New Revenue Streams for the National Maritime Museum

Topics: Revenue, Piracy, National Maritime Museum Pages: 6 (2202 words) Published: October 30, 2012
Bishoff and Allen (2004) state that “most cultural heritage institutions are mission driven; their primary purpose is to support and promote the public good.” Just as The National Maritime Museum mission statement is “to illustrate for everyone the importance of sea, ships, time and stars and their relationship with people”. Swan (2012), explained in her presentation that “this is the largest maritime museum in the world which attracted 2.45 million visitors in 2010 /2011 and 709.000 visitors just at the National Maritime Museum alone”. Museum is the place for learning, education and socialisation. Sources that contribute to museums’ earned revenue include admission, gift shop, memberships, facility rentals and other variety of sources like private sector. Essentially, any product or service that is offered by the museum generates income. There is another form of revenue which is classified as unearned revenue. The main sources of unearned revenue are fundraising through individual donations and grants through any level of government. Hiring museum facilities for an event or filming is the best form of revenue. In order for the museum to remain financially viable earned revenues should be a fundamental part of the budget planning. There should be a dedicated team which is able to brain storm and look for new ways in how to contribute new revenue streams. Museum can be interesting to visit once if displays and exhibitions are not changed. As well as interactions and special events has to accommodate demand. Bearing in mind seasons, half term holidays or summer holiday is a good way start looking into additional revenue. Museum need to be creative and come to a problem from many angles at once. Advertising is an important revenue stream for helping businesses reach exactly the customers they want and increase value. Advertising can be through local newspapers at the whole Royal of Greenwich council and as well Lewisham council which is situated close by. Another form of advertising is to reach schools as through educational interest and possibility to cater this need. The leaflet or informational package can be distributed to local nurseries, primary and secondary schools. There is a pdf file available at Google website so hard copy must be available too. Another form of advertising is to develop or contribute to already existing mobile phone software application otherwise called an app. To develop the application can be costly but if the best interaction outcome can be achieved this could be the next step to advertise and market the museum. As Cooper (2012) spoke that” the task is to drive all sales and further interaction through website and media team is looking for new ways.” Smart mobile phones are widely used and are playing big part towards communication and interaction. It can serve businesses in local community and if new application is developed people will pay for it use and that is a new potential revenue stream. Another way to bring foot to the museum is to develop an additional source of technical interaction. As technology is spreading fast museums and other historical organizations need to follow new trends in order to be fashionable and appeal to various demographics. Swan (2012) showed in her presentation a £30 million re-development plan which was completed in 2011. With new entrance, substantial space for special exhibitions, an archive centre and upgraded visitor facilities this museum will appeal to wider audience due to his architecture and modern external look. The benefits in finishing re-development before Olympic Games 2012 give a possibility to welcome more visitors. This new entrance at the other end of the building will contribute towards visitor numbers as their will not need to walk all around to the font building to enter. To follow new technology is a good way to look into the future. One of the ways it can be done is through QR code which would be displayed next to the...
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