Fledgling economic firm, Market & Feasibility Advisors (MFA), recently released a national review of all 220 AZA accredited institutions’ revenue strategies. This review includes basic statistics on pricing and membership strategies, presence of animal encounters and rides, among many others.
MFA’s recent document is part of an on-going process to build a database for use by clients when evaluating their economic status. Within this ‘teaser’ document, MFA shares a few of their industry insights.
1. Zoos across the country do not share a pricing strategy, nor does there appear to be any causal relationship between price and characteristics of the zoos. Basically, as guests, we pay what the market will bear.
2. Individual membership pricing is over-priced across the country (vs. family memberships).
3. Zoos under-utilize rides as a revenue AND interpretation strategy.
4. Water play is a hot new trend with real revenue potential.
For the complete document, click Zoo Aquarium report 2011.