Big data analytics for small and medium-sized enterprises is no longer a thing of the future. Organisations of all sizes across Australia and New Zealand can look to the giants of the world to see how this technology is being deployed, and what they might learn from it.
Casinos are perhaps some of the best-in-class at using big data to enhance their operations. So what are they up to, and what big data lessons can organisations take from it?
1. Use analytics to get real-time feedback on products
Casinos around the world are using real-time analytics to determine which games are or aren't popular, and more importantly, when they become one or the other. For example, MGM Resorts International uses its intelligence to monitor games and swap them off the floor if they start to lose popularity."
Our job is to figure out how to optimise the selection of games so that people have a positive experience when they walk through the door," MGM's Director of Corporate Slot Analytics, Lon O'Donnell told Rewrite. "We can understand how games perform, how well they're received by guests and how long they should be on the floor."
-Big data analytics tip: Imagine if you were monitoring each of your products either in-store or online. You could watch in real time as certain products become more or less popular. You push the popular products to the front of the store (maybe even offer a special deal), and pull back anything that people aren't interested in. Your store becomes dynamic, changing to the desires of your audience as and when it needs to.The opportunity to leverage insight from data has never been greater.
You can analyse crowd flow being utilised by properties these days [to understand] what guests are interested in. Lon O'Donnell Director of Corporate Slot Analytics MGM
2. Create heat maps of popular spots and plan accordingly
In a similar fashion to monitoring game machine popularity, casinos are also able to take this concept to physical spaces and track real-life locations within the building.
"You can analyse crowd flow being utilised by properties these days," said Vice President of Security and Surveillance for Caesars Palace Tom Flynn, speaking with Urgent Communications. "It can be looked at for safety, convenience and marketing - understanding what guests are interested in, what they aren't. Do they go to a certain restaurant at times, go to the pit, [or to] the parking lot?"
3. Encourage loyalty through personalised experiences
Caesars has also been at the forefront of using business intelligence to create personalised customer experiences that encourage loyalty in its patrons. Its loyalty program, Total Rewards, provides rewards to customers as they spend money at a Caesars Entertainment establishment, and the more they spend, the more data Caesars can gather. Customers rank up through different tiers of loyalty, earning bigger and better rewards, and the company gets more data on that individual in order to provide a tailored rewards experience.
With this information, and the platform in place to supply it, even if one patron of Caesars has a bad gambling day, they could still go home with a reward. This encourages repeat business.
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-Big data analytics tip: Customer loyalty programs are by no means a new concept, but you can't just offer stamp cards and meaningless gifts without data behind it. By using analysis, you'll learn what customers want and when they want it, allowing you to tailor their individual experience to suit. This isn't just for retailers or consumer-facing companies, either. B2B businesses and anyone with a string of channel partners should also be analysing data from their customers and channels - if someone is willing to offer money for your products or services, you need to know who they are and what they like.
In closing: Take advantage of the opportunity big data presents
Australian and New Zealand small business owners can use big data in a great raft of ways, and now you know how. Ultimately, understanding your customers and their habits can only be of benefit, allowing you to tailor your displayed products, loyalty rewards, and even your marketing campaigns, to the specific desires of the right people.
If you'd like to talk more about utilising modern big data tools in your company, contact SAS today.
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