Digonex clients Dennis Woerner of the Indianapolis Zoo and Lisa Townsend of The Children’s Museum of Indianapolis were interviewed about their dynamic pricing experiences by the American Alliance of Museums blog, in an article titled “Museum Pricing for Affordability and Profit.”
Asked “How does your pricing system work,” Townsend responded:
Our pricing factors in projected demand, using all available data—school calendars, museum exhibit plans, holidays, marketing spending by the museum, etc. Digonex does the data analysis and recommends the optimal pricing. Every day at 4 p.m. an automated email from Digonex gives us new recommended prices for the following week. Staff can approve these recommendations or make changes. At midnight the new prices upload to our website, ticketing software, and box office price boards. Staff have developed a lot of faith in the system. We’ve learned we come out where we need to be by following these recommendations.
Asked, “What’s been the outcome of implementing these pricing systems,” Woerner said:
The system has driven more revenue, and it did change the value of membership, making it look like an even better deal. If you visit twice in a year, membership is a good value. So membership rocketed—it used to be half of total attendance, now it is 58 percent.
Read the full article, “Museum Pricing for Affordability and Profit” on the Center for the Future of Museums Blog at the American Alliance of Museums.