On revenue growth, the Harvard Business Review mentions that a lot of companies treat cost cutting as a skill - something that senior managers are competent on doing. However, if executives are asked to boost growth, they are left stunned. Total revenue tells a story about the business growth, but not the how. In this fast-paced and technology-driven age, family entertainment centers and other companies should unlearn cost cutting as the answer to revenue growth.
What do we mean when we say "FEC of the Future?" A family entertainment center of the future has the following tech-driven qualities: A revolutionized consumer journey A redefined revenue landscape A wider demographic Embracing emerging technology is necessary to achieve these. But before you can reshape the way your guests engage with your business and create tech-based revenue streams, you need to transform your operations and bring them to the next level.
The future is digital – even for brick-and-mortar businesses in the entertainment and amusement industry. It’s smart, automated, and high-tech. Today, we are getting first-hand experience on the benefits of rising technology. Light bulbs, refrigerators, security cameras – you name it – almost everything can now be controlled easily from a mobile phone. Since this is the case, consumers demand the same level of quality, convenience, and interactions from family entertainment centers.
Technology has shown a significant increase in consumer usage and demand as accelerated by the pandemic. Contactless and low-touch ways of payment and transactions saw a rise. Mastercard even reported a 40% jump on contactless payments as users do due diligence to mitigate risks.
Amusement Expo 2020 – we were all on top of the world. And then we got on the plane to go home and immediately the world shut down due to the coronavirus pandemic. As the market begins to reopen after our industry's most challenging year on record, we couldn’t be MORE EXCITED to celebrate the return to Amusement Expo 2021 in Las Vegas.
The modern business has become a data-driven environment. Data has changed drastically in the last few years due to advances in technology, in this case family entertainment center technology, that has increased the amount of data there is to collect whilst also enhancing the ability to collect it. Smartphones are a great example of this, giving business all different types of information such as search history, locations, and personal data among other stuff too.
We’ve distilled key insights Family Entertainment 2.0, Getting to the Other Side to help you rewrite your history with a better, stronger business operation for the consumer who awaits.
Is putting up a CLOSED notice on your website and Facebook page really all you can do? Rather than be paralyzed by fear, focusing on cost-cutting, some companies are going into marketing overdrive. These attractions and FECs are not just showing they are “cleaning their venue”, but actually have quite innovative ways to engage with their guests, prepare for the inevitable return of their fun-hungry, socially-starved guests. Check it out!
Family entertainment centers are a hub of people of all ages coming to the same venue to have a great time. A large number of people congregating in one environment and high traffic areas creates an unhygienic environment; handprints and fingerprints across all surface areas, including the games, tokens, and money. Generally, this wouldn’t be a point of concern because you clean your FEC before opening, throughout the day, and end of day; however, given the COVID-19 (coronavirus) epidemic, the hygiene of your FEC is more critical than ever. COVID-19 can live and survive for days on surface areas and, especially, cash, money and banknotes (tokens and tickets).