Hospitality Sector Revamped by Big Data

By CIOReview | Thursday, June 6, 2019

FREMONT, CA: Big Data is growing at a rapid rate, so it is no surprise that the hospitality sector is getting in on the act. With a bulky capacity of customer touch points and the accessibility of third-party data sets, the travel sector has more data at its fingertips than ever before. A wide range of these datasets is available for businesses to develop their operations and drive personalization across sites and venues. From increasing revenue to improving the customer experience (CX), the ways that Big Data is bringing significant changes include:

Marketing and Advertisement:

For hospitality businesses, Big Data allows the marketing teams to micro-target consumers based on a detailed understanding of their behavior. Based on the data, marketers can create more specific segments that can be targeted with different offers and promotions. For instance, Big Data can recognize sections that frequently visit hotels or other relevant locations. The identified datasets can help to aim devices that are often traveling or have even visited a contender in the recent past.

The acquirement process is only half of the problem for companies that want to measure the return on investment (ROI) on their marketing expenditures. Big Data helps to prioritize expenses and understand the booking procedures. Data links these offline behavioral patterns and offline ads to digital advertising.

Check This Out: Top Travel and Hospitality Tech Companies

Personalization and Inclinations:

Big Data helps to demonstrate preferences and allows companies to understand what their customers want. First-party data, with other data types, combine to create a more detailed view of customer behavior. Personalization of websites, booking processes, and other online touch-points can dramatically improve returns. Integrated data is robust and guarantees customer personalization is present.

Business Intelligence and Forecast:

Big Data is a powerful apparatus to recognize business performance and predict what will happen in the future. Business intelligence, based on Big Data, allows hospitality companies to understand the performance of their venues and gauge new metrics that help to understand customer satisfaction and expenditures. The unification of these data sets to work together will provide a rapid increase in revenue and customer experience.