The entertainment industry has profited from a number of innovations employed by the retail industry in order to gain new customers and improve existing customer retention. Let’s look at three of these business marketing techniques in more detail.
PayPal was co-founded by Elon Musk in Palo Alto, California in 1998. Today, the digital wallet is one of the most popular online payment options. The online retail industry embraced PayPal at an early stage, but some areas of entertainment have been slower to recognise the benefits of the service. Those days are now over, as many industries, including some gambling providers, readily accept e-wallets. PayPal casinos include companies such as 888casino and PartyCasino, which offer the option to deposit into and withdraw from e-wallets, enabling them to gain an edge in a competitive industry. One benefit of PayPal is that it offers immediate deposits, while withdrawals take between four and 24 hours. The latter duration can be the processing time during busy periods. In comparison, deposits using the e-Wallet Neteller can take between one and four hours to process.
Customer loyalty schemes
The retail industry has rewarded customers for their loyalty for many years. Customer loyalty schemes include supermarket loyalty cards, which allow shoppers to earn points for every purchase which they can then use to claim rewards or cash vouchers to spend in store or online. Statistics show that 58% of consumers who are members of a loyalty scheme make purchases from that brand at least once a month.
And the entertainment industry has recognised the benefits of such schemes. The Apple Inc. loyalty programme has contributed to its excellent levels of brand loyalty. Customers who purchase Apple products can earn points providing discounts on future purchases. This has also been extended to include Apple entertainment such as iTunes and Apple TV.
Celebrity endorsements have long been a feature of the retail industry, from advertisements for cars and watches to sporting goods featuring football or Formula 1 stars. The England football team has a wide range of advertising deals with companies such as BT, which sponsors branded training kits for all the national teams of the FA.
Alongside the aforementioned e-wallet PayPal, other sponsors include McDonald’s, Snickers and Deliveroo. Last year, Barclays bank agreed a new three-year sponsorship deal worth £30M for women’s football.
The entertainment industry also appreciates the benefits of celebrity endorsements. Sports stars often feature on video games, such as the charismatic jockey Frankie Dettori on horse racing video games. Dettori also lends his name to the gambling industry, with branded slots and games. Celebrities are an attractive proposition for companies as they offer an important way to introduce fans to new products and services.
So, we can see that the entertainment industry has learned some important lessons from retail. Offering e-wallets such as PayPal, customer loyalty schemes such as loyalty cards, and celebrity endorsements as part of advertising campaigns are three useful devices for the entertainment industry to attract new customers and maintain customer loyalty.