A Small Footprint Can Mean Big Revenue
Virtual reality arcades can be a lucrative addition to any business, and there are three main ways they can impact revenue: by attracting new customers, increasing spend from existing customers, and improving the overall quality of the customer experience. In this article, we will focus on the first of these: attracting new customers.
To bring in new customers, a VR attraction is essential. It needs to be impressive enough to get people to leave their homes, travel to your business, and walk through the door. Many businesses already have anchor attractions, such as bowling lanes, laser tag, or trampolines which are the primary reason people visit. Some VR attractions can also serve this purpose.
But it's important to distinguish between arcade games and VR attractions. Arcade games are typically seen as casual, impulsive entertainment, while attractions are more planned and substantial experiences. VR arcades can convert existing customers, and these attractions bring in new customers. It can be difficult to measure the true earnings and return on investment of a new arcade game, as there are many variables that can impact weekly revenue, such as seasonality and competition.
To turn VR arcades into attractions, it's important to give them a prominent location in the business and to have well-trained, enthusiastic staff on hand to assist customers. Packaging the VR experience as an attraction rather than a single game can also be effective. For example, rather than charging per game per person, consider offering a package with multiple VR experiences or a VR escape room.
In summary, VR arcade games can be a valuable addition to any business, but to truly attract new customers, it's important to distinguish between arcade games and VR attractions and to position the VR experience as an impressive, planned event rather than a casual, impulsive activity.