Carousel Insights specializes in helping out-of-home, location-based entertainment venues grow the lifetime value of every guest.
A lot of marketing teams in the out-of-home space focus almost all of their efforts on driving awareness and consideration through advertising, PR, and what are essentially mass-market messaging on social media. Very few make the investment in time, technology, or staff needed to maximize the opportunity they have to leverage their most valuable marketing asset: their mailing list.
Carousel Insights specializes in helping out-of-home, location-based entertainment venues create and execute retention marketing strategies that grow customer lifetime value. That is: we help you use your mailing list to get people to visit often, spend more money, and remain your customer longer.
Lifecycle Marketing and the Guest Journey
It begins with the guest journey, which looks similar to the diagram above for most out-of-home entertainment experiences. Most marketing dollars are spent on the first two blocks — awareness and acquisition (advertising). While there is always ways to optimize how the money is spent in this category, the real opportunity lies in the last two blocks: retention, renewal, and advocacy.
There are several reasons why a optimized retention strategy makes sense for out-of-home entertainment venues:
- It increases profits. Increasing retention rates by only 5% increases profits by 25% to 95%.
- It’s much easier. Brands have a 60-70% chance of selling to an existing customer versus only 5-20% chance of selling to a new customer
- It up to 5x more to acquire a new customer than keep an existing one.
- Existing customers spend much more over the long haul.
- Happy existing customers help you acquire new customers.
We can help you to create an optimized retention marketing program that drives visitation, gross margin dollar, and EBITDA.