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Reviving Revenues
Part 1
Spring 2020 will go down in the history books! The word “Covid 19” is forever etched into our vocabulary. Not since the Great Depression have we experienced times like this. The industry we enjoy so much, the broadly defined “visitor attraction”, has been decimated financially. However, our spirits for the future remain optimistic and, as evidenced by this pandemic, we band together and help each other out during tough times.
Our Mindset Study was our way of helping our much-loved industry and we hope that you’ve had a chance to download the research and found it helpful. It reiterated our understanding that our long-term optimism is still in place and there will be better times ahead.
However, in the short term, 39% of us are not sure what we should be doing and 34% are unsure that their organizations will survive. That’s a sobering thought. 81% of USA visitor attractions in the USA have applied for funding as have 42% in the UK.
ADV’s Sylvia Matiko was recently invited to be a guest speaker on a webinar entitled “Out of the Box Revenue Generating Ideas.” There were over 300 organizations on this webinar hosted by Gateway Ticketing Solution. This was astounding. Everyone is searching for ideas to increase their revenues. Whether it’s an income generating idea or a way to improve developed income, everyone is searching for ideas, recognizing there is no silver bullet and there is no “one shoe fits all” either.
For those that weren’t on the webinar you may want to watch it over the next month before it gets taken down on the Gateway website by clicking here https://www.gatewayticketing.com/community/webinar-may-20-generating-revenue-by-thinking-differently/
There are a few ways to look at “revenue generating ideas” and for this article, we will focus on generating earned income in the short term. Some of the short-term ideas might be transitioned to more of a long term approach, but some may go away entirely. The top 3 things we are seeing organizations undertake for short term revenue generation are:
1. Creating Experiences Online
2. Strategic Partnerships
3. Using your assets differently
Creating Experiences Online
There were lots of examples of how organizations are going online and charging for the experience. Check out the following:
The Elmwood Park Zoo has had success in doing animal cameos online, charging between $100 - $150 for a 15 minute experience. Check it out here:
https://www.elmwoodparkzoo.org/virtual-meeting-cameos/
Escape Rooms are going online and charging for the downloads: https://www.elitedaily.com/p/9-best-virtual-escape-rooms-for-taking-a-rad-adventure-while-at-home-22857240
Selling gift cards for future redemption. However, this comes with a warning as each US State has differing laws.
Also, our recommendation is not to simply put content online, but really think about the strategy behind doing this alongside your goals. It might be to simply make money. But it might also be to reach a different audience that you’ve been struggling to engage with.
Strategic Partnerships to help foster online engagement
There are some great examples of strategic partnerships that can help you generate revenues. Everything from ice cream to cookies, baby clothing to toys.
Secret Sofa by Secret Cinema in partnership with Hagen Daas. https://www.secretcinema.org/secret-sofa
Alice the Giraffe �" a great example of a digital strategy in the US with ToysR Us where ToysR Us sponsored a You Tube Channel reporting on April’s “baby” status. This also translated into text messages (charges) on updates and a whole line of retail. Estimates were that hundreds of thousands of dollars were generated from that campaign. While this is a “pre-covid 19” effort, there are valuable lessons to be learned.
Cookie kits �" can you work with a meal delivery supplier who can deliver cookies to your customer and then help them decorate by showing them how online?
Using your assets differently.
Space reallocation: Do you have underutilized space? Perhaps a multi-purpose room that can now be reconfigured to augment capacity, create a new experience and respect physical distancing requirements?
Or if you have a parking lot, can you have a “drive-in” for movies or live performances. Some organizations are using their parking lots and turning them into garden centers, selling plants, soil, etc.
Perhaps you have some space that you can lease out to an organization that shares your values. By way of example, the Brooklyn Children’s Museum who leases space to the Brooklyn Library.
If you have food and beverage at your location, can you create meals to be picked up curbside? Here’s a location that is doing that:https://www.wsaz.com/content/news/Camden-Curbside--Amusement-park-offering-food-pickup-during-COVID-19-crisis-570094271.html
Programs & Activity Analysis: Take a closer look at your programs and activities and understand the costs to deliver them and the revenue opportunities you can create. Right now, prioritize the ones that can get some revenue “in the door” (hypothetically speaking if you are not open).
Tipping: If you have food and beverage delivery or curbside pickup, consider adding a “virtual tip jar” with a suggested tip of 20% which will go straight to employees that haven’t been able to work. Those who are loyal to your brand and know that you are having a hard time, won’t mind helping. Don’t be afraid to ask!
Inventory: Can you create “grab bags” with older merchandise to sell and get rid of your inventory?
We are sure there are lots of good ideas out there. Feel free to send them our way and we will continue collecting these and sharing them when we can. [email protected]
Author
Sylvia Matiko
Co-founder of A Different View
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