Using pricing to optimise income and access
Transcript of a session giving an overview of pricing strategy and theory, and the pricing review process, with a case study from the City of Birmingham Symphony Orchestra (CBSO).
Baker Richards Consulting has carried out pricing review work all over the UK, mainly with larger arts organisations, but there is also a less-complex pricing offering for smaller organisations, such as the Gardner Arts Centre in Brighton. The pricing work is essentially focused on generating income, and in the past few years over £1m has been put into the arts economy by Baker Richards.
Having said that, pricing strategy is not simply about generating greater income. Pricing is essentially a ‘neutral’ discipline, so it depends what you want to do with it – either maximising income, or promoting accessibility. It’s also very flexible – there are hundreds of variables you can adjust to achieve your objectives. Finally, it must be pointed out that it keeps working. Changes to pricing strategy are structural, so they carry on working year after year, unlike, for example, audience development campaigns which need repeating.