With the rise in the use of Internet, Social Media, and Digital technologies, data is growing exponentially. According to Domo, 2.5 quintillion bytes of data are generated on a daily basis. It is estimated that by the year 2020, 1.7MB of data will be created every second for every person on earth.
Big data analytics help organizations to extract valuable and meaningful insights from the massive amount of data- both structured and unstructured. Being in the frontline of the customer-facing journey, Hoteliers have to adopt this game-changing technology in order to thrive & be profitable in this highly-competitive landscape.
Some of the areas where Data analytics could help hoteliers are,
Personalized Services- Understanding your customers is the golden rule for success. By harnessing this cutting-edge technology, hoteliers can extract customer insights from the wealth of information received at various touchpoints like Property Management System (PMS), Social Media, Travel sites, Search Patterns, and IoT (Internet of Thing) devices.
For example, with a smart PMS, you can understand the guests’ likes and dislikes such as their room & food preferences and medical needs from their previous stay. By knowing the guests’ needs, you will be able to provide hyper-personalized services at the time of their second visit which will turn their entire stay experience into an exceptional one.
Better positioning- The needs and expectations of each market differs significantly. The customer decision process involves multiple stages. Leveraging social media platform will help hotelier to see different guests’ preferences and needs. Moreover, today’s millennials are more curious about sharing their travel experiences on the reviews and social sites.
With the help of this kind of data, hoteliers can understand what influences their guests’ decision-making process, and it let them drive business intelligence strategies specifically for each target market. It will enable hoteliers to position their brand and meet guests’ expectations effectively.
Forecast occupancy: By analyzing the primary or secondary data, hoteliers are able to predict the occupancy demand. When it comes to off-peak, hoteliers can focus on local guests. They can allure guests by arranging events or offering special offers to keep them engaged with them. This will ultimately increase the hotel's revenue.