Analytics Teach Lessons at Casinos Worldwide
Harrah’s Entertainment is respected and renowned for using analytics and data mining throughout its global operations. Armed with current information, and deeper insights into customer patterns and habits, the company develops new services and even finds new markets to innovate and ‘future-proof’ the business. Sure, it helps that the CEO — Dr. Gary Loveman — is a former professor from Harvard Business School, who often gives conference keynotes on the critical role of real-time data and personalization. Oh, and Harrah’s runs dozens of casinos and entertainment facilities if you haven’t already given back some of your last paycheck.
Since the late 1990s, Harrah’s has relentlessly pursued a goal of “customer monogamy” driven largely thanks to a loyalty program that manages to balance the company’s need for details about its facilities, customers and usage levels with the personal privacy and timely incentives to keep clients loyal. In good times that is vital but even more so when the economy softens. Loveman details some of Harrah’s innovations powered by knowledge in this video from SmartBrief . One key takeaway is the need for companies to offer unique experiences to engage top customers with challenging and creative options that go far beyond just another ‘thank you’ when there is so much competition for spending.
One unusual step involves partnerships outside the company – a lesson in cooperation that can work in any industry. Finding complementary partners from local towns, such as services or conveniences in the client’s hometown instead of assuming the client will come to you. “No man is an island” and plenty of companies are unaware of complementary products and services they need to deliver – details that might only emerge from carbon-based research, talking to suppliers, buyers, and especially prospects that DON’T choose your company’s offerings.
Travel and entertainment are industries where knowledge and timing is critical. Real-time data makes a big difference to avoid an embarrassing discount ‘next stay’ offer when someone just returned from that same destination and paid more for their room or lost a bundle in the casino.
What are you analyzing to keep clients coming back?
Spotfire Blogging Team
Image Credit: Microsoft Office Clip Art
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