Insured Risk Promotion

D

Drater

AzB Silver Member
Silver Member
This might be better suited to the Room Owners forum, but like everyone else, I'm posting it here in hopes it gets more visibility. If the mods see fit to move it, that's fine.

As a room owner, I'm always looking for ways to draw people into the bar. And as much as possible I like special events or what-not to be pool-related.

One idea is to have an "eight on the break" promotion. Where if somebody does, they win a new pool table.

I don't have all the logistics worked out, but basically entrants would buy a raffle ticket for a few bucks per, and we'd call out 1 number every hour until the end of the night, or until somebody snaps in the eight.

Obviously, we'd never make enough money on raffle ticket sales or bar/food sales to cover the $4k+ for a new table, so the way we'd hedge this bet is by taking out an Insured Risk policy.

Believe it or not, there are insurance companies that will insure you against a loss based on statistics. The more likely something is to happen the higher the rates. The general idea is that you're only out the insurance premium.

All that boring crap aside, have any of the room owners here ever done something like this? Or even, have any of you done something like this in another line of business?

I'm also wondering how your business was on the day this took place, and any input you might have.
 
Drater said:
This might be better suited to the Room Owners forum, but like everyone else, I'm posting it here in hopes it gets more visibility. If the mods see fit to move it, that's fine.

As a room owner, I'm always looking for ways to draw people into the bar. And as much as possible I like special events or what-not to be pool-related.

One idea is to have an "eight on the break" promotion. Where if somebody does, they win a new pool table.

I don't have all the logistics worked out, but basically entrants would buy a raffle ticket for a few bucks per, and we'd call out 1 number every hour until the end of the night, or until somebody snaps in the eight.

Obviously, we'd never make enough money on raffle ticket sales or bar/food sales to cover the $4k+ for a new table, so the way we'd hedge this bet is by taking out an Insured Risk policy.

Believe it or not, there are insurance companies that will insure you against a loss based on statistics. The more likely something is to happen the higher the rates. The general idea is that you're only out the insurance premium.

All that boring crap aside, have any of the room owners here ever done something like this? Or even, have any of you done something like this in another line of business?

I'm also wondering how your business was on the day this took place, and any input you might have.
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Well, thinking about it, I can see where you could do it another way. Hold a weekly raffle and get say 5 to 10 winners. They buy in all week and on Saturday you draw the names. Do it for four weeks and then all the winners are there, with all their friends. Make a monthly prize and have the table as the yearly prize. With 12 people trying to win the table. This way you cover the cost of the insurance and draw the people to see the event. Just sayin'

Dwight
 
Drater said:
This might be better suited to the Room Owners forum, but like everyone else, I'm posting it here in hopes it gets more visibility. If the mods see fit to move it, that's fine.

As a room owner, I'm always looking for ways to draw people into the bar. And as much as possible I like special events or what-not to be pool-related.

One idea is to have an "eight on the break" promotion. Where if somebody does, they win a new pool table.

I don't have all the logistics worked out, but basically entrants would buy a raffle ticket for a few bucks per, and we'd call out 1 number every hour until the end of the night, or until somebody snaps in the eight.

Obviously, we'd never make enough money on raffle ticket sales or bar/food sales to cover the $4k+ for a new table, so the way we'd hedge this bet is by taking out an Insured Risk policy.

Believe it or not, there are insurance companies that will insure you against a loss based on statistics. The more likely something is to happen the higher the rates. The general idea is that you're only out the insurance premium.

All that boring crap aside, have any of the room owners here ever done something like this? Or even, have any of you done something like this in another line of business?

I'm also wondering how your business was on the day this took place, and any input you might have.
Click to expand...

Interesting idea but I would be careful giving away pool tables. After all, you want the people to play pool at your spot, not in their basement. Maybe you can scale it down some and do it for a nice custom cue???
 
BigDogatLarge said:
Well, thinking about it, I can see where you could do it another way. Hold a weekly raffle and get say 5 to 10 winners. They buy in all week and on Saturday you draw the names. Do it for four weeks and then all the winners are there, with all their friends. Make a monthly prize and have the table as the yearly prize. With 12 people trying to win the table. This way you cover the cost of the insurance and draw the people to see the event. Just sayin'

Dwight
Click to expand...

And that's a great idea to help subsidize the insurance premium, potentially covering it completely.

