Demographics: Essential for Success

Knowing your demographics is essential to running a successful business. The main goal of any business is to appeal to the loyal and potential customers. If you don’t, then you can’t supply what they need and want. Thus, giving other businesses a leg up by allowing them the opportunity to take your client base.

A Need-To-Know Basis

So, what do you “need” to know about your demographics? Everything! Don’t leave anything out! Learn everything you can, do not miss an opportunity to turn that profit. Remember, a lost “potential” or “existing” customer is lost revenue.?

Within the knowledge of what people are searching for, lies the market for selling your product and services to grow bigger and better than your competition. How do you do this? Well, let’s use the food and beverage services that we provide in our line of work as an example.

No restaurant, bar, cafe, deli etc. can survive without continually and reliably attracting new customers. Places to eat and drink are a dime a dozen. Four things to always consider in order to make this a booming part of your FEC or Theme Park are:

• Location
• Concepts
• Marketing
• (And yes,) Demographics

Demography and its Importance

The entire method of this systematic study relies on data that includes age, race, marital status, gender, education, employment and income. When a demographic study is conducted for people in your area, individuals searching for your “type” of facility, and tourists, you can come up with the winning combination. That means you will know what each group of people are looking for when considering their prime destination. If you offer more of what they want, they will choose you!

What do I mean by “more?” If you have the appropriate demographic data coming into your Theme Park or FEC then you will know more about what your customers really want. Such as; what each age group likes to eat and drink, the types of atmosphere they generally prefer, and what kinds of deals or specials will entice them to come and enjoy your facility over the other places competing for their business. That is the winning combination for success.?

How Complete is Your Data?

Each area of our entertainment industry should be reliant on these studies in order to keep up and stay ahead of the curve. People are just crazy with travel fever right now, after the pandemic. Only the strong will survive. You owe it to the future of your business to appeal to every customer you can. They want a great experience, you have to show them that you can provide the best services around. What are you currently doing to attract those customers and lure them back in? More importantly, after the pandemic, how have these demographics changed for your FEC and what are you doing to adapt to our new societal changes?

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.