Growth Strategies of the Childrens Museum of Indianapolis - Essay Example

Even though the museum has strong partners, visitations and the number of people who come to the museum seem to be low therefore the museum needs to increase the number of visitors it has per annum. In 2007, more than one million people visited the museum but this number can be significantly increased (as well as the revenue generated from the visitors) if there are certain tactics and steps which are undertaken by the museum over time. These ideas are connected with market penetration, market development, product development, and diversification.

Market Penetration:
• Expand the marketing budget of the museum to obtain greater visibility and make the brand more recognizable.
• Present a day at the museum as an exciting trip that is more educational than a trip to the amusement part as most of the time there is spent waiting in lines

Market Development:
• Consider the premiere of a film to take place at the museum as long as the film is connected with children or comes with a historical reference.
• Some exhibits of the museum should be sent to schools in the region to form temporary displays around high schools in places such as Lafayette or South Bend.

Product Development
• Period dramas and theatre plays for children or adults can take place at the museum to show what value the museum can offer.
• The sales of the museum gift shop could be greatly expanded if the sale points are placed in malls such as the circle center mall close to stores such as the museum company store.
• International travelling exhibitions could be brought to the museum such as art produced by children or music produced by children around the world.

Diversification
• The museum should target adults with the auction of art created by local children of Indianapolis. Silent auctions or even open bidding could be held in which the parents could bid on the art produced by their children and the proceeds should go to the museum.
• Other exhibits, such as children’s historic films or even the history of electronic video games could be a popular attraction not only for children but also for adults interested in these subjects.

While all these tactics could be very useful, some seem to have a greater advantage over others. For example, expanding the marketing budget of the museum would give it greater visibility and certainly create a pull that brings more people to the museum. If their experience is positive, word of mouth itself would encourage more visitors and thus result in free advertising for the non-profit organization. Similarly, having the premier of a historical/action film such as National Treasure or even a popular children’s film could be a significant boost to the museum in terms of visibility and media attention.

When it comes to product development, it is unlikely that the museum would be able to easily acquire historical artifacts connected with children in the local region but if it moves to the international circuit, partnerships with other museums would be very beneficial. For example, the museum could borrow ancient toys from other civilizations and create interesting displays about children in ancient times. Stories told to children in Ancient Rome or the Toys used by Ancient Greek children could be interesting additions to the collection of the museum and generate visitors from all across the region. On the other hand, the museum could jump to the modern age and have an exhibit on the history of video games which would not only bring in children but also computer aficionados and those who enjoy video games. However, if only one tactic had to be selected then an increase in the marketing budget would be the best way to go in the short run. This is because it would give an immediate rise to the visibility and accessibility of the museum.

The evaluation of the success of the increase in the marketing budget would be a simple evaluation of the number of people who come to visit the museum. If the target given to the individuals responsible for marketing the museum and making sure that more visitors come to it is successfully met, then the door receipts, as well as ticket sales to the museum, would certainly increase. This increase can be compared to the ticket sales and figures in the previous quarter to see what effect the marketing budget has had on the traffic coming to the museum. Other factors, such as the general condition of the economy, prices of the tickets, and even the weather at the time of the year may influence ticket sales but in general, it should be easy enough to know if the tactic has been successful. Read More