Four Key Figures You Need To Know About Your Leisure or Entertainment Business

We make no secret of the fact we’re huge on data here at BookNow – having good data, and more importantly, knowing how to interpret that data allows you to make the most informed decisions possible when it comes to your business. 

Additionally, when armed with this information, you can strategically plan your whole buyer process – so from the point someone begins considering your venue as a place to visit, how to drive them to book via your website, the pricing model you operate for when they book, and what particular items to upsell and so forth. 

Below are just four metrics we think you should know and why you need to know them, both for your industry in general but also some which will be bespoke to your business. 

Choosing marketing channels – Average age of venue guests

Using waiver information, you should be able to work out the average age of your guests and get a gauge of your three most popular age groups. 

This information is important because it helps you shape how your brand and venue is tailored to your best performing demographics. It also helps you understand how you should be marketing your business, and the channels you should be on – for example have you considered if TikTok would be the best social media channel for you to market on? We know from data it’s popular with a younger demographic, so could it be worth investing some of your time and ad spend on the platform?

Business perception – Average review score

Did you know that 82% of people read reviews on local businesses before visiting? This shouldn’t be surprising as I’m sure you yourself look at reviews before deciding what restaurant to visit, or what the verdict on those new running shoes is. We as consumers love to be informed. This makes it so important to ensure you offer a great customer experience that’ll likely increase your odds of a good review. 

We’d also encourage you to put CTAs for reviews on follow up emails and correspondence as often possible – people often need a nudge to leave a good review, whereas it’s human nature to be much more inclined to review if you have a negative experience. In fact, consumers are 21% more likely to leave a review after a negative experience than a positive one, so it’s important you do as much as you can to ensure that reviews don’t skew in a way that isn’t a true reflection of your business.

We’d also recommend responding to as many reviews as you can, it is a great look for your business to do so and the data shows us that 89% of customers consider how a business responds to reviews

Maximising revenue – Which periods are your best sellers

Using the data available from your booking and management system you should be able to view what your best selling periods are – both from when consumers actually make the booking and the period they’re booking to attend. 

In the first instance, knowing when consumers make bookings through your website most often will allow you to be hyper-specific with your marketing, running ads on Google & social media or sending out marketing emails when it’s statistically your most likely time to convert people into customers. 

Then following on, knowing your most busy periods from the data will allow you to be strategic with your pricing, ensuring you’re maximising what you can charge guests during the busiest times as well as knowing how many staff you’ll need, and ensuring additional stock is available of second line spend items. You can then also consider dropping the price of quieter periods to try and encourage increased footfall during these slots.

Having complete insight into your guest behaviour in the two instances above ensures your marketing spend and time is being used most efficiently, and you’re not missing out on any additional revenue from guests. 

Getting customers back – Your revisitation rate

Revisitation rate is a topic we cover a lot, because it’s so important to the long term survival and growth of your entertainment or leisure business. To recap, revisitation rate is defined as your total customer pool (live waivers on a rolling 12 month basis) divided by your total annual ticket sales. As an example, should you have an existing customer pool of say 300k and 600k annual sales, your rate would be 2.0.

As a rough gauge of how to interpret your revisitation rate data, we suggest following the below as a rough guide of how your venues are performing. 

Growth periodTime to re-investPotential for business closure
21.4 – 1.5Under 1

You can read more about revisitation rate in our in depth article here. Using revisitation rate as a key performance indicator helps you to know the health of your business, and at what point it’s time to reinvest – ignoring this can be catastrophic to your business.

Understanding consumer behaviour and how they interact with your business can allow you to ensure the long term performance growth of your venues. We’re lucky to live in a time where we’ve never had so much data and information readily available to us, painting the whole customer journey – knowing how to interpret and use this data will ensure you run a business that’s profitable.

To find out more about BookNow’s reporting and data analytics tools, just get in touch via the form below.

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