Smart Strategies for Gaining Wallet Share
For parks and attractions operators, there is mounting pressure to not only get more visitors to your venue, but to also gain more wallet share from each of those visitors.
Simply keeping the turnstiles turning no longer means revenue growth, profitability and the subsequent ability to invest in the future. To maintain a competitive edge, best-in- class attraction operators are increasingly looking to maximize the value of each participant, to match a product and its price to the consumer’s desire to purchase. A successful strategy rewards the participant with the best value for their purchase, rewards you with a committed participant and flattens your demand curve to maximize operational efficiency.
What is Yield Management?
After the deregulation of the airline industry in the 1970s, Robert Crandall, former Chairman and CEO of American Airlines coined the term ‘yield management’, and called it, “the single most important technical development since we entered deregulation.” In fact, the practice of yield management has been so successful that it is used not only by airlines, but by car rental companies, hotels, cruise lines and more.