Redemption Choices to Earn AND Purchase

The purpose of redemption games is to reward the players with tickets, points, tokens, etc. based on their performance. Their performance is greatly determined by the games that catch their eye. Typically, games with colorful graphics in combination with simple concepts yet difficult-to-master mechanics, have always seemed to be the favorite option. At the end of each game segment, a determined amount of the symbolic currency is dispensed so the player can either save up for a big prize or choose to exchange it all at once for a smaller reward.

Redemption Counters have many choices to earn products by playing redemption games. However, it can also be a great place to sell products too.?You are not optimizing revenue if you aren’t thinking outside the box.

Redemption Counters are a huge part of your business. Your guests are guaranteed to stop by to see what they “earned” before leaving. Therefore, they are great places to provide eye-catching prizes; from small trinkets to large electronic games like Xbox systems, ipads or tablets. You may also have some products you can sell from your facility or branded merchandise of your park in your redemption counter. If you can use it as a marketing strategy, why not! The sky's the limit!?

Choosing the right prizes for your ticket redemption counter efficiently comes down to studying your target demographic! You need to stock your counter to suit these numbers. For instance, if your visitors are largely children under 10 years old, you should have a large variety of prizes that appeal to smaller children. If your demographic shows teens are your frequent players, then you’ll need to get a little more crafty and choose cheap yet trending items that they’ll strive to earn.?

Here’s a fact; having impressive prizes for all players at your redemption counter, will make your profits soar! Visitors will sink more and more money into those games in order to save up for the “preferred” prizes.?

Just be certain to follow a couple of simple rules to maximize your return. The price of the items must always exceed the cost of the prizes. Make sure that you more than cover the price of the product if you sell retail products at the redemption counters.?Be sure to have differentiated products to earn and sell at the redemption counters so that your team members know the difference.

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.