Revenue Management Application (RMA)
The Revenue Management Application (RMA) is a new pricing analysis and decision support tool developed for the arts and cultural sector by Baker Richards in partnership with Jacobson Consulting Applications (JCA) and The Pricing Institute.
Most arts organisations already do some form of dynamic pricing – every time a discount is offered the price has been dynamically adjusted, and ‘Standby’ is a classic dynamic pricing tactic. Key revenue management objectives are addressed in the everyday decisions about price scaling in auditoriums and differentiated prices between performances. There are certainly some newer and emerging practices in this area – not least the flexing of prices upwards, now increasingly prevalent in the US – but our experience suggests that the main opportunity is in managing the revenue management process better.
The RMA offers innovative new functionality that will inform more effective pricing strategy and enable better monitoring of dynamic revenue management tactics. Baker Richards has defined a toolbox of the options available to enhance pricing strategy and a series of analytical tools using box office data to measure variables. This application transfers those techniques into a software solution that can be used on a day-to-day basis by organisations themselves.
The RMA currently requires installation of T-Stats 2.0.More Information