7 Essential KPIs for Amusement Parks: How to Track Your Success

As someone who has started and run many businesses, I know that tracking and measuring key performance indicators (KPIs) is crucial to success. When it comes to amusement parks, there are several KPIs that are particularly important to monitor.

Take, for example, average ticket sales per visitor. This metric provides insight into how much each person is spending at the park and can help you make informed decisions about pricing and promotions. Similarly, percentage of repeat visitors can indicate the success of your marketing efforts and the overall customer satisfaction.

• Total revenue generated from concessions sales
• Percentage of visitors who purchase merchandise
• Number of rides and attractions
• Average wait time for rides
• Employee satisfaction level

Keeping track of these KPIs can help you make data-driven decisions to improve the customer experience and increase revenue. So, let's dive into the top seven amusement park KPI metrics and how to track and calculate them.

Average ticket sales per visitor

As an amusement park owner or operator, you need to track the revenue generated from your ticket sales to ensure your business is profitable. One metric that can help you understand how much revenue your park is generating per visitor is the Average Ticket Sales per Visitor KPI.

Definition

The Average Ticket Sales per Visitor KPI is the average amount of money spent on tickets per visitor to your amusement park.

Use Case

This KPI can help you understand whether your ticket prices are appropriate for your target market and whether visitors are willing to pay for the experience your park offers. It can also help you identify areas where you can improve revenue generation, such as by introducing special deals or promotions.

How To Calculate KPI

Calculation Example

KPI Advantages

• Helps measure the effectiveness of ticket pricing strategies
• Provides insight into visitor spending habits
• Can be an indicator of overall revenue generation

KPI Disadvantages

• Does not account for revenue generated from other sources (such as concessions or retail sales)
• Does not take into account the cost of running the amusement park
• May not be as useful for seasonal parks or those with fluctuations in visitor numbers

KPI Industry Benchmarks

Based on industry research, the average ticket sales per visitor in 2020 was $20. This can vary significantly based on factors such as location, type of park, and time of year. It is important to compare your park's performance against benchmarks specific to your industry.

Percentage of repeat visitors

As an amusement park owner, your main focus is to attract as many visitors as possible. Percentage of repeat visitors KPI is a key performance indicator that helps you to measure how many visitors are visiting your park again and again. Tracking this KPI can help you to understand how loyal your customers are to your park and how successful you are in generating repetitive visits.

Definition

Percentage of repeat visitors KPI measures the number of unique visitors who return to your park within a certain period. This metric tracks how many people come back to your park, indicating their level of satisfaction with your park facilities and services.

Use Case

It's essential to track Percentage of repeat visitors because it helps you to understand the satisfaction level of your customers. If the number of repeat visitors increases, it means your visitors enjoy coming back to your park. It can also help you to identify any issues that visitors may have, such as long waiting times or inconvenience at certain attractions.

How to Calculate KPI

To calculate Percentage of repeat visitors, you need to have two figures - the total number of unique visitors to your park and the number of those who came back. Once you have these figures, use the following formula:

Calculation Example

If your park had 100,000 unique visitors and 20,000 of them returned, the calculation would be:

KPI Advantages

• Measures satisfaction level of your customers
• Helps to identify any issues visitors are experiencing at your park
• Determines how successful you are in generating repetitive visits

KPI Disadvantages

• Not accurate for measuring customer behaviour when they are on vacation or not local to the area
• It can be difficult to identify unique visitors in certain situations, such as family passes or group tickets

KPI Industry Benchmarks

While the percentage of repeat visitors may vary based on the park type or location, it's essential to keep track of industry benchmarks. According to the International Association of Amusement Parks and Attractions (IAAPA), the average percentage of repeat visitors for regional parks is around 60-70%.

Total revenue generated from concessions sales

As an owner or manager of an amusement park, it is crucial to track the performance of your business. One key metric that you should keep an eye on is the total revenue generated from concessions sales. In this blog post, we will look at what this metric entails and how you can track and calculate it.

Definition

Total revenue generated from concessions sales refers to the amount of money that a park earns from selling food, drinks, merchandise, and other products to visitors. This KPI includes any income generated from vending machines, gift shops, restaurants, and other food and beverage outlets within the park.

