organizations, as well as exploring the cutting edge ideas that may shape the future of income generation.
A well-designed, sophisticated pricing strategy can promote access, maximize attendance, increase income, and in doing so build profitability and capacity to pursue artistic objectives.
Pricing can be complex – there are hundreds of variables to consider – but small adjustments can yield significant marginal gains for almost any arts organization: money which many companies are currently leaving on the table. The bottom-line impact can be substantial: with a 10% margin, a 5% increase in price results is a 50% increase in profitability.
This site aims to contribute to arts organizations achieving greater sophistication in their pricing and the wider business benefits that accrue. It’s an open resource where we present leading thinking and new ideas in pricing, revenue management, dynamic pricing and sales promotion. We also hope you will join us to share your views via the LinkedIn forum.
Thinkaboutpricing.com is managed by Baker Richards.