We’ve all been there before; you’re walking down the cereal aisle checking out the options and they all seem to be priced similarly. That is, until you see the brand on sale that day and decide it’s the one you are going with, simply because it’s the cheapest. After all, this is the whole point of cereal box shopping. There isn’t much distinction between the options, therefore price becomes the determining factor in the purchase. Also, cereal companies reduce the price purposely to increase sales.
We hear similar logic when cultural attractions describe their pricing strategy. The fear is that charging a higher price, will result in decreased attendance This may be true if the experience is the same as another museum, like cereal; however, this logic fails if the experiences are different. The contrast in the experience drives the decision to visit, not the price. Furthermore, the data collected through our National Positioning Study indicates that “interest in subject” and a “fun/engaging experience” are the primary drivers of visitation, not price.
Knowing what other attractions in the local market are charging is important. However, we strongly recommend pricing based on the uniqueness and experience your attraction offers, as well as understanding what the public determines the uniqueness or quality of the experience to be.
We offer a variety of services which allow cultural attractions to identify the impact of different pricing strategies on visitation, membership, and revenue performance indicators. From there, we make recommendations on what we believe the optimized price point could be and the potential revenue available.
Have questions or want to discuss in more detail? Contact us and we can discuss your attraction's pricing strategy to help maximize overall potential.