Forget Airlines: Pricing Like a Museum in 2020

Professional Forum

Friday, April 03, 2020: 3:00pm - 3:50pm -

Amelia Northrup-Simpson, Tessitura Network, United States, Lisa Townsend, The Children's Museum of Indianapolis, USA

Your demand fluctuates with seasonality, weather, new exhibits, and other factors; maybe your admission prices should too? Pricing is an integral part of overall strategy, yet many cultural professionals struggle with complex issues like price ceilings, internal and external communication, and how to implement dynamic pricing technologically. This forum will explore the “how” of adopting dynamic pricing at your museum or institution. You will hear stories of how real organizations have implemented dynamic pricing to drive revenue growth while simultaneously pursuing their unique strategic objectives.

Topics will include:
• What is algorithmic dynamic pricing and how do you determine if it’s right for your organization?
• How do you utilize the best available data and analytical tools to make pricing decisions?
• What is required to implement a dynamic pricing strategy and how does it affect daily workflow?
• What should the internal onboarding process internally be?
• How do you message it? What does it look like in the purchase path?
• How can dynamic pricing help balance revenue optimization with affordable access goals?

Learning objectives:
• Define algorithmic dynamic pricing and determine whether it is right for your organization
• Discuss internal and external messaging for dynamic pricing
• Debate the balance between revenue optimization and affordable access goals

Panelists: 
Melanie Evans, Guest Services Director, Mystic Aquarium

Tiffany Zarem, Marketing Director, California Academy of Sciences