If you think Marquee is just another booming club franchise, think again. Beyond the glam of mini-skirts and mojitos sits a multi-million dollar business model driven by customer segmentation and brand loyalty.
The brain child of two US entrepreneurs, Marquee New York and Marquee Las Vegas have appeared in Forbes’ Top 10 clubs worldwide for more than a decade. So just what makes this brand so hot (and profitable)?
Competing in an industry where being ‘hot’ has an average shelf-life of 18 months, Marquee engages in ongoing servicescape innovation, customer profiling and targeted segmentation. Innovating beyond the physical fit-out of the clubs and mega-star DJs that grace their stages, Marquee invests in core product offerings and service augmentations that repeatedly ‘wow’ and ‘delight’ customers – subsequently increasing brand awareness and improving cash-flow.
Key to their success, Marquee knows who their most valuable customers are and innovates continually to provide them with more of what they didn’t know they wanted.
Referred to in marketing as the customer pyramid model, Marquee targets platinum and gold customers almost exclusively. (That is, the 20% of customers that contribute 80% of revenue). Educating prospects with cues and scripts that drive repeat purchase and build brand loyalty, Marquee focuses on the identification of valuable customer segments and determination of their hidden needs and emotional motivations. Captured in a robust Customer Relationship Management (CRM) System, insight is used to segment, target and position offerings that ultimately improve marketing return on investment and drive growth.
Importantly, Marquee’s most valuable customers are not necessarily their biggest spenders. Through the identification and engagement of key influencers, marketing mavens and everyday person endorsers, Marquee’s most valuable customers are those that influence and attract other customers: from well-connected locals to active online communicators – these customers drive brand awareness, encourage repeat business and facilitate brand loyalty.
By nurturing their most valuable customer relationships, Marquee minimises brand switching, increases cross-selling and improves the bottom line. Building serious street cred across the globe, the Marquee model defines what a ‘valued customer’ means in today’s competitive market.
Irrespective of industry, success requires more than just a shiny veneer – knowing who your most valuable customers are is key to repeat business, positive word of mouth and profitability. What to know how to apply this to your business? Get in touch with Start Grow Run today.
