Client Situation
Business Objective
- To grow revenue, a popular entertainment venue knew it would need to attract new customer segments and increase visits among existing customers.
The Challenge
- The client didn’t have an extensive customer list or rich customer database to leverage for customer research.
- Without a CRM database, the client was unable to enrich the attitudinal segments created via custom research with demographic, media consumption, and behavioral metrics by appending the data.
Schmidt’s Solution
Our Approach
- Schmidt enlisted the help of a market sample panel partner that not only offered qualified respondents, but these respondents were already part of Acxiom—the leading third-party targeting database. These respondents were enriched with data profiling variables related to their entertainment behaviors and demographics.
- Leveraging an advanced analytical segmentation approach, Schmidt developed segment profiles based on economic value and interest in entertainment types.
- Media consumption, entertainment habits, and other variables were then appended to enrich the learning and provide for accurate media targeting.
Outcome
- The client gained a true, in-depth understanding of their existing market segments. Most importantly, they could identify the segments not yet attracted by their offerings.
- The entertainment client identified a prospective customer segment that would help them grow market share. Based on the outcome of our work, they initiated development of a new product solution aimed at this promising segment of potential customers.