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Focusing on Value and Optimizing Revenue through Pricing Strategies

  • Joanne Scheff Bernstein

Abstract

Arts marketers focus a great deal on price, thinking that price drives ticket purchase decisions. What people care about more than price is value. Said investor Warren Buffet, “Price is what you pay; value is what you get.”1

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Notes

  1. 3.
    Tim Baker, “What Price Value?” Creative New Zealand 21st Century Arts Conference, Auckland, June 26—27, 2008, http://www.creativenz.govt.nz/assets/paperclip/publication_documents/documents/87/original/tim-baker-what-price-value.pdf? 1322079828 (accessed April 14, 2013).Google Scholar
  2. 8.
    An extensive analysis of this study was originally published as J. Scheff, “Factors Influencing Subscription and Single-Ticket Purchases at Performing Arts Organizations,” International Journal of Arts Management 1, no. 2 (Winter 1999), 16–27.Google Scholar
  3. 15.
    Adapted from case study published in Joanne Scheff Bernstein, Arts Marketing Insights: The Dynamics of Building and Retaining Performing Arts Audiences (San Francisco: Jossey-Bass, 2007), 136–141.Google Scholar
  4. 16.
    William Poundstone, Priceless: The Myth of Fair Value (and How to Take Advantage of It) (New York: Hill and Wang, 2011), 156.Google Scholar
  5. 22.
    Dan Ariely, Predictably Irrational (New York: Harper Perennial Edition, Harper Collins Publishers, 2010), 55–56.Google Scholar
  6. 24.
    Robert Cross, Revenue Management (New York: Broadway Books, 1997), 4.Google Scholar
  7. 26.
    Steven Roth, “Center Theatre Group—Beyond Revenue Management,” The Pricing Institute, Center_Theatre_Group_—_Beyond_Revenue_Management.pdf (accessed April 15, 2013).Google Scholar
  8. 28.
    Steven Roth, “Center Theatre Group—Beyond Revenue Management,” The Pricing Institute, Center_Theatre_Group_—_Beyond_Revenue_Management.pdf (accessed April 15, 2013).Google Scholar

Copyright information

© Joanne Scheff Bernstein 2014

Authors and Affiliations

  • Joanne Scheff Bernstein

There are no affiliations available

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