Why You Need “Trader Prizes” in Your Redemption Program
We’ve divided every prize you could offer your guests into four (4) primary categories, based on the Player Types System, to make prize selection easier and more effective.
To do this, we’ve given each Player Type what we call a Preferred Redemption Range, or a ticket range in which they most frequently redeem. It’s also the range of prizes that are most attractive to that Player Type.
The reason we’ve created these Preferred Redemption Ranges is because having the right Prize Value Mix — based on your business’ data — is critical to seeing optimal return in the redemption program and game room. Your Prize Value Mix is having the right variety of prizes at varying ticket ranges to satisfy all your players needs.
Today we’re going to cover The “Trader” Redemption Range. The reason the Trader Range is so important is because this prize range encourages players to keep playing in order to “trade up.”
The Trader Range covers any prizes ticketed between 250 and 1,250 tickets (based on our standard ticket values below). Think medium-sized items or toys, like Jumbo Tennis Balls— which is also one of our top performing prizes!
Who loves the Trader Redemption Range?
The players we’ve observed who prefer this redemption range are:
- Willing to “Trade Up” and play longer for select prizes rather than settle.
- Planning to win a particular prize before gaming. Hence, why your redemption area needs to be in tip-top shape and visible from the game room.
If you have any other questions about Trader Players or their favorite Redemption Range, give one of our Value Architects a call or visit PlayerTypes.com to learn about our ever-evolving Player Type System so we can guarantee you have the perfect Prize Value Mix.
It’s important to remember that every center needs a percentage of prizes from the Trader Redemption Range to satisfy customers who reach this ticket range but can’t quite get to the Saver or Super Saver Redemption Range.
For example: A guest earns 150 tickets during his visit. He decides to keep playing in order to win his desired prize — a Jumbo Tennis Ball!
Picking the Right Trader Prizes
Now that you know you should be buying (at least some) Trader Prizes, it’s important to know how to maintain a great selection of merchandise within this range:
- Pick items at varying ticket values within the redemption range. Make sure you have some lower ticket items, say between 300–400 tickets, and some higher ticket items — like Jumbo Tennis Balls— between 750–1250 tickets. NOTE: Ticket values based on Redemption Plus’ Standard Ticket Value. Values may vary from business to business.
- The Balls Category is a great options for finding popular Trader Prizes
- Also, utilize our Trader Prizes category online to find other great options
The Right Prize Value Mix = A Winning Business
As we said in the beginning, getting the right Prize Value Mix — having the right variety of prizes at varying ticket ranges to satisfy all your Players needs — is key to having a successful redemption program, and bottom line. Making sure you have the right amount and variety of Trader Prizes is important for every FEC & BEC. Over the next year we’ll continue to write about what makes the Trader Range (and the other Redemption Ranges) so important to your business, and how you can use our expertise to maximize your profits.
We know that getting your Prize Value Mix can be difficult: keeping track of trends, best practices, the science of merchandising and changes to customer behavior takes hours of effort.
If you’d like to get those hours back in your day to focus on building a better guest experience for your players (and a better bottom line), rather than choosing which prizes go where, we’re here to help.
It’s why we created our Prize Storyboards, or pre-merchandised plan-o-grams of prizes with the perfect Prize Value Mix for your business, refreshed twice a year. Each Storyboard is merchandised with a narrative in mind to engage your guests and make finding the perfect prize a piece-of-cake. It’s Easy. It’s Simple. It Works.
This is one of our favorite and most recent Prize Storyboards, Game On.
No more work picking prizes. No more hours spent choosing where they should go for maximum redemption. No more wasted time. Let us handle the hassle, while you focus on what you need to: managing an amazing business and guest experience.
If that sounds awesome to you, we encourage you connect with one of our Value Architects today and ask about our new Merchandising Solutions, using our new Prize Storyboards to eliminate waste and rework, give you back hours a week, and maximize your redemption economics for optimal return.
This article is by @Tabatha Bender, Connection Crusader at Redemption Plus.
Visit us at RedemptionPlus.com for more ways to #win.