Data Is Your Most Valuable Asset This Decade
By Marc Heyneker Co-Founder & CEO, Revinate | March 08, 2020
Across every industry, data has become a prized resource. Today, data is at the core of nearly every business decision being made, from the boardroom to reception, with fantastic things happening as a result. Through the effective use of data, companies are able to develop better products that are just right for their audience. They're able to market those products more effectively and deliver the kind of delightful, personalized experiences that drive sales and build lifelong loyalty.
The hospitality industry should be keeping pace with other industries, but it's not. How do I know? I checked into a hotel last week and as the front desk was bringing up my reservation, I was asked if I have stayed with them before. A business that cares about data would know that I stayed at the hotel twice before, ate at the restaurant and played a round of golf. The business would know that I wrote a review two days after I checked out, praising the staff but complaining about the equipment at the gym.
If the hotel was deep into data, the front desk associate would have welcomed me back and asked me if I would like to book a tee time. The associate would also have informed me that the gym was just refurbished and I should get there early because it's really popular between 9am and 11am. But none of that happened, unfortunately.
While most hotels are not keeping pace with other industries in terms of data usage, the good news is that hoteliers already have the data they need to begin the journey. In fact, guest data abounds in hotels. It's in the reservation system, the point of sale, the CRM and more. The industry's next step should be discovering how to maximize all the guest data that already exists.
At the most basic level, guest data is information that guests leave behind as they engage with your hotel, both online and offline. Data is collected from website visits, app usage, reviews left on OTAs and review sites, purchases at outlets, in-stay and post-stay surveys, call center interactions and much more.
Guest data falls into three main buckets: