Value Measurement & Monetization of Visitor Experiences in Museums

This content explores how museums enhance visitor well-being and how measuring the perceived value of museum experiences can lead to quantifiable benefits. It delves into research findings on the impact of museum visits on personal, intellectual, social, and physical well-being, highlighting the importance of meaningful experiences. The theory presented suggests that understanding and quantifying museum value can help policy makers, improve current visitor experiences, and extend benefits to a wider audience. The study involved 11 mid-sized U.S. art museums, emphasizing the significance of museum experiences in enriching visitors' lives.

• Museums
• Visitor Experiences
• Well-Being
• Value Measurement
• Research

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1. Leaning into Value Measuring and Monetizing Visitor Experiences AAM May 2023

2. Did your visit allow you to satisfy your curiosity about one or more topics you find really interesting or important? YES or NO? If yes, for how long did that feeling of curiosity last? An hour or two? A day? A week? Two weeks or more? A month or more? Did your visit allow you to see things you do not usually get to see? YES or NO? If yes, how long did the memory of those things last? An hour or two? A day? A week? Two weeks or more? A month or more? Answer for YOURSELF based on the last museum you visited just for enjoyment.

3. THEORY IN BRIEF Fact: Millions of people visit museums, if didn t have value, wouldn t visit Research: People remember things they perceive as meaningful Assumption: Museum experiences enhance visitors well-being Research: Visiting museums creates memories Research: Meaningful- ness is an indicator of well-being By MEASURING and better UNDERSTANDING the VALUE of enhanced WELL-BEING created by museum experiences, IT SHOULD BE POSSIBLE TO: 1) Quantify museum value in ways speak to policy makers, e.g., $$$ 2) Know how to enhance value for current visitors 3) Extend that value to others not currently served by museums

4. Museum Experiences Enhance Visitors Feelings of Well-Being in Each of 4 Tested Dimensions Personal Well-Being Intellectual Well-Being Social Well-Being Physical Well-Being Feels 'special Sense of awe and/or amazement See things do not usually see Feelings of happiness Discover new things about self and the world Satisfy curiosity Learn and see new perspectives Sense of choice and control Support learning and joy of others Builds positive relationships Forges awareness and sense of connection with others Allow switching- off/decompress/ de-stress Feel safe and security Refreshes and helps to feel calm and relaxed

5. RQ: How do we quantify the perceived value of a museum experience? ILI worked with 11 Mid-Sized U.S. Art Museums Barnes Foundation, Cleveland Museum of Art, Denver Art Museum, Hillwood Museum and Gardens, Museum of Fine Arts, Houston, Milwaukee Art Museum, Nelson- Atkins Museum of Art, New Orleans Museum of Art, Oakland Museum of California, Saint Louis Art Museum, and The Walters Art Museum WHO Conducted large-scale research project Recruited a random sample of 1,942 visitors 3 quantitative surveys WHAT

6. Research Approach: Random sample visitors, immediate short motivation survey One month later, randomly sent 1 of 2 longer surveys Survey 2 How valuable (in dollars) do you perceive these well- being-related benefits are to you? (n=410) Survey 1 Did you perceive you had a well- being-related benefit, if so, how long did it last? (n=685) (Average) Perceived VALUE (in dollars) of a single museum visit Research Limitations: 21% response rate, 75% white

7. FINDING: People report that they experienced benefits in all four dimensions of well-being. TIMING One month after initial museum visit Average Time Duration of Well-Being Benefits Well- being benefits lasted average of 2-3 days. 6 = For one month+ 5 = For two weeks 4 = For one week 3.8 3.5 3.2 3.1 3 = For one day 2 = For 1-2 hours 1 = For no time at all Personal Well-Being Intellectual Well-Being Social Well-Being Physical Well-Being

8. FINDING: People perceived that the value of museum experience outcomes were significantly greater than what they pay to visit a museum . TIMING One month after initial museum visit Average Perceived Value of Well-Being Benefits 6 = For one month+ Value of a single museum visit is $905. Sum = $905 5 = For two weeks $270 $227 4 = For one week $208 $200 3 = For one day 2 = For 1-2 hours 1 = For no time at all Personal Well-Being Intellectual Well-Being Social Well-Being Physical Well-Being

9. Cost-Benefit Analysis (ratio of Economic Benefit of museum experiences divided by Operating Costs) Mean Total Value $325,877,925 $12 VALUE for every $1 SPENT [Total perceived monetary value x average # annual visitors, 2022] Mean Total Cost $27,877,925 [Average Total Institutional Costs, 2022]

10. Museums deliver measurable societal value by cost- effectively supporting their community s overall personal, intellectual, social and physical well-being.

11. 1. In what ways will what you heard today influence your work? Shorter- term/day to day? Longer term/ strategic? How can we Lean into Value moving forward? Write your Answer on the card and hand in. 2. How can we better promote the well-being benefits museums create? How can we extend those benefits (from days to weeks or months)?