Nancy Walsh is exec VP of Reed Exhibitions, which produces 500 events in 39 countries and 44 markets. In May, the company introduced a new pricing model for its exhibition booths—called RX Choice—that is based on location, attributes and timing rather than square footage. Walsh spoke with Media Business about the change.
Media Business: Why did Reed Exhibitions change the pricing structure for its exhibition booths?
Nancy Walsh: The driving force behind RX Choice is customer value. We recognized that the old pricing approach assumed that all space is created equal, and we know that customers don't perceive it that way.
MB: How has the change affected your sales and marketing strategy?
Walsh: The new approach has changes for our entire organizational culture. Our RX Choice model represents a new way of thinking and a new approach to handling customers. We needed to retrain our sales staff to consult with customers and help them find a location and price that best meets their needs. Our communications has also been retooled to reflect this new approach.
MB: How have your customers responded to the change?
Walsh: We have gotten a very good response. Most of our metrics are up—in terms of re-sign, in terms of new customers and in terms of satisfaction of loyalty. There were things to learn in the beginning in terms of communicating (the changes to customers).