Telemetry is the technology of automatic measurement and remote reporting of data. In the past, it was used primarily for monitoring and diagnostics purposes. In recent years, however, telemetry has become an increasingly important tool for maximizing revenue and improving guest satisfaction in your theme park.
Telemetry gives you access to insights such as which rides are most popular, where guests are spending the most time, and what areas of the park are most crowded. This information can be used to make real-time adjustments that can have a significant impact on your bottom line. For example, if you know that a particular ride is consistently underperforming, you can make changes to the ride operations or marketing to try and boost attendance.
In this article, we will discuss how you can use telemetry to increase your theme park's revenue by up to 30%. We will also provide some tips on how to get started with telemetry and how to make the most of its capabilities.
Market insight and dynamics of theme and amusement parks
It's no secret that the pandemic has increased interest in cashless payments. Across Europe, 47% more people prefer cashless payments now than before 2020.
There are a few key reasons for this trend. First, cashless payments are more convenient and allow guests to move through the park more quickly. And second, they help reduce the spread of germs by eliminating the need to exchange cash or use ATMs. Many theme parks are now offering contactless wristbands that can be used for both admission and payments.
In fact, more and more parks all over the world are going cashless every day. They're finding that not only does it save them money on things like ATM fees and cash counting, but it also makes their guests happier. In a 2017 study conducted globally, 46% of the surveyed people would have liked to see a theme mobile park app that allowed them to pay without cash. And since then, the demand for cashless payments has only gone up.
This trend is guaranteed to continue in the coming years as cashless payments keep growing in Europe. They're already the majority in other parts of the world like China, and it's reasonable to expect that Europe will eventually reach the same level of adoption.
With so much potential, it's crucial that your theme park is prepared to take advantage of this trend. If you're not already using a cashless payment system, now is the time to implement one. Not only will it make your guests happier, but it will also help you boost revenue and improve your bottom line.
How telemetry works
Telemetry relies on sensors to collect data about how your guests are using your park. This data is then transmitted to a remote location, where it can be analyzed and used to make decisions about park operations.
In the case of theme parks, telemetry can be used to track a variety of metrics, such as:
- Ride wait times
- Guest satisfaction
- Busiest hours analytics
- Sales data
This information can be used to improve the guest experience in a number of ways. A classic example is using telemetry to adjust ride operations in order to reduce wait times (which, by the way, should be your number 1 priority, as 57% of people think queue times for rides are the most frustrating part of their visit). This is accomplished by monitoring the data to see which rides have the longest lines and then making adjustments accordingly. For example, you may decide to add more vehicles or staff to a particularly popular ride.
Another way that telemetry can be used to improve the guest experience is by monitoring busiest hours analytics. This information can be used to adjust the placement of rides, attractions, and concessions to ensure that guests are moving through the park in an efficient way. This can help reduce congestion and improve guest satisfaction.
In addition to improving the guest experience, telemetry can also be used to increase your theme park's revenue. This is accomplished by using the data to better understand your guests' spending habits and then making adjustments accordingly. For example, if you know that a certain type of guest is more likely to purchase souvenirs, you can target them with marketing messages and place concessions in strategic locations.
How instant cashless payments can increase overall revenue
Cashless payments come with lots of benefits for both guests and businesses. Here at SmVend we sell telemetry and cashless solutions for a living. Based on our own clients feedback, adding cashless POS terminals can increase revenue up to 30%.
The most obvious benefit is that cashless payments are more convenient than cash. Guests can move through the park more quickly, and businesses can save on things like counting and storing cash.
Cashless payments reduce friction. If you suddenly want to buy something (for the record, between 40% and 80% of our purchases fall into the impulse category) but don't carry cash with you, chances are you'll just walk away.
But even if you had cash on you, it's not a great solution for a theme park. Either there are operators constantly counting and recounting money or there are ATMs that guests have to wait in line to use. Ever seen a long queue for an ATM at a theme park? It's not exactly a great guest experience.
And if you want to buy something from a concession stand, you have to find someone who can make change for a $20 bill. All of this takes time and adds friction to the guest experience. In most cases, the guest will give up their purchase altogether.
But with cashless payments, guests can make purchases quickly and easily. And since there are no lines to wait in, they're more likely to actually make the purchase.
Despite POS terminals being fast and convenient, they are expensive. If you have attraction in low traffic and revenue is too low to return investments in POS, you can add QR-codes as a payment method for way cheaper. With QR-codes, guests can use their own smartphone to make purchases. All they need to do is scan the code and enter their payment information.
A word of warning though. QR-codes are great if your park is visited by younger people (especially young parents with their kids), as they are more likely to be acquainted with QR-codes as a payment method. But if your park is visited by an older demographic, they might not be as tech savvy and might not have their phones with them, or not trust paying with their phone.
In addition to increasing revenue, cashless payments also help you save money. You will need less people on your staff, and you won't have to worry about things like counterfeit bills or stolen cash.
Overall, adopting a cashless payment system is a win-win for both guests and businesses. And, additionally, you will be able to collect valuable data about your guests that you can use to improve their experience and increase your bottom line.
Not only cashless payments — how else telemetry can help increase revenue
Including telemetry into your operation can help you identify inefficiencies and optimize your park's layout — both of which can lead to increased revenue.
Imagine you have two rides that are adjacent to each other. One is consistently busy while the other has long wait times. By looking at the data, you can see that the majority of guests are going to the first ride and then leaving the area.
You can use this information to make adjustments accordingly. For example, you may decide to move the second ride closer to the exit of the first ride so that guests are more likely to see it and ride it.
Or, you may decide to add a concession stand near the second ride to give guests something to do while they're waiting in line. This will not only help improve the guest experience, but it will also give you an opportunity to increase your revenue.
Another way to use this information to your advantage is by adjusting the second ride's price. You can, for example, add a promotion to the first ride's ticket. Say, the customer could buy their ticket for the first ride and get a ticket for the second one at a discounted price. Or you could run happy hour discounts, reducing the second ride's price during the first ride's busiest hours.
Doing that the traditional way would take a lot of effort and communication among your staffers — but with SmVend it's as easy as a few clicks.
These are just a few examples of how you can use data to improve the guest experience and increase your bottom line. With SmVend, you have the power to collect and analyze data to make informed decisions that will help you drive more revenue.
Future of automation in amusement and theme park industry
Automation is the future of the amusement and theme park industry. By automating processes, you can improve the guest experience and increase your bottom line.
For example, you can use automation to take care of tasks like distributing coupons or tickets, monitoring ride wait times, or managing inventory. This frees up your staff to provide a better experience for guests.
You can also use automation to improve the security of your park. For example, you can use it to monitor who is entering and exiting the park, or to track lost children.
In addition, automation can help you reduce costs. For example, you can use it to automate tasks like payroll or billing. To put things in perspective, Disneyland Paris employs around 16 000 people, and while giving so many people a job is a noble endeavor, it's not the most cost-effective way to run a business.
The thing is, automation removes jobs that are tedious and time-consuming, and that can be done by machines. Instead of having your employees doing menial tasks, you can redirect their energy towards more interesting activities, such as interacting with guests or coming up with new ideas to improve the park.
The bottom line is, automation is the future of the amusement and theme park industry. It improves the guest's experience and makes your park more efficient and cost-effective.
If you want to harness the power of telemetry to improve your park's offer, contact us today. We will help you get started on the path to increased revenue and a better bottom line.