I guess in my mind I was picturing one big night with a few hundred people all trying to win. And while they're waiting/hoping for their number to be drawn they're drinking, eating, and playing pool, in that order.
 
mapman72 said:
Interesting idea but I would be careful giving away pool tables. After all, you want the people to play pool at your spot, not in their basement. Maybe you can scale it down some and do it for a nice custom cue???
Click to expand...

I'm not sure I agree with this WRT losing (potential) business.

A lot of people have pool tables at home as furniture, and never use them. A few of my customers already have tables at home and they like to hear, "Hey, I see you've been practicing @ home", when they come up to gamble or play league. Additionally, I know if that I had won a pool table from a poolroom, I'd definitely go back there when I went out to play.

The other thing it does is show existing and new customers that my place cares about its customers and is willing to give back to them, in a big way.

Also, it's not like I'd do this every month. Probably just once per year, if the first event was successful.
 
Drater said:
And that's a great idea to help subsidize the insurance premium, potentially covering it completely.

I guess in my mind I was picturing one big night with a few hundred people all trying to win. And while they're waiting/hoping for their number to be drawn they're drinking, eating, and playing pool, in that order.
Click to expand...

You can have all the things you want in your mind, just stretch it out and make it more interesting for the players. If they feel like they are getting good value and great customer service, they will come in droves to be where "everyone knows their name" so to speak. I feel that if you make each person feel that they are just as important as anyone else, they want to come back. Asking hows the kids, is your family doing well, and other things to personalize their experience is key. When you, yourself, go out, what brings you back? You can offer the best of everything, but if you have less than great customer service... what's the point?

Dwight
 
BigDogatLarge said:
You can have all the things you want in your mind, just stretch it out and make it more interesting for the players. If they feel like they are getting good value and great customer service, they will come in droves to be where "everyone knows their name" so to speak. I feel that if you make each person feel that they are just as important as anyone else, they want to come back. Asking hows the kids, is your family doing well, and other things to personalize their experience is key. When you, yourself, go out, what brings you back? You can offer the best of everything, but if you have less than great customer service... what's the point?

Dwight
Click to expand...

I'm not going to get into an argument about customer service and the like. Shooters has fantastic customer service. Just ask any one of my customers. :smile:

One key thing in the bar business is having as many people as possible in your bar at any given time. It's a volume-based business. The point of this thread was to introduce/discuss an idea that would (likely) draw a lot of people out and to solicit feedback from others that may have done something like this in the past.
 
mapman is right on. Thereare a lot of people who dont have room for a table at home, or they might not even want it but they would still want a chance at winning. I think a FAR better prize would be a custom cue. Everybody has room for one. Or you could get a couple of equal valued prizes including a slightly less dollar amount and let the winner pick their prize. That way you caould advertise a $4000 prize with a $3000 cash option or even $2000 in cash and chances are the winner picks the cash. You still get all the draw power from the other prizes but most likely it will cost you less.
 
Drater said:
This might be better suited to the Room Owners forum, but like everyone else, I'm posting it here in hopes it gets more visibility. If the mods see fit to move it, that's fine.

As a room owner, I'm always looking for ways to draw people into the bar. And as much as possible I like special events or what-not to be pool-related.

One idea is to have an "eight on the break" promotion. Where if somebody does, they win a new pool table.

I don't have all the logistics worked out, but basically entrants would buy a raffle ticket for a few bucks per, and we'd call out 1 number every hour until the end of the night, or until somebody snaps in the eight.

Obviously, we'd never make enough money on raffle ticket sales or bar/food sales to cover the $4k+ for a new table, so the way we'd hedge this bet is by taking out an Insured Risk policy.

Believe it or not, there are insurance companies that will insure you against a loss based on statistics. The more likely something is to happen the higher the rates. The general idea is that you're only out the insurance premium.

All that boring crap aside, have any of the room owners here ever done something like this? Or even, have any of you done something like this in another line of business?

I'm also wondering how your business was on the day this took place, and any input you might have.
Click to expand...


Drater, the insurance policy should be fairly easy. Back in OH this was done in several ways over the years. Stan Moon - )I lost contact info on Stan maybe someone in OH like DennyS can provide it) used to do this with a$10,000 payout and 1x he even gave away a new pick-up truck. Stan would travel from event to event with his gaff shot and charge anywhere from $2-$10 depending upon what it was you had to do that time.

Stan had a great idea and always paid off but I really do not think it was worth all the traveling he did but I really do not know the numbers.

This was also done with the Million dollar shot in Cleveland, OH. Basically you had to qualify then if you were the one you had to break an 8-ball rack and you had 3 shots to sink all 15 balls. George Kieselat came within 2 balls of getting the Million. It was pretty close. They also insured this with a hole in 1 shot and several other sports related things.

