Revenue Management & the 4 Ps of Marketing

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Revenue Management and the Four 'P's of Marketing

To be financially successful in today's world, organizations must be revenue savy. In today's issue of Monday Morning with Marty, we'll explore the four "P"s of marketing and how they effect both revenue success and The Guest Experience.

Product Mix.

A strong product mix helps to maximize enjoyment while driving higher spending. The right combination of product offerings should connect with your target markets. Offer too may products and you risk overwhelming your guests. Offer too few and you are leaving money on the table. The right product mix should satisfy guest needs and expectations in each of your core markets. As a result of creating the right product mix, your team can match more of your arriving guests with amazing experiences.

Pricing Strategy.

Pricing strategy is the new frontier for managing revenue in attractions and institutions. What we charge for our packages, memberships, and special experiences directly impacts success. To be successful, organizations must own their pricing strategy. Everything matters, from the cost of a Coke to the cost of Admission. Pricing strategy must focus on the entire product mix and maximize revenue.

Product Positioning.

Not everyone will buy every product. Product positioning helps us to define strategic plans that focus on specific subsets of our guests who will buy a specific line of products. For example, out of town guests are not as likely to purchase a membership but might instead prefer a premium single day experience. Conversely, budget-minded guests are not as likely to purchase the behind-the-scenes VIP Tour. By focusing on who, your ticket sellers can therefore present the right products to the appropriate guest and in the best possible light.

Product Promotion.

Where do you promote your products? Online? Onsite? Through your own Call Center team? Where else can people buy your products? In marketing, product promotion is the advertising that we do for both our brand and the products well sell. Promotion is both the methods of communication as well as the outlets that we use to promote and sell our products. There are three objectives of promotion:

  1. Present information to current and future guests.
  2. Increase demand.
  3. Differentiate a product.

Promotion is not the same as couponing or discounting (although these concepts do get confused). Instead, it is about brand and product growth and exposure. Imagine for a moment that we want to re-brand our park's identity as an outdoor adventure park. To that end, we add ziplines and ropes courses to our park. Next, we launch a promotion to let people know that we have new attractions. We promote the park--and our new attractions--as an outdoor adventure experience. As a result, guests who see the promotion begin to associate the park with the new message of outdoor adventure. At that point, you've piqued your guests' interest and they decide to visit the newly re-branded park. That's an effective promotion.

Have a great week!

Your customers are the lifeblood of your business. Their needs and wants impact every aspect of your business, from product development to content marketing to sales to customer service.

- John Rampton

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