Use Case

This KPI is vital for any park that generates a significant portion of its revenue from food and beverage sales. It allows managers to see how the park’s concessions are performing and make data-driven decisions on how to optimize sales and maximize profits. It can also help identify trends in customer buying patterns, which can inform decisions on pricing, menu offerings, and promotions.

How to Calculate KPI

To calculate this KPI, you need to add up the revenue generated by all the food and beverage outlets within the park. This includes sales from vending machines, gift shops, restaurants, and other outlets.

Calculation Example

For example, suppose your park generates $50,000 from restaurants and $50,000 from merchandise sales. In that case, the total revenue generated from concessions sales is $100,000.

KPI Advantages

• Helps identify trends in customer buying patterns
• Allows managers to make data-driven decisions on pricing, menu offerings, and promotions
• Enables you to track the performance of your food and beverage outlets
• Provides insight into how much revenue your park generates from concessions sales

KPI Disadvantages

• Does not factor in the cost of goods sold
• Does not consider profitability
• May not provide a complete picture of the park’s performance

KPI Industry Benchmarks for the KPI: 'Total revenue generated from concessions sales'

According to industry benchmarks, the average revenue generated from concessions sales in a theme park is around $35 per guest. This figure varies depending on the park size, location, and attractions offered.

Percentage of visitors who purchase merchandise

One of the key metrics for an amusement park is determining the percentage of visitors who purchase merchandise. This KPI can help measure the effectiveness of marketing efforts and the overall consumer experience.

Definition

The percentage of visitors who purchase merchandise is the number of people who buy goods or souvenirs at an amusement park, divided by the total number of visitors.

Use Case

To improve and optimize sales at an amusement park, it is important to track the percentage of visitors who purchase merchandise. This KPI provides insights into purchase behavior and can help determine the success of branding and marketing efforts. It can also help identify any areas for improvement in product offerings or pricing.

How to Calculate KPI

To calculate the percentage of visitors who purchase merchandise, use the following formula:

Calculation Example

Let's say an amusement park has 10,000 visitors in a day and 2,000 of them purchase merchandise. To calculate the percentage of visitors who purchase merchandise, use the following formula:

Therefore, the percentage of visitors who purchased merchandise is 20%.

KPI Advantages

• Helps optimize pricing and improve product offerings
• Provides insights into purchase behavior and the success of branding and marketing efforts
• Helps identify areas for improvement and increased revenue

KPI Disadvantages

• The KPI may not take into account visitors who purchase merchandise outside of the amusement park (such as online) or for people buying merchandise on behalf of others.
• Does not measure the profitability of merchandise sales.

KPI Industry Benchmarks

The average percentage of visitors who purchase merchandise varies depending on the amusement park and its offerings. However, industry benchmarks indicate that the average percentage ranges from 15% to 25%.

Number of Rides and Attractions

The number of rides and attractions is one of the top KPI metrics to track the performance of an amusement park. In this chapter, we will discuss the key aspects of this metric and how to calculate it.

Definition

The number of rides and attractions KPI measures the total number of rides and attractions available in an amusement park. This KPI is crucial for park owners and operators to keep track of the diversity and quantity of facilities available for visitors. A high number of rides and attractions translate to higher visitor engagement and satisfaction.

Use Case

The number of rides and attractions KPI can be used to analyze the diversity of facilities available in the amusement park, helping investors and managers to understand how much money is needed annually to improve or maintain the park's current attraction offerings. This KPI can be used to analyze trends across the industry, and to help amusement park owners keep up with new technologies and trends. A park that does not exhibit major changes in the number of rides and attractions over time could suffer in terms of visitor numbers.

How To Calculate KPI

The formula for calculating the number of rides and attractions KPI is:

Calculation Example

For instance, consider that an amusement park has 45 rides and 20 attractions. The total number of rides and attractions would be:

KPI Advantages

• The metric provides an overview of the range of rides and attractions available at the park.
• Identifies potential problems early and indicates areas where additional developments or refurbishments may be needed.
• Helps in forming a clear strategy to improve the park's facilities in the off-season.

KPI Disadvantages

• The number of rides or attractions can be misleading as it does not account for visitor satisfaction.
• It does not provide detailed information about the quality of the rides or attractions.
• It does not take into account external factors, such as the weather conditions, which could impact visitor numbers.

KPI Industry Benchmarks

Industry benchmarks for the number of rides and attractions vary depending on the park's size and location. However, according to the International Association of Amusement Parks and Attractions (IAAPA), the average number of attractions in a park ranged from 33-36.

