Understanding Key Performance Indicators for Amusement Parks

Introduction

Amusement parks are a great way to have fun and enjoy light activities. But with all the fun that comes with it, amusement parks need to keep track of their key performance indicators (KPIs). KPIs are important metrics to help the amusement park better understand park performance and help make decisions that will improve the customer experience.

In this blog post, we’ll describe the top seven KPI metrics for amusement parks, how to track and calculate, and why each metric is important.

• Ticket sales revenue
• Presence
• Client satisfaction
• Revenue from rides/attractions
• Goods / food income
• Marketing effectiveness
• Operating costs

Ticket sales revenue

Definition

Ticket sales revenue is the total money generated from admissions to an amusement park. This is an important indicator of an amusement park’s success in attracting customers.

Benefits of Tracking

Tracking ticket sales revenue can provide a clear picture of how an amusement park is performing. It can also be a useful tool for assessing customer satisfaction and making adjustments to pricing and promotional strategies.

• Helps identify customer behavior patterns
• Provides insight into pricing and promotional strategies
• Helps measure customer satisfaction

Industry Benchmarks

Average amusement park ticket sales revenue varies widely depending on factors such as location, size, and type of park. According to the International Association of Amusement Parks and Attractions (IAAPA), the average ticket sales revenue for amusement parks in the United States was .8 million in 2018.

How to calculate

Ticket sales revenue can be calculated by multiplying the total number of tickets sold by the ticket price.

Calculation example

For example, if an amusement park sold 10,000 tickets at each, the ticket sales would be 0,000.

Tips and Tricks for Tracking KPIs

• Regularly review ticket sales data to identify trends in customer behavior
• Set ticket prices at a competitive level with other parks in the region
• Promote discounts and special offers to attract more customers

Presence

Definition

Attendance is a key performance indicator (KPI) that measures the number of visitors to an amusement park. This metric is important because it is the main source of revenue for the park and indicates how well the park is performing in terms of attracting and retaining customers.

Benefits of Tracking

Tracking amusement park attendance is important because it provides valuable information about the health of the park, such as how well it is performing in terms of visitor satisfaction, marketing effectiveness, and operational efficiency. The data can be used to identify areas for improvement and optimize operations to increase profits.

Industry Benchmarks

Average attendance at the amusement park is around 60% of capacity. This is an industry benchmark that can be used to compare the performance of different parks. It is important to note that this reference can vary considerably depending on the region, the season and the type of park.

How to calculate

Attendance can be calculated by dividing the number of visitors to the park by the capacity of the park. The resulting ratio gives an indication of the park’s performance in terms of attendance.

Calculation example

For example, if a park has a capacity of 10,000 and 8,000 visitors on a given day, the attendance rate is 80%.

Tips and tricks to improve the KPI

• Make sure that the capacity of the park is measured accurately, as this will directly affect the attendance rate.
• Use effective marketing strategies to increase awareness of the park and attract more visitors.
• Deliver a high-quality customer experience to ensure visitors are satisfied and return.
• Implement operational efficiencies to reduce wait times and increase visitor satisfaction.

Client satisfaction

Definition

Customer satisfaction is a metric that measures how satisfied customers are with the services or products they receive from an amusement park. This is an important indicator of how well the park is meeting customer expectations and delivering what they promised.

Benefits of Tracking

• Tracking customer satisfaction allows amusement parks to better understand how their services and products are received by customers.
• It can help identify areas for improvement and identify areas that need to be addressed to improve the customer experience.
• It can also help amusement parks set achievable goals and measure their performance against industry benchmarks.

Industry Benchmarks

The industry benchmark for customer satisfaction is generally considered a score of 80 or higher, as this indicates that customers are generally satisfied with the services and products they receive from the amusement park.

How to calculate

Customer satisfaction can be measured using a variety of methods, such as surveys, interviews, and focus groups. The most common method is a survey, which can be conducted online or in person. The survey should ask specific questions about the customer’s experience with the park, such as quality of rides, usability, and overall value.

Calculation example

For example, if a survey of 100 customers is conducted and 80 of them give positive responses, the customer satisfaction score would be 80%.

Tips and tricks

• Make sure the survey is easy to understand and doesn’t take too long to complete.
• Include open-ended questions that allow customers to provide detailed feedback.
• Encourage customers to provide honest feedback, even if it’s negative.
• Provide incentives to customers who complete the survey.

Revenue from rides/attractions

Definition

Rides/Attractions Revenue is a Key Performance Indicator (KPI) that measures the total amount of money earned from all rides and attractions at an amusement park.

Benefits of Tracking

Tracking rides/attractions revenue allows amusement parks to measure the performance of different rides and attractions, understand how customers interact with the park, and make informed decisions about pricing, discounts, and marketing.

Industry Benchmarks

The average amount of revenue from rides/attractions for amusement parks is estimated to be 30-40% of total revenue.