It is extremely possible for you to get an insurance policy to cover this but be prepared for a long expensive legal fight if you want to get somebody paid. Just ask Earl.

Mj
 
A place in central New Jersey that sell spas and pool table did a promotion about three years ago. If you beat Jennifer Berretta you win a pool table. 8 ball I think on an 8 foot table. The first person up took her down. That was the end of the promotion. The store didn't know what they were getting into. After the first match they announced that anyone else who beat her got a $200 gift certificate to the store. The table they played on was a beautiful black finished table. I think it was an Olhousen. When the guy won they took him into the back and showed him the piece of crap he was getting.
Why not just offer a nice gift certificate for food, drinks and table time? If I won a table I don't know what I would do with it. I don't have room in my house. I would have to get rid of the wife and all the furniture to make room for a table. Wait a minute I'm wondering about this.
 
How bout a weekly tournament where, at the beginning, you draw someone's ticket to try (insert feat here, 8-break, 8-break-n-run, 9 b-n-r, etc.). Sell the tickets through the week for $2 or $5. Have the payout be 80% of what's in the kitty, when it gets big, your room will be full.

Then, when people show up for the drawing, they stay for the tournament.

-s

//yes, i stole this exact idea from Coonie's in Logansport IN. they're not open anymore I hear, so I expect no one will mind.
 
who gets MY money?

Drater said:
Shooters has fantastic customer service. Just ask any one of my customers. :smile:
Click to expand...

I can vouch for that statement. Except everytime I visit, I get over-served! (like last night!) :woot:

Anyway, good discussion. As a customer I can appreciate a room owner that is going out of his way to do something big and exciting. I'm trying to think, what would bring me in more often, AND spend more money than current. I don't see my chances of snapping an 8 ball as realistic, and therefore that's probably not going to alter my purchasing habits. Things that might increase my frequency relate to:

1) my believing I have a shot to win something meaningful. I like the concept of multiple winners getting something, with a finale of all multiple winners contesting for the bigger prize. You could offer a drawing for non-winners to join the finale in a last chance drawing.

2) an internet presence will help - emails, web-site -> giving updates on "last weeks contest" and upcoming drawing. What are the merits of drawing names a couple days before the night of the weekly contest and posting names at your room, and on line? Ex. Pick 10-20 names and have the rules state on the night of the contest you will pick one, or two, or three of those names out of the hat??? Whichever order they are picked dictates order of play. If player one conquers the feat, then that week's contest is over and let a scantily clad hottie show him a good time, errr - show him the goods. :rolleyes:

This is kind of reiterative but... If my name is in the hat with 250 others, then I am not highly motivated to be there on the night of the drawing - I'm thinking I have less than half a percent chance of getting a crack at the deal - that's not good enough to alter my psychographic.

If you want to bring me in more often with a contest, if you want me to drive farther and past 4 other halls, then I need to know I have a good chance at getting a crack at a 9 ball snap, at a B&R, or at something feasible for me, an average joe player/customer.

I don't have much experience in these matters, so it's FWIW.

Matt
 
mapman72 said:
Interesting idea but I would be careful giving away pool tables. After all, you want the people to play pool at your spot, not in their basement. Maybe you can scale it down some and do it for a nice custom cue???
Click to expand...

just my two cents but the custom cue idea works for me for this reason. i live in an apartment and winning a table wouldn't help me at all, i have no where to put one. i can't imagine i am the only one in that situation. so under that senario you might actually sell more tickets with a smaller (size) prize. and as far as losing business giving away a table, i don't think it would hurt you that much. even if i had a table i'd still play league and play in local tournaments and go to the room to interact with people. i'd just be a whole lot better :)
 
Drater said:
I'm not going to get into an argument about customer service and the like. Shooters has fantastic customer service. Just ask any one of my customers. :smile:

One key thing in the bar business is having as many people as possible in your bar at any given time. It's a volume-based business. The point of this thread was to introduce/discuss an idea that would (likely) draw a lot of people out and to solicit feedback from others that may have done something like this in the past.
Click to expand...

Didn't mean to infer anything negitive about "your" customer service. I was speaking in general terms as I am sure you have a nice, well run place. An owner isn't going to come on a forum, that doesn't care what his customers want. That said, I think you are on to something and will make it work for you and your business model. Good luck to you, sir and if I am ever in the area, be sure I'll stop in for some of that great customer service.

Respectfully,

Dwight
 
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