If I have to
choose the buzz word for the hospitality technology industry in 2015, it would
surely be big data. From BI (business intelligence) to BB (Big Data) the shift
is definite, and here to stay. Big Data, which Wikipedia defines as ‘a broad
term for data sets so large or complex that traditional data processing
applications are inadequate’ has become the central to the business strategy of
a smart hotelier in the recent years. With the data volume growing about 50% a year, hotels need big data
analytics to define and shape consumer behavior, and maximize their efforts to
reach, engage and compel target audiences to action.
Monitor your customer at every touch point
Here’s an interesting
fact from Google’s recent study on traveler. Almost half (46%) of travellers
who carry out mobile for travel research make their final decision on mobile and
then turn to another device to make the booking. With users constantly
switching devices during the purchase journey, and getting influenced by social
media, mobile and other web-based exchanges, hospitality industry is being forced
to constantly adjust and refine their marketing strategies.
Faced with a
multi-faceted and multi-platform traveler whose preference would change
depending on the type of trip, hotels need to get close to them by capturing
prompt, accurate information – and correctly interpreting it – to change the
course and outcome of interactions.
Integrate Big Data Analytics into your Revenue
Management System
Revenue
management is all about selling the right product to the right person at the
right channel. Dynamic pricing helps hotels to optimize demand with flexible
pricing, however, with the online distribution landscape continuously throwing
new challenges, the complexities of managing hotel’s revenue has increased
many-fold. With each channel having its
rule, segment, buying behavior and platform, managing rate and availability in
real-time to these channels can become a nightmare. Gone are the days when hotels would depend on
historical data for rate forecasting – today’s revenue managers need to
consider consumer’s buying behavior, search pattern, social networking habit
for right pricing. This is where big data analytics come into help revenue
managers include individual consumer behaviors, including loyalty and lifetime
value, past purchases of ancillary services, and online shopping activity in
their pricing model.
Personalized marketing for maximum benefit
Each customer is
different. So treat them differently. According to an Adobe research, about 70%
of today’s online buyers expect personalized service from brands. For
hospitality industry, expectation is even higher. OTAs, with their scale of
marketing budget and technology superiority, has been one of the earlier
adopters of Dynamic Content Personalization’ which allows websites the
ability to recognize a past visitor, tag them and create personalized, unique
and optimized experiences for consumers – finely tuned for each individual
preference. For hotels, personalization also gives them
an opportunity to serve the guest better, earn loyalty, while gathering 360
degree view of the guest throughout the guest journey to provide more relevant
offers, improve communications and increase engagements. Big Data involves the
collection, management and analysis of multiple sources of data, both
structured and unstructured, while analytics give the insight to optimize the
information.
Swapan Kumar Manna is the Sr. Executive - Marketing at eRevMax. He can be reached at swapanm@erevmax.com.
Swapan Kumar Manna is the Sr. Executive - Marketing at eRevMax. He can be reached at swapanm@erevmax.com.