How to calculate

Rides/attractions revenue is calculated by adding together the revenue generated from all rides and attractions at an amusement park. The formula is:

Calculation example

Suppose an amusement park earned a total of 0,000 from its rides and attractions. Revenue from rides/attractions at this amusement park would be 0,000.

Tips and Tricks for Improving Ride/Attraction Revenue

• Offer discounts for group purchases.
• Offer discounts or loyalty programs for repeat visitors.
• Promote rides and attractions around the park.
• Add new rides and attractions to keep the park fresh and exciting.

Goods / food income

Definition

Merchandise/food revenue is a key performance indicator (KPI) that measures the total amount of money generated from merchandise and food sales at an amusement park.

Benefits of Tracking

Tracking and monitoring merchandise/food revenue KPIs helps amusement park owners understand the efficiency of their operations and the profitability of their businesses. It also helps them identify areas for improvement and identify new opportunities for growth.

Industry Benchmarks

The industry benchmark for Food Commodity/Revenue KPI is set at 15%. This means that amusement park owners should aim to generate at least 15% of their total revenue from merchandise and food sales.

How to calculate

The formula to calculate the Merchandise/Food KPI is as follows:

Calculation example

For example, if an amusement park has total revenue of ,000 and total merchandise sales of ,500 and total food sales of ,000, the merchandise/food KPI would be (1,500 $ + ,000) / ,000 = 0.35 or 35%.

Tips and tricks

• Keep track of the number of merchandise items sold and the total amount of money generated from those sales.
• Monitor the performance of your food vendors and the amount of money generated from food sales.
• Analyze the performance of your food merchandise/recipe KPIs on a monthly basis to identify areas for improvement.
• Compare your KPI to the industry benchmark of 15% and strive to improve.

Marketing effectiveness

Definition

Marketing effectiveness is a measure of the success of an organization’s marketing initiatives. It is a metric used to calculate the return on investment (ROI) of marketing campaigns and other activities. It is also used to measure the success of the marketing team in achieving their goals.

Benefits of Tracking

Tracking marketing effectiveness is important for any organization. By tracking this metric, organizations can identify which marketing campaigns are being marketed and which are not. This helps ensure that the marketing budget is used effectively and efficiently. Additionally, tracking marketing effectiveness can provide valuable insights into customer behavior and preferences, which can be used to shape future marketing initiatives.

Industry Benchmarks

Industry benchmarks for marketing effectiveness vary by industry and organization. Typically, a good referral is achieving a return on investment (ROI) of at least three times what the organization invested in the marketing campaign. Additionally, the marketing team should be able to demonstrate that their efforts have increased brand awareness and customer loyalty.

How to calculate

Marketing effectiveness can be calculated using the following formula:

The formula can be used to calculate the return on investment of a marketing campaign, as well as to measure the success of the marketing team in achieving their goals.

Calculation example

For example, let’s say a business invests ,000 in a marketing campaign and generates ,000 in revenue from the campaign. Marketing effectiveness can be calculated as follows:

This means that the company achieved a return on investment (ROI) of 150%. This is a good result, as it is above the industry average of three times the investment.

Tips and Tricks for KPIs

• Track the ROI of each marketing campaign to measure the effectiveness of the marketing team.
• Track customer behavior and preferences to better understand what works and what doesn’t.
• Set realistic goals and benchmarks for the marketing team to strive for.
• Make sure the marketing budget is used effectively and efficiently.

Operating costs

Definition

Operating costs are the day-to-day expenses associated with running an amusement park. They include expenses such as labor costs, utilities, maintenance, repairs, and other associated costs.

Benefits of Tracking

Tracking operating expenses can help amusement park owners and managers understand the financial health of their business. It also helps them identify areas of potential savings, allowing them to make informed decisions about how to allocate resources.

Industry Benchmarks

Average operating costs for amusement parks are typically around 5-15% of total revenue. However, this varies by region and park size.

How to calculate

The operating costs of an amusement park can be calculated by subtracting the total operating revenue from the total operating expenses.

Calculation example

For example, if a park has total operating expenses of 0,000 and total operating revenues of ,000, the operating cost would be ,000.

Tips and tricks

• Track operating expenses on a monthly basis to ensure costs are kept within budget.
• Analyze operating costs to identify areas of potential savings.
• Compare operating costs to industry benchmarks to ensure your fleet meets expected standards.

Conclusion

Amusement parks are a great place to create a fun and memorable experience for families, but tracking KPIs is important to ensure the best customer experience. By tracking and measuring the seven key amusement park KPIs, parks can optimize the guest experience and improve their overall performance.

Ticket sales revenue, attendance, customer satisfaction, rides/attractions revenue, merchandise/food revenue, marketing effectiveness, and operating costs all need to be tracked and analyzed in order to make decisions. solid and data-driven. This will help ensure that the park achieves its goals and continues to provide guests with a fun and enjoyable experience.