2020 has been filled with many unknowns. With cold season looming and an unpredictable political climate it’s hard to know what the final quarter of 2020 will look like. What can you to do increase the likelihood of having profitable holiday season and start to 2021?
This month you would normally be traveling to Orlando to meet with vendors, gather ideas for the upcoming year and of course enjoy the Florida sunshine. With IAAPA cancelled this year, we wanted to give you ways to plan for the remainder of this year and what you can do to set yourself up for success in 2021.
Below are a few tips to support profitability heading into next year and how R+ will assist your redemption during these unpredictable times.
Consumer trends and predictions
Sure, the CDC is recommending against traveling for the holidays but this could actually be good for your local business. Families who stay home will need something to do.
It’s important to amp up your local marketing efforts to bring in every family who is comfortable with getting out and about. Let them know you’re open and inform them of your safety and cleaning protocols. This heightens the importance of your online presence, having online booking options and your Google listing updated.
The other good news is that despite the economic downturn, holiday retail sales are still likely to increase between 1% and 1.5%. Consider how you can cash in on holiday gifting through gift card promotions.
What’s your redemption story?
In Deloitte Insights’ Global Marketing Trend Report 2021, based on two surveys (one of 2,500 adult consumers and another of 400 c-suite executives), having a defined purpose is going to distinguish the flourishing business from the struggling businesses in 2021. Your redemption space is no exception.
Consider how your redemption display can make a connection with your guests. As your redemption merchandise partner, we continue to evaluate our product line through item performance and customer feedback to match post-COVID trends. This way you know you are purchasing items that will perform well in your center.
And what better way to incorporate purpose into your prize selection than through our proprietary Storyboards (ready-to-order prize assortments)? As many centers have experienced turnover and consolidated operations, Storyboards are a way to easily update redemption displays with limited previous knowledge of how to do so.
With many businesses still working through spring break inventory, this will give new and updated options for the end-user going into the holiday season and next year.
What’s your contingency plan?
We’ve already been through unexpected lockdowns once. Not to be doom and gloom, but it might be beneficial to consider documenting a plan of business continuation should more mandates or lockdowns come to pass as we head into flu season. Now is the time to brainstorm new ideas to generate revenue. Google Trends and Shopify are great resources to use as you conceptualize new revenue options with your team.
Some questions to get you thinking: Can you add a food and beverage program if you don’t have one already? Is there a way you can package redemption toys to sell as blind boxes, etc. for the holidays and or birthday gifts? Can you start a virtual birthday party program? Can you incentivize gift card sales that can be used at a later date?
How we will support you — #RedemptionRelief
Redemption Plus is here to support your business in all the new ways it needs as we collectively get the industry back up and running. We will continue to offer our award-winning service packages, custom design, merchandising assistance and unmatched customer support.
Customers can redeem 10% off their purchases by using code REDEMPTIONRELIEF at checkout. With many businesses operating on limited budgets, our pricing discount will allow centers to update their redemption prizes at a lower cost overall cost.
As the economy continues to recover from nationwide shutdowns, families are reevaluating how they spend their discretionary income. Through our temporary empathetic pricing model, family entertainment centers will be able to promote a “spend less, win more” approach to arcade game and redemption programs. Passing on the savings to the end user will allow for a higher return on investment in the game room and promoting a positive guest experience.
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