![]() Be specific in listing reasons this is not a time to be modest. Plus, unlike most museums, the Met provides the benefit of not adding a surcharge for special exhibitions.Įvery organization should have a value statement that clearly articulates why customers should purchase their product over rival next-best alternative offerings. The price increase was in line with the admission price charged by the Museum of Modern Art (a next-best alternative). The right way to set prices involves capturing the value that customers place on a product by “thinking like a customer.” New York’s Metropolitan Museum of Art raised its recommended donation from $15 to $20 based on the value it offers customers. This hike has nothing to do with costs instead, it’s all about capturing the increased value that customers place on a safe haven from rain. The moment that it looks like it will rain, they raise their umbrella prices. Manhattan street vendors understand the principle of value-based pricing. As a result, mission funding opportunities are left on the table daily. ![]() ![]() While easy to implement, these “cost-plus” prices bear absolutely no relation to the amount that consumers are willing to pay. The most common mistake in pricing involves setting prices by marking up costs (“I need a 30 percent margin”). ![]()
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