Out-of-Home Entertainment – Bloody Red Ocean
If you aren’t in a bloody red ocean of competition, wait for it… wait for it… because it IS coming!!! And don’t forget we are also in a full blown Battle Royale with in-home and digital entertainment, which is far more addictive and habit forming than what our out-of-home entertainment centers are currently providing.
How do we escape or avoid getting trapped in the bloody red ocean?
To escape, we have to create dramatically better and truly unique attraction experiences and/or services. This is not an easy task and it takes just as much work and courage to accomplish as surviving in a bloody red ocean. But, the benefits of escaping the bloody red ocean are far more profitable and rewarding.
It’s important to note that dramatically better and unique doesn’t mean 10, 20, or even 50% better. The typical customer can’t see 50% better.
Many people will notice 2x better and truly unique, but only 10x will get noticed by everyone. By the way, 2x better is not as noticeable as 2x better and 2x unique. The unique part is just as important as the better part.
Be honest – right now are you offering anything that is 10x or even 2x better and unique compared to what other out-of-home and in-home entertainment competitors are offering???
Remember, it doesn’t matter what we think – what matters is what our current and future guests think about our attractions and services.
Important note, more mediocre entertainment offerings under one roof will not make us more competitive.
More mediocre attractions and services will only increase the number of competitors we are competing with.
Some of our toughest competitors are or will be those who focus relentlessly 24/7/365 on just one or two key attractions and/or services.
Definition of mediocre = any attraction or service that is similar or comparable to what our industry is currently offering.
Definition of dramatically better and unique = any attraction or service that is at least 2x better and 2x unique when compared to what our industry is currently offering.
Long-term the only way we avoid bloody competition is to focus on creating attraction experiences and/or services that are dramatically better, truly unique, and exclusive to our centers (i.e. proprietary attractions and/or services, radius protections, territories, high-quality upgradeable attractions, recognizable brand, etc).
My next post will provide a few examples of what you can do to start the process of becoming dramatically better and truly unique as well as the challenges you will face when striving to create superior attractions and/or services.
To be continued…
Thanks for reading,