Given global trends, how should attractions best reinvest in themselves to ensure maximum growth?
Capital investment is a vital aspect of the long-term development and success of attractions. Unlike other assets, attractions require reinvestment to draw repeat visitation and spending. A few thoughts on how to target your investment:Invest in quality facilities and equipment: When adding new facilities, invest in a better standard of “quality” than currently in the park. Spend the extra effort in theming, equipment and show elements to upgrade the guest experience. Over time as renovations and reinvestment continue, the overall park environment will be improved and your attraction will remain competitive.
Target key markets: New attractions appeal to particular market segments that could be overlooked or underserved by the current park offering. Carefully consider how a new attraction can bring in an important market segment such as teens, families with young children or young adults.
Be social media smart: Guests are increasingly sharing their experiences and photos using social media and this has become a major source of information and influence in purchase decisions. New attractions should be planned to create a buzz, a surprise and allow photo opportunities. Managing social media is vital to commercial success for attractions.
Reinvestment in new attractions, retail and food services can generate double-digit financial returns if planned and executed correctly.