Matt Ouimet, the newly named chief executive officer, credited their high-quality, well-maintained parks, as well as strong brand positioning, as the primary factors in their positive momentum. They have experienced two years of record attendance, as well as continued awards at two of their properties, Cedar Point and Kings Island.
"We believe we offer our guests compelling value by providing wholesome, exciting, quality experiences with the greatest thrill rides and family attractions, which is an especially strong entertainment proposition in today's discerning consumer market," Ouimet stated.
The components of the FUNforward strategy are as follows:
- Enhanced guest experience - They want to continue to focus on providing a great value for the price paid at every single park, every single day, and are committed to adding more rides and attractions, including expanding evening event activities to extend the amount of time that people spend at their parks.
- Improved consumer messaging and relationship management - They want to modernize sales and marketing so that they stand out and create an emotional connection that drives visitors to the parks.
- Dynamic pricing and advance purchase commitments - They want to take their e-commerce solutions to the next level to compete with other sites in the amusement industry, while continuing to support and enhance season pass sales and up-sells.
- Premium product offerings - They want to expand their current offers to include enhanced premium experiences which includes upgraded parking, dining, and fast lanes, to mention a few things.
- Strategic alliance fees and promotional leverage - They want to expand promotional offerings and strategic alliances, without affecting the guest experience.
- Capital and expense productivity - They want to focus their capital on high-return investment ventures and encourage manufacturers to find ways to lower costs while continuing to innovate, as well as start using undeveloped land to drive additional park attendance.
What it all boils down to, is that the long term goal of Cedar Fair is to create a balance between thrill rides and family attractions at all of their properties with the hope that they can continue to drive their positive financial and attendance numbers.
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