Bill Hornbuckle, CMO, MGM Resorts International gave a compelling presentation at Loyalty World USA 2011 on the resurrection of customer loyalty. At MGM, he points out that 58% of their revenue comes from 4% of their customers, making customer loyalty top priority for his company. Mr. Hornbuckle argues that it's all about attracting the right customer, and that MGM has marketed itself as an "entertainment experience" business rather than just a "gaming" business.
He goes on to say that most people have roughly 12-13 loyalty cards in their wallet, but probably only use 2-3 on a regular basis. His key question that he presents in his presentation is "In a society that's become ubiquitous, with an environment that carries a huge point liability, how do we turn that into a success, and take an experience like Las Vegas and make it meaningful enough so as to be the 1 of those 2 or 3 loyalty cards that becomes a lifestyle choice?"
Other topics covered in his presentation include:
- Addressing the current stagnation in loyalty programs and marketing
- Participating in the creative rebirth of loyalty business strategy for MGM Resorts
- Leading loyalty into the new age of ingenuity and growth
Watch the video of his full presentation below.
If you want to discover new ideas and strategies, focused on marketing, social media, loyalty and engagement strategy then check out Loyalty World USA, October 29th-31st in Las Vegas.