How to Set Ticket Pricing for Your Trampoline Park?
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Pricing affects not only your overall revenue, but also how your trampoline park is positioned and perceived in the market. It’s one of the key factors for the long term success of your business.In this article, we will bring you some ideas on pricing and help you set up reasonable prices for your trampoline park.
When you finally manage to build up your own trampoline park and are preparing for the grand opening, one question lies ahead you would probably be “how to set ticket prices for my trampoline park?” “are there any strategies to help me on it?” or “what factors i need to take into consideration for ticket pricing?” Pricing affects not only your overall revenue, but also how your trampoline park is positioned and perceived in the market. It’s one of the key factors for the long term success of your business. In this article, we will bring you some ideas on pricing and help you set up reasonable prices for your trampoline park.
1.Do Market Research for Trampoline Park Ticket Pricing
First of all you need to analyze about your market. The “market” in a broad sense is about what kind of city your trampoline park is in? First tier, second tier city? Or some small cities? What about the population or demographics? How’s the cost of living situation? How much would the local people spend on entertainment monthly, etc. You will then have an idea about the reasonable price range. The “market” in a narrow sense is about the location of your trampoline park. Is it in the city center with surrounding shopping malls? Or in the suburb area? How’s the foot flow of the location? Easy for customers to reach your trampoline park (lots of transport choices like buses, subway, etc)? with a good parking lot or not? All these factors will influence your pricing. For example, if your park is in the city center, surely your pricing would be on the higher part of your price range; if in the suburb area, you will have to set lower prices to attract customers.
Read More about: Start A Trampoline Park: Market Research and Location Select
2.Local Entertainment Parks Competition Analysis for Ticket Pricing
Local competition analysis is the easiest but very efficient way for your to set ticket prices for your trampoline park. First of all, is there any other trampoline parks in your city? If yes, do some research about their prices. They’ve probably done some local market research, so you can refer to their prices and make some adjustments according to your own situation. What if there’s no trampoline park at all in your city? Congratulations to be the first one. Since you are the first one, comparatively you will have some advantage on pricing. Although you don’t have a trampoline park to “copy” pricing strategy, you still have a lot of similar entertainment parks to refer to. These entertainment parks like indoor playground/soft play park, FEC, big amusement parks, etc, are targeting same or very similar customers. You will learn customer’s receptivity on prices.
3.Set Ticket Prices According to Your Expected ROI
During your business plan period, you probably have in mind how long you expect a return on your investment. According to our experience, generally the time length shall be around 6-12 months, you can do a simple calculation to know what price range is reasonable to help you get your investment back within your expected period.
4.Ticket Prices as per Advantages of Your Trampoline Park
When you are setting ticket prices, you can evaluate what advantages your trampoline park have over others, the more advantages you have, the higher prices you can set. It’s just like you visiting a restaurant, when it’s a fancy one, you’d love to pay more for the food and service you get because your acceptance of prices is higher. You can evaluate from the following factors:
Park size, bigger than others?
Attractions included, attractive and novel?
Well-decorated or not?
Any extra services you can provide for customers?
5.Different Ticket Prices for Different Trampoline Park Operation Times
If you are running a trampoline park, you will have a strong feeling about the foot flow of week days and weekends or holiday. Trampoline park is an entertainment choice, not life necessity like restaurants. During the week days, you have very few players visiting your park because children or teenagers need to go to school and take care of homework while adults need to work. When weekends and holidays come, your park would be very busy, seeing customers come and go, it’s like eighty to ninety percent of your revenue are from weekends and holidays without exaggeration. You can set lower ticket prices during week days to encourage more visitors while set higher ticket prices for operation time during weekends and holidays for better revenue.
6.Prices for membership, Group Specials, Events and Birthday Parties
When you plan pricing for your trampoline park, you should consider not only the tickets prices, but also prices for membership, group specials, park events and birthday parties. The more customers buy membership card, you can ensure better foot flow of your park. Plan events regularly to encourage customers to revisit your parks. Birthday party in trampoline park is a very popular way for kids to celebrate their special day, so create a birthday party package and put a price for it. At the early stage of your trampoline park, you probably cannot set prices for all these, you can improve your pricing step by step.