Pricing: What we do

There are literally hundreds of variables that can be ‘tweaked’ to achieve big increases in revenue without affecting attendance. Big returns are achievable. In the case of the City of Birmingham Symphony Orchestra, changes to pricing strategy as a result of our work resulted in an increase in yield of over 7% – equivalent to more than £80,000 in additional revenue in one year. Other evaluated projects have delivered very significant additional income within the first year – for example £103,000 additional income at Regent's Park Open Air Theatre, £110,000 at Opera North, and £36,000 in the first six months at Oxford Playhouse, representing a 450% return on the costs of research within a year. Because changes to strategy are almost always structural, improvements in yield offer increasing returns in subsequent years.

Pricing Review
Methodologies employed are tailored to individual clients but usually include:
  • "Fact find" meetings with management
  • Competitor analysis and market overview
  • An audit of current pricing strategy
  • Detailed sales analysis
  • Customer behaviour analysis, including a database report
  • Analysis of price demand using methodologies developed by Baker Richards Consulting

The findings of our analysis are presented to the client at an interim report stage to discuss implications arising from what we have found. Further analysis can then be undertaken as necessary before preparing detailed income models to show the impact of proposed changes.

In addition to a written report, outputs can include detailed reports on customer behaviour, recommendations and advice on areas of pricing strategy, and models exploring the impact of different scenarios. A key aspect of our work is that we offer practical help with actually setting prices and working with your organisation on an ongoing basis.

The Pricing Review usually incorporates an evaluation process. This is typically undertaken a year after recommendations have been implemented, and is not charged for if the costs of the original work have been met by an increase in yield.

Recent pricing review clients include Edinburgh International Festival, Nottingham Royal Centre, Marlowe Theatre, Birmingham Hippodrome and Regent’s Park Open Air Theatre.

Pricing Audit
Smaller organisations often operate much less complex pricing strategies and so we also offer a shorter audit which employs more basic analysis to inform general recommendations around developing a more effective pricing strategy.

Clients include the Gardner Arts Centre in Brighton, the Young Vic Theatre, and the New Wolsey Theatre in Ipswich.

Pricing Advice
Sometimes organisations simply want some advice on pricing. We are always happy to come and spend a day with your organisation in discussion and debate about the direction of your pricing strategy.

For more information on any of our services or to discuss your specific requirements please email us or call 01223 242100.

Unless otherwise stated, the content in this section remains the intellectual property of Baker Richards Consulting.