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How do you utilise different revenue strategies to maximise your park’s return on investment? Vantage’s Aaron Mendelson explains...
Aaron Mendelson | Vantage | 01 May 2024
Operations management is all about resource allocation, says Aaron Mendelson Credit: Vantage
You've likely heard the saying about not placing all your eggs in one basket. Well, that doesn't just apply to personal matters - it's smart business strategy too.
While ticket sales are pivotal for parks' revenue, diversifying income streams is essential to maximise profitability from every guest visit.
Although rides are a small part of guests' time in the park, every moment should be unforgettable. Revenue streams can emerge from F&B, photo/video services, ticketing, marketing, lockers, and season passes, significantly boosting the bottom line. Parks hold many untapped opportunities, and technology is the tool to uncover them.
Implementing cashless systems boosts convenience and spending. While many know stored value transactions like gift cards, the industry now leans towards tokenised cashless transactions for enhanced security. These use unique tokens, not sensitive payment details, and directly debit the guest's card, ensuring seamless and secure transactions.
Personalising guest experiences hinges on understanding individual preferences. Leveraging available technology, parks can automate personalised marketing, such as targeted push notifications, and meeting guest expectations pre-, during, and post-visit.
Gone are the days of guesswork. While collecting and analysing data might seem daunting, there are tools available that streamline this process. Utilising these tools can make your decision-making more efficient and easily implementable with your team.
Operations management is all about resource allocation and where you invest to maximise your guest experience and bottom line.
By integrating smart wearable or smart card technology with guest behaviour data, Vantage creates seamless and engaging experiences for your guests. This also provides your operations team with real-time visitor and park information, facilitating faster decision-making and smarter planning. Imagine a park with tokenised cashless payments, enabling purchases through your bespoke mobile app or website, opening a fresh marketing avenue for you. Picture guests smoothly entering the park, enjoying rides and shows, while benefiting from a personalised marketing engine that channels messages to the most receptive audience.
Let's uncover the hidden opportunities in your park together.
Sign up for the webinar: Strategies to Unlock New Revenue Opportunities in Venues, taking place May 16th at 11:00am EST. Missed the live session? No worries! Register to access the recorded discussion at a later date
Operations and ticketing
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