Average wait time for rides

When it comes to measuring the success of an amusement park, one of the most essential KPI metrics to track is the average wait time for rides. In this section, we will take a closer look at this KPI metric, including its definition, use case, how to calculate and interpret the results, as well as industry benchmarks.

Definition

The average wait time for rides KPI metric measures the average amount of time that riders spend waiting in line for a particular ride, attraction, or set of attractions at an amusement park. This KPI metric helps parks understand how effectively they manage their guests' expectations and how well they optimize the capacity of their rides.

Use Case

Amusement park managers and owners use the average wait time for rides KPI metric to track and optimize guest satisfaction and ride capacity. By monitoring this KPI metric, parks can adjust staffing levels, ride capacity, and queue management to reduce wait times and improve guest satisfaction levels.

How To Calculate KPI

To calculate the average wait time for rides KPI metric, the park's management team needs to track two data points: the total number of guests who rode the attraction or attractions and the total amount of time they waited in line. The formula to calculate this KPI metric is:

Calculation Example

Suppose that an amusement park operates a popular roller coaster attraction and that this ride accommodates 2,000 guests per hour. In one day, this attraction had 8,000 riders, resulting in 16,000 minutes (8,000 riders X 2 minutes average wait time) of waiting time. Using the formula above, we calculate an average wait time of 2 minutes.

KPI Advantages

• The average wait time for rides KPI metric is an excellent measure of guest satisfaction levels, which is critical to success in the amusement park industry.
• This KPI metric highlights opportunities to improve queue management and staffing levels to enhance ride capacity and reduce wait times.

KPI Disadvantages

• It may not be feasible to track this KPI metric for all rides, and even for rides that can be tracked, the data may be difficult to collect and evaluate.
• This KPI metric fails to capture guest satisfaction unrelated to wait times or ride capacity.

KPI Industry Benchmarks

According to the International Association of Amusement Parks and Attractions (IAAPA), the average wait time for rides varies depending on park size, ride capacity, and several other factors. On average, parks aim for a wait time of 30 minutes or less, but some of the most popular rides may have wait times of an hour or more.

Employee satisfaction level.

Employee satisfaction level is a crucial KPI metric to track for any amusement park. A satisfied employee is a productive employee; therefore, ensuring employee satisfaction helps improve overall park operations and, ultimately, the visitor experience.

Definition

The employee satisfaction level measures how content, happy, and motivated the park employees are in their roles. Even though it doesn't have a direct effect on amusement park revenue, it is a vital component of any successful business. Measuring the employee satisfaction level helps the park management identify areas where they need to make changes and improve employee engagement.

Use Case

Employee satisfaction level is a useful KPI in amusement parks because it helps in predicting employee turnover rate, attendance, and overall job satisfaction. By measuring employee satisfaction level regularly, park management can improve workplace practices, reducing absenteeism, turnover rate, and increasing productivity and motivation.

How To Calculate KPI

To calculate employee satisfaction level, park management needs to conduct surveys, which include questions on employee overall job satisfaction, job security, compensation, training, social life, and culture and management. These surveys can be anonymous to encourage accurate feedback without any bias.

Calculation Example

Let's assume that an amusement park has 500 employees, and they conduct a survey on employee satisfaction level, and 350 employees have responded. Out of those, let's say 280 employees are satisfied with their job. To calculate employee satisfaction level:

KPI Advantages

• Identify pain points: Measuring employee satisfaction level helps park management identify areas where they need to make changes and improve employee engagement to ensure a happy and motivated workforce.
• Reduce turnover rate: A satisfied employee is less likely to quit, resulting in reduced employee turnover rate.
• Improve productivity: A happy and content employee is more productive, leading to a better park experience for visitors.

KPI Disadvantages

• Subjective: Employee satisfaction level is a subjective measure and can have different interpretations by different employees.
• Incomplete reflection of employee engagement: Measuring only employee satisfaction level may not give a complete reflection of employee engagement, and management might need to conduct additional surveys to ensure overall employee engagement.

KPI Industry Benchmarks

Industry benchmarks for employee satisfaction can vary based on the industry, job type, and employee age. However, the standard baseline for employee satisfaction level ranges from 70% to 90%, depending on the industry.