Data mining is a critical tool for the success of any database driven marketing campaign, something which is of the greatest importance to the Entertainment and Hospitality industries.
Using a proven data mining tool can help organisations in these sectors find important customer information hidden within millions of database records and use this information to gain important customer insights and conduct successful customised marketing campaigns.
“Information buried in databases is worth huge amounts of revenue if harnessed correctly. By using the modelling capabilities and toolsets available within data mining software to support the entire data mining process, organisations can quickly and efficiently produce models that help marketers to reach the right person with the right offer at the right time,” says Nathalie ing, business lead for customer intelligence at SAS Institute.
The demand for useful analytical information is ever increasing, particularly within entertainment and hospitality. By using data mining and analytical capabilities, marketing executives within these industries can make smarter decisions, such as directing invitations to guests who have not visited a hotel or entertainment venue frequently, but are likely to come back if personally invited. Data mining can help organisations to simplify customer segmentation and quickly identify such groups for marketing outreach.
“Data is a powerful tool, and by exploiting this information, organisations in entertainment and hospitality can better segment markets for a more defined and targeted marketing approach. This can in the long run improve the loyalty of patrons, as well as increase the lifetime value of customers through the effective use of retention, response and value models,” adds Ing.
By harnessing the capabilities of data mining and analytics, going from raw data to accurate, business-driven data mining results becomes a seamless process. Data mining creates highly accurate, predictive and descriptive models based on the analysis of vast amounts of data from across the organisation to improve performance.
“Forward-thinking enterprises in the entertainment and hospitality sectors can take full advantage of the powerful capabilities of an analytics driven data mining solution to detect fraud, minimise credit risk, anticipate resource demands, increase response rates for marketing campaigns and curb customer attrition,” Ing adds.
“In a highly competitive industry that is notorious for the fickle attention span of patrons, this could be the deciding factor between failure and unprecedented success from gaining a competitive edge."