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The Digital Evolution in Hospitality
FREMONT, CA – The key performance indicator in the hospitality sector is customer experience. Hotels need to provide the best services to ensure consumer loyalty and retention. The heavy competition in the market has left no room for error on the part of hospitality organizations. Also, the internet comparison portals have made it easy for consumers to weigh their options and compare services.
Traveling involves a multitude of processes, starting from the booking to experience reviews. All of these processes help the organizations in gathering customer data, which is usually leveraged to enhance the customer experience through personalized services. The organizations evaluate the customer data and estimate the customer lifetime value (CLTV) for long term retention. The digital data can also be used to enhance customer experience, increase revenue, and reduce costs.
Social media data such as likes, dislikes, guest surveys, and much more enable hospitality organizations to conduct sentiment analysis. It also aids them in determining the basis for booking decisions by the customer. For instance, Denihan Group uses guest profile data to evaluate guest comments on their preferred hotel room requirements and redesigns its rooms accordingly to suit the customers. It has also included a workspace, relaxation space, sleep zones, storage, and kitchenettes in the hotel rooms.
Time trend analysis enables the hotels to forecast seasonal events, interpret booking behaviors, and predict cancellations. Their marketing and analytics teams can utilize public datasets on weather conditions and flight cancellations to launch targeted campaigns to increase customer turnout and booking. Effective yield management enables the hotels to leverage various data sources such as Yelp, TripAdvisor, CRM systems, and such to extend compatible services to diverse customers.
Big data can also be used by hotel chains to manage revenue. The occupancy forecasting approaches can help the organization in determining the staffing needs during different seasons. It not only aids the organizations in slashing the utility costs but also in planning renovations during peak seasons.
Hospitality organizations can also leverage pricing optimizer tools to enable faster response times during bookings and offer fine-tuned rates. The main goal of marketing effectiveness is to incorporate personalization in customer experience. Hence, data and digitalization are vital for the hospitality sector.