NEW YORK, May 1, 2014 /PRNewswire/ -- The general release of the Revenue Management Application (RMA) version 4.0 has been announced today. An easy-to-use, "wizard-driven" desktop analysis tool that puts data in the hands of performing arts organizations, the RMA was jointly developed by Jacobson Consulting Applications, Inc. (JCA), Baker Richards and The Pricing Institute in 2010 and is now in use by more than 60 of the world's leading performing arts organizations, all of which run Tessitura Software™ from the Tessitura Network.
To learn more about the RMA version 4.0 update or request a demo, please visit www.revenuemanagementapplication.com.
The RMA was developed specifically for Tessitura Software, which is an enterprise system for ticketing / admissions, marketing, fundraising and memberships that delivers a 360-degree platform for all aspects of customer interaction (CRM), including web /mobile, for arts and cultural organizations.
While Tessitura Software offers native revenue management and dynamic pricing capabilities, the RMA builds upon these functions to include a comprehensive suite of reports that give vital insights for strategy, forecasting, monitoring and evaluation, as well as dynamic pricing. Arts and cultural organizations are able to analyze data throughout each season and identify pricing opportunities early, leading to record-breaking production revenues.
Client successes with the RMA have included Center Theatre Group, which made approximately a 10:1 return on the license fees from one production in its smallest venue of 300 seats; Houston Ballet, which increased income by more than $800,000 for its 2013 production of The Nutcracker, a greater than 25:1 return on license fees; Cincinnati Symphony and Pops Orchestra, which surpassed its single ticket goal in 2013 by almost $150,000, a 77% increase in incremental income from the previous season; and The Tennessee Performing Arts Center, which earned an additional $400,000 in the first six months after implementing the RMA.
"RMA is the premier pricing application in the arts," said JCA President and CEO Steve Jacobson. "We think 4.0 will get our clients to the next level in dynamic pricing and revenue management."
Complete new functionality in version 4.0 of the RMA includes a forecasting module to help set targets and monitor sales through sales cycles; customer behavior reports that provide groundbreaking analysis regarding the frequency, retention and booking patterns of audience members; an in-season model that allows for experimentation with dynamic pricing changes while performances are on sale; as well as an improved monitoring dashboard and enhancements to usability.
Early adopters of 4.0 are already seeing results from the software updates. "I really like the enhanced sales curves and the in-season pricing module, which is helping me make more informed decisions about my pricing," said Amy Catanzaro, Director of Sales, Cincinnati Symphony and Pops Orchestra. "The Booking Behavior reporting lets us examine patron behavior in exciting new ways," said Kelly Mednis, Professional Services Manager, The Pittsburgh Cultural Trust.
About JCA: Since 1988, more than 1,000 nonprofit organizations have turned to JCA as a strategic consulting partner to make ticketing, membership and related technologies work for people. JCA implements and integrates software, improves processes, establishes meaningful metrics to drive revenue and manages the cultural impact so that organizations can spend more time on mission-critical work. To learn more, visit www.jcainc.com.
About Baker Richards and The Pricing Institute: Baker Richards and The Pricing Institute are leading international consultancies in the cultural sector, and the foremost authorities on pricing for the arts. They help cultural organizations maximize their earned income. They combine extensive experience and expertise across hundreds of projects with a collaborative approach, and every project is tailored to the unique needs of each client. To learn more about Baker Richards, visit www.baker-richards.com and to learn more about The Pricing Institute, visit www.thepricinginstitute.com.
About The Tessitura Network Inc.: The global leader for arts and cultural technology, the Tessitura Network has more than 450 members, including many of the world's leading theaters, museums, orchestras, performing arts centers, university arts departments, festivals, dance and opera companies. As a non-profit corporation governed by an elected board of Network participants, the Tessitura Network mission is focused on providing continually innovated technology and services and improving the operations of users of its software rather than a profit motive. For more information about Tessitura Network, please visit www.tessituranetwork.com.
SOURCE Jacobson Consulting Applications, Inc.