Given global trends, how should attractions best reinvest in themselves to ensure maximum growth?
Wonwhee Kim, ProForma Advisors, LLC: Mine your data
Take a cue from Disney, who is spending one billion dollars in a wristband (My Magic+). This is not just about a new payment system. We believe this is about data. More data collection allows operators to know more about guests than ever before, and to deliver more customized, more segmented experiences.
It answers the questions that you’ve always wanted to know about guests: what do they visit and in which order, what are typical visitation and spending patterns by highly detailed guest demographic? It allows you to engage with guests during, before and after the actual visit as well.
In other words, data will help you find new customer segments, get existing ones to spend more in-park, and overall, extract more value out of the ‘hard’ investments, like rides or new lands. In more technical terms, the answer lies in discovering more about the demand curve of your own operation.