Big Data is making its way through every industry possible, including the hotel industry. This industry is another perfect example of how effective use of analytics can dramatically change how a business is run. There are many types of data being collected including video, audio, and web data, and there are huge volumes of each. However, many hotels are carrying all of this data with them, but not acting upon a majority, if any of it.
Many hotels gather loyalty information about their guests, but fail to take it a step forward. This, to me, is the perfect opportunity for any and all forms of predictive analytics.
Hoteliers could exploit their data and deepen their knowledge of guests in order to develop a more granular understanding of segment behavior, needs, and expectations; identify profitable customer segments and their buying preferences; and identify opportunities to attract new guests.
In this industry, understanding guest preferences, purchase behavior, and profit potential can dramatically increase brand loyalty and wallet share of their most valuable guests.
One key factor that hotels must be aware of throughout this process is what guests they are targeting. Targeting the frequent guests who are likely to take advantage of other hotel amenities would generate much more overall profit than targeting the guests that are just stopping by. By marketing to their most loyal guests preferences, hotels will find themselves staying ahead of trends, setting strategies, and achieving their goals. This will then lead to happier guests, and more money in the bank.
And look at that…all of that can be done with the right analysis of data!
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