As a final installment based around my blog, "How Long Will It Take to Pay for a FEC POS", I am going to discuss means to use the point of sale for revenue generation. As with any decent POS program, you have the ability to customize pricing and packages to meet your price list. However have you ever thought of:
Adding Automated Price Changes - Have you thought about having your prices change based on time and day? Think about it. What if you could have your prices change to adjust to the flow of your day? Slow time?...have your POS screen adjust to lower pricing. Are you busier during the evening? The point of sale can adjust and raise your prices without your intervention.
Creating a Customer Loyalty/Reward Program - Unless your name is Disney, or you reside in a strictly tourist location, your business more than likely survives on the retention of customers and the encouragement of spending by those customers. For example, many skating rinks offer free admission to entice customers to come skating, while knowing once they get there, the customer will pay for skate rental and concessions.
The same concept can be applied to any of the entertainment industries. By implementing a Customer Loyalty/Reward program you are essentially "rewarding" the customer for the repeat business by giving them something "free" (discounts, items, extra passes, free admissions, etc...), with the hopes of enticing them to spend more to get more. Through your POS, you can add a reward system which will definity generate additional revenue if marketed correctly.
Selling Your Admissions, Retail Items or Reserving Your Parties Online - Through our own internal research, we have estimated anywhere between 15-23% of all parties are reserved between the hours of 10pm and 10am when using our Online Reservations. If you take that potential increase, and then consider that in today's world, most people would prefer to purchase online, even during the day; the amount of revenue generated could easily exceed 30%.
Retail sales online can be even greater. Of course it would require some creativity on what to sell; however the tendency to buy online is too great to ignore. Whether it is birthday/holiday gifts, start of school, or simply a personal want, it is so much easier to go online, spontaneously purchase from your favorite store, and wait for it to be delivered.
Additional Marketing Tools - Utilizing your point of sale to the fullest of potential can also assist in marketing. By collecting email addresses in your customer database through multiple means, including party reservations, electronic invitations, membership creation, etc..., you can utilize the information to direct marketing towards specific targets. Want to send birthday emails for everyone with a birthday in December?, export the list right out of your POS into your favorite mass marketing tool.
How about adding digital signage to your facility and cross marketing internally? For example, create a digital menu board for your concessions area, and on the sign, include advertisements for upcoming events, other attractions, or packages you are wanting to encourage purchase.
How well do you track your coupons? Do you know how well your marketing efforts are working? Your POS should be able to tell you exactly how many, from where, and how much the transactions were worth for every coupon or groups of coupons. How else would it be beneficial?
These are certainly only a small list of the ways a FEC POS can assist you in generating revenue. Based on your history, what other ways have you used your point of sale to your advantage? We would love to hear your story!!