Surviving a Recession Part VIII: Promoting VALUE

So, what is the last piece of advice that I can give you to help your park or FEC survive the recession? I’ve already covered making all the necessary cuts, saving money wherever you can, and getting financially creative to keep your business healthy in an unhealthy economy. But what comes next? 

The answer is simple, it's time to market like there's no tomorrow! 

Everyone is tightening their belts. Every individual and family is feeling the sting of the recession, not just businesses. But how can you get the customers through your doors when they are cutting everything but essentials from their budget? You give them value! Entice them with new deals they won’t want to say no to.

Key Marketing Concept: Value

There's nothing that perks up the ears of potential guests more than “value.” No one wants to exclude all fun and excitement from their lives because they can’t afford it. After all, we just went through a year of being forced to stay in our homes because of the pandemic. No one wants a repeat of the inability to go out and enjoy their lives. 

You have to give them a reason to choose to spend the money they would otherwise save. This concept alone will be the strength of your marketing campaigns during the recession. The more value you promote the more guests you will reach. 

Since almost every potential guest has now become a value shopper, they are your primary target. Focus on them! What is it that they want most? Have you been paying attention to your analytics and demographics? If you have, then you have a wealth of opportunities to choose from. 

What Is A Great Value?

I’ve talked to some extent about real value and perceived value. No matter which value you are promoting you want to make sure it is worth it to the guest. If not, you won't get their attention enough to bring them to your park or FEC. 

It doesn't mean that you have to lower the costs in your establishments. The goal is not to lower your revenue to get guests through the door. The trick is to offer a real or perceived value to your guests to get them to come in and have fun! 

5 Examples Of Value

You don't want to do your run-of-the-mill, ordinary value promotions. You want something that is going to be fresh, creative, inventive and spark genuine interest. Here are five different examples of the types of value that can entice guests to come in and play. Just remember the value shouldn’t hurt your business, it is meant to increase revenue.

1. Don’t give an all-day pass. Instead, lower the cost for only 2-3 hours of fun at your park.  
2. Giveaways are hot! Put on a contest- it’s great publicity! Give away a few tickets to events and parties on social media and on your website.  
3. Change your SEO strategy by searching for new keywords on Google to pick up more people searching for fun and attractions.  
4. Extend your park’s radius to pick up more people from farther away who will be searching for your promotions.  
5. You can also decide to give back and pay it forward to veterans, first responders and teachers! This is a huge promotion not only to your community but the nation as we stand behind these individuals. You can sweeten the pot and go one step further by offering their families a discount to add more people coming through your doors! 

“Special” Discounts

Never underestimate the power of special discounts. For instance, you can target day parks to drive traffic to lunch, dinner, morning, weekday, weekend, holidays, voting, or whatever the case may be. A good example is to offer special discounts for the first 50 people, 100 people to sign up and come in at those specific times and dates.   

But remember, be prepared to greet those guests that come in on those specials to upsell a party, a higher-priced ticket, VIP areas, food and beverages, more arcade credits, alcohol drinks, a special giveaway, retail products, or special credits for redemption.

If you run a special, it is vital to upsell whenever possible. Trust me there are great opportunities to be had. They won’t just hand over their hard-earned cash, they have to believe that it is worth it. 

Conclusion

The key to keeping your park or FEC financially healthy amidst a recession is to make sure that you are optimizing your marketing strategy and maximizing every chance to upsell. Regardless of the value that you choose to promote, you need to do it effectively. To do that, you have to know what your guests want. 

Have you read an article I’ve published here on LinkedIn and want to talk about the topic a little more? If you’d like to book a call with me regarding the Family Entertainment Industry or Private Equity, please feel free. I enjoy connecting & collaborating with others in the same professional space.

Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($55B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

 As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 (and on track to be a 250% increase in 2022).

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

Additionally, Tim is a Board Director with Coney Park, Happy City and YuKids - Family Entertainment & Amusement Parks, part of The Carlyle Group ($275B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America. 

Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.  With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

Tim is a member of IAAPA, CAPA, FAA, AAMA, NRA & WWA. He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and an MBA in Finance from Orlando College.