How do you know you’re buying the best incentive prizes?
Differentiate yourself with data-proven prizes
Today’s consumer is increasingly driven by empathy. So much so that The New York Times has coined today’s market as the Empathy Economy, where it’s imperative that every aspect of your business makes your customers feel positive about your brand. As the family entertainment industry grows, with new businesses popping up all the time, how can you differentiate yourself?
Ultimately, it comes down to helping your customers feel like they’re getting a fair return on their investments — from their spend in the game room, to their happiness with the prizes they walk away with. Having an optimized prize assortment is crucial to your game room’s success — and the success of your entire ecosystem.
To help, Redemption Plus uses product performance data to make sure the prizes you purchase generate high incentive. That way, you don’t have to think twice about clicking the “buy” button.
We use two main parameters to vet an item’s success.
1 | Distribution
Distribution is the number of Redemption Plus customers who have purchased the item within the past 365 days. This metric gives us a good grasp on how popular the item is among our customer base.
2 | Velocity
Velocity is how quickly an item is re-ordered. We calculate it based on our revenue from the item then divided by the total number of customers who’ve ordered it in the past 365 days (distribution). This metric tells us whether or not the item is priced where it should be and if it is popular among end users (that’s your guests).
Let’s Look At Splat Pigs
An item that demonstrates the use of these metrics really well is Splat Pigs. These Ooey Gooey prizes indexes high in both distribution and velocity.
Their consistent high ranking in both metrics over a long period of time has allowed Splat Pigs to move into what we call the “core” assortment portion of our line.
Our Core Products make up the top performing items in our line proven through distribution and velocity. Performance data tracking shows these prizes are a sure bet among your guests and are a must-have for any redemption assortment.
Review Parameters
We are constantly analyzing each item’s performance to ensure your center is stocked with the best. If Splat Pigs’ metrics begin to slip they would enter exit potential.
Our item review process demonstrates to our buyers what items we need to cut from our line to allow for more investment in core items we know your redemption program relies on. This strategy helps to keep our items in stock, which decreases variation for your business.
Buying by Core
Core items should account for about 80 percent of your entire assortment.
Storywalls are a great way for you and your staff to manage your assortment because core allotment is done for you. Storywalls are a combination of individual Storyboards meant to help you map out an entire slat wall space. Below you can see how a combination of storyboard creates this 32-square-foot Storywall.
Storywalls are curated based on individual item performance data and how each item can work together to complete a well-rounded assortment. The majority of each Storywall is comprised of core products, while “supplemental” products — like new, trendy, and movie-themed, licensed prizes — round out the excess square footage.
Storywalls also give you a merchandising layout for your employees to reference. This layout helps save time when setting the product on your wall and will give guests a more pleasant shopping experience.
Need help optimizing your assortment?
Ensure you’re including the right amount of core prizes in your redemption program by signing up for one of our service packages. Through these packages, you have the opportunity to let us curate your item assortment for you. The perks don’t stop there though…
LEARN ABOUT OUR SERVICE PACKAGES HERE!
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Here’s a sneak peek of upcoming topics 👇🙊
- Ecosystem Series: The “Swipe” Economy
- Ecosystem Series: Importance of incentivizing attractions
- Ecosystem Series: Marketing at a higher level
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Our proprietary Storyboards are a series of pre-designed merchandising layouts, backed by analytics. They’re created with a specific theme or category in mind to engage your guests and make finding the perfect prize a piece of cake.
