Relying on just one main revenue stream is like baking a cake but leaving out the icing—you’re putting in a lot of effort but still missing out on the full experience! For attraction operators, sticking to a single source of income isn’t just risky; it limits your potential. Instead, diversifying your offerings is the key to boosting your overall spend per guest, reaching new audiences, and ensuring a steady, year-round cash flow.
Understand your audience to unlock opportunities
You can’t meet your guests’ needs if you don’t fully understand who they are. Knowing your audience is the key to uncovering opportunities to enhance their experience and increase revenue. Families with young kids may appreciate stroller rentals or kid-friendly meal options, while teenagers might be drawn to Instagrammable moments or unique souvenirs.
By identifying the specific needs of your guests, you can offer products and services that increase their spend while making their visit more enjoyable. Remember, the more tailored the experience, the higher the chances of driving additional revenue.
Actionable advice: Create guest personas
Start by creating detailed guest personas to represent your key customer segments. For example, a “Busy Parent” persona might need stroller rentals, quick meal options, and convenience-driven services. Once you know these personas, you can develop services and products that meet their needs through their customer journey.
Tools: Here’s a handy free Hubspot Template to help get you started.
Map journeys and identify revenue waypoints
Your venue is full of opportunities to increase revenue, but you need to be strategic about where and when to present them. Guests’ spending behavior can be influenced at various touchpoints during their visit, such as parking, admissions, food, and gift shops. The trick is to identify where guests naturally open their wallets and find ways to maximize those moments.
For instance, if you offer rentals or add-on experiences near high-traffic areas, you’re likely to capture more interest. By planning the guest’s journey and strategically placing upsells, you can increase the total spend without overwhelming them.
Actionable advice: Conduct a journey audit
Perform a full audit of your guest journey. Walk through the venue from their perspective and note down every moment where they could be offered something extra. Whether it’s a merchandise stand by the entrance or snack kiosks at the busiest spots, this will help you identify all your revenue waypoints.
Tools: If you use Canva (it’s free), they have a range of customer journey templates.
Appeal to a broad range
Attraction operators often miss the opportunity to diversify by targeting a demographic that is too narrow. To reach a broader audience, consider offering experiences for different groups. For example, sensory-friendly hours, or all-abilities activities can make your venue more inclusive and appealing. Special days for Defence Force or Union families can also attract a loyal and appreciative crowd.
Broadening your appeal doesn’t just increase foot traffic; it creates new revenue streams from guests who might otherwise have felt overlooked.
Actionable advice: Launch targeted events
Try hosting a targeted and ticketed event once a month. For instance, plan a sensory-friendly day or offer discounts to specific community groups, like first responders. Track attendance and feedback to see which events resonate most and could become regular offerings.
Test and iterate
Not every new idea will be a guaranteed success, but that’s okay. The key is to test new offerings quickly, gather feedback, and adapt based on what you learn. Whether it’s experimenting with rentals or introducing session-based passes, launch initiatives, monitor the results, survey and talk to your guests, and be ready to pivot when needed.
The quicker you iterate, the sooner you’ll find what works best for your audience. This kind of flexible approach helps you stay responsive to guest needs and market trends.
Actionable advice: Set up quick pilot programs
When you have an idea for a new revenue stream, test it with a short-term pilot. Set clear goals and timelines, then gather feedback from guests and staff. Analyze the results to determine whether the offering should be scaled, adjusted, or shelved.
Tools: ROLLER's GX Score is a fully integrated survey tool that will help you collect and analyze guest feedback.
Bundle and upsell
People love a good deal, and bundling products or services is a great way to encourage bigger purchases. Think about offering session passes that include food and beverage options or experience packages that give guests more bang for their buck. Make sure to highlight these bundles during the online booking process, where people are already in a buying mindset. Smart upselling at this stage can significantly increase the average spend per guest.
Actionable advice: Create personalized upsells
Set up your booking platform to recommend personalized upsells based on guests’ purchases. For example, if someone is booking tickets for a family, offer discounted meal packages or a Family Essentials retail pack as add-ons. The more relevant the upsell, the more likely they are to bite.
The LUME in Melbourne, Australia, achieved a 7% increase in revenue by including customized add-ons through ROLLER – take a look!
Explore creative new revenue streams
Your venue doesn’t have to be limited to its primary function. Think about how you can use the space for new revenue streams, especially during quiet periods. From weddings to product launches or even viral video shoots, your venue could become a multi-use destination that attracts a completely different clientele.
Marketing your venue for creative uses not only boosts revenue but also introduces your space to new audiences who may return for your core offerings.
Actionable advice: Build a multi-use marketing plan
Develop a marketing plan that highlights your venue’s potential for non-traditional events. Reach out to local event planners or production companies to showcase what makes your space unique. Consider offering discounted rates during off-peak times to attract more bookings.
Collaborate with big events
Partnering or just aligning with major events in your area is another effective way to diversify revenue. Imagine hosting a pre-party for a large festival like SXSW or offering special packages for event-goers. Aligning your venue with these big-ticket events allows you to tap into their audience, creating excitement and boosting revenue without having to organize the main event yourself. It’s a low-effort, high-reward strategy that positions your venue as a go-to destination during event season.
Actionable advice: Partner with local festivals
Start by building relationships with organizers of large festivals or conferences in your area. Offer your venue as a pre-event space or partner for special promotions. Include package deals that combine admission to your venue with access to the larger event for extra appeal.
Read this next: A Guide to Local Partnerships for Entertainment Businesses
Sweating the asset
If you’re going to implement just one idea from this list, make it this one! Sweating the asset is all about maximizing the potential of your existing space and resources. From after-hours events to renting out underused areas, there are countless ways to make your venue work harder for you without significant additional investment.
By thinking creatively and fully utilizing every aspect of your venue, you can drive up profitability and make the most of what you already have.
Actionable advice: Maximize off-peak times
Look at your venue’s schedule and identify underused time slots or spaces. Could you host a private event, corporate function, or even a local pop-up market during these times? By filling in the gaps, you can generate revenue during periods when your venue would otherwise be quiet.
Venues like iFLY Indoor Skydiving offer exclusive access for Military and Defence forces training late evenings, and professional flyer discounts in low demand periods.
Final thoughts
Relying on a single revenue stream may feel comfortable, but it’s a risky long-term strategy. Diversifying your offerings can help you reach new audiences, increase spend per guest, and protect your business from seasonal fluctuations. With a little creativity, actionable testing, and strategic partnerships, you can build a resilient and profitable venue that thrives year-round.
