July 18, 2024

What I learned on NPR about Adam Tanner

Good Morning
The other day when I was driving from the post office after listening to the traffic and after I had heard the same news story for the third time, I switched the radio from the news station to the local NPR station. I was half listening when I heard the magic words “Life Time Value.” I turned up the volume to hear more.
It was one of their interview programs. The program was interviewing journalist Adam Tanner on his book “What Stays in Vegas: The World of Personal Data – Lifeblood of Big Business – and the End of Privacy as We Know It.” Tanner had interviewed Gary Loveman, a former Harvard Business School professor who was hired by Caesar’s Palace to work on customer relations and found that they did not have a lot of sophistication in their loyalty program. From what I got from the interview (I have not read the book yet), they did not really have a grip on the life time value of their customers.
This is something that I have talked about for years. If you know how much your customer is worth, whether it’s that customer’s first and only purchase or their yearly or lifetime value, then you can plan out your marketing and develop your loyalty program to keep them as your customer.
Tanner, from what I heard, also talked about what past companies, such as GreenStamps, have done in regards to loyalty programs.
This is a book that I am going to pick up, and if you want to know more about data collection and how it is used, you might want to get it as well. If you want help finding out what your customer’s LTV is or want to set up a loyalty program to keep your customers yours, then contact me.

Till Next Week –

Remember – Great Things Happen, But You Have To Take Action, NOW!

Philip Freedman

Doctor of Customer Retention

PS. We are only a few weeks away from launching a special customer retention program that will help you get your past customers back in the door. Let me know if you want the early bird announcement about this program.