5 Steps to Win Over Your Competitor’s Customer Base

The big question that we are always wondering in this industry is, “Can I compete with my competition?” The answer is “Of course, you can!” You just need an edge. Your company needs a game plan to systematically employ in order to gather the needed data to evaluate the competition and elevate your business higher than theirs. How? Here are 5 steps to remember in order to lead your competitor’s guests into your establishment:

1. Survey the competition within a 5-20-mile radius of your park or FECs location. Then, review their attractions, rides, arcade games, food offerings, retail sales opportunities, pricing, pricing strategies, combination pricing, cleanliness, recent remodels & upgrades, new management culture, etc. Everything matters!
2. Determine what similarities and differences your competition has to your park. Basically, what makes your business different from theirs? The goal here is to find the strengths that your park has over competitors while also understanding the weaknesses in order to fix them. If your attractions are different, then that is your competitive edge! Use it to your advantage and market it. If nothing is different from your competitors, then you need to create differences that will set your park apart from theirs.?
3. Presentation: Is your park clean, well maintained, do all of your attractions & games look great, and does your park have better customer service? If so, then that’s a winning presentation!
4. Make a difference. How do you create new things that the other competitors do not have? That’s simple, provide options; people want choices. How about memberships with various discounts to attractions, events and games? Loyalty programs to keep the guests coming back. Learning regular guests by name and calling them by name every time they come in to visit your establishment so they feel important? Be creative, and the guests will notice the differences you are making to be better than your competitors.?
5. Research! Yep, that’s right. That means that you have to get out and “regularly visit your competition.” Trust me, if they are good at what they do, they’ll be doing it to you too. If not, they will be out of business soon! You’ve got to see what your competition is doing and how they are doing it firsthand, that is the only way to give your business a solid advantage. Soak in the experience and retain all the information you can. Atmosphere, customer service, quality of service and food, value, cleanliness, and yes, what are the guests enjoying the most? These right here are the keys to success over your rival.

07-09-22

?Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($55B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 (and on track to be a 250% increase in 2022).?

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

?Additionally, Tim is a Board Director with Coney Park, Happy City, and YuKids - Family Entertainment & Amusement Parks, part of The Carlyle Group ($275B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America.?

?Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.?

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.?With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

?Tim is a member of IAAPA, CAPA, FAA, AAMA & WWA. He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and?an MBA in Finance from Orlando College.