It is not only a matter of masterpieces. Masters of economic performances in US art museums' thanks to relationship marketing

Angela Besana, Annamaria Esposito and Maria Cristina Vannini

International Journal of Entrepreneurship and Small Business, 2023, vol. 48, issue 1, 27-38

Abstract: Who are masters of economic performances in US art museums? Due to the economic crisis and budget cuts, today, entrepreneurship is a must. Thanks to relationship marketing board members, employees and volunteers are all entitled to call for the willingness to donate and the willingness to pay of multiple stakeholders. The aim of the paper was to cluster the largest 100 US art museums in terms of the relation between their ratios of board members, employees and volunteers and their economic performances in 2015. Relationship marketing, with its unique value proposition, is a crucial strategy in a competitive landscape, where resources are diminishing, and museums are coping with substitute and creative supplies. When the share of voting members is the largest of the samples, the fundraising expenses and contributions are maximised, above all, from affluent donors and sponsors. In search of economic sustainability, efforts of employees and volunteers are pivotal for marketing goals and fundraising by citizens and small donors. In order to exploit relationship marketing potentialities, both must make visible their unique value propositions.

Keywords: relationship marketing; fundraising; cluster; museum; museum employees; museum volunteers; museum boards; museum net assets; museum gains; US museum; museum value proposition. (search for similar items in EconPapers)
Date: 2023
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