We've been excited to see how some venues are taking advantage of the detailed membership and loyalty information that can be accessed through the Astute BI Membership Module to run targeted promotions that work where other general promotions have missed the mark.
Read below how a venue was able to increase their annual profit by $160,000 by running a marketing campaign specifically targeting 550 members in 6 key suburbs that had decreased their average spend.
General Promotions Can’t Stop Decline in Profit
Despite the number of Members remaining the same and a 2% increase in gaming revenue, this metro Venue with 15-20,000 Members and 100-200 EGMs had noticed a small decline in overall profit. Their first response was to increase the number and volume of promotional activities. However, this had no noticeable impact on Venue turnover.
Understand the Member Problem Areas
Through the Astute BI Membership Module, the Venue identified the following Member insights:
These insights formed the strategy for a new customized promotion aimed at winning back these 'lost' Members.
Targeted Promotions Increase Profit
Of the 550 Members targeted during the promotional activity, 380 Members (70%) visited the Venue and spent, on average, $75 each.
Over the following 3 months, the majority of those 380 Members returned to spending and visiting the Venue at around 85% of their previous patterns.
The annual profit of regaining these 'lost' Members amounted to approximately $160,000.