Harrah Essay

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PART 3 Connecting with Customers Chapter 5 | Creating Long-term Loyalty Relationships Chapter 6 | Analyzing Consumer Markets Chapter 7 | Analyzing Business Markets Chapter 8 | Identifying Market Segments and Targets ter p ha C 5 In This Chapter, We Will Address the Following Questions 1. What are customer value, satisfaction, and loyalty, and how can companies deliver them? 2. What is the lifetime value of customers, and how can marketers maximize it? 3. How can companies attract and retain the right customers and cultivate strong customer relationships? 4. What are the pros and cons of database marketing? Harrah’s Total Rewards loyalty program has significantly increased customer value to the firm. 144 Creating Long-term Loyalty Relationships Today, companies face their toughest competition ever. Moving from a product-and-sales philosophy to a holistic marketing philosophy, however, gives them a better chance of outperforming the competition. The cornerstone of a well-conceived holistic marketing orientation is strong customer relationships. Marketers must connect with customers—informing, engaging, and maybe even energizing them in the process. Customercentered companies are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. A pioneer in customer relationship management techniques is Harrah’s Entertainment. In 1997, Harrah’s Entertainment, in Las Vegas, launched a pioneering loyalty program that pulled all customer data into a centralized warehouse and provided sophisticated analysis to better understand the value of the investments the casino made in its customers. Harrah’s has over 10 million active members in its Total Rewards loyalty program, a system it has fine-tuned to achieve near-real-time analysis: As customers interact with slot machines, check into

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