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Entertainment, hospitality industries need data mining

10 Mar 2010

"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 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.

Ing was commenting on the importance of data mining for the entertainment and hospitality industries.

By using these 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.

Use against fraud

"Forward-thinking enterprises in these sectors can also take full advantage of the powerful capabilities 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," she ends.