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HOTEL Yearbook SAAS FORESIGHT AND INNOVATION IN THE GLOBAL HOTEL INDUSTRY 2017 SPECIAL EDITION ON DIGITAL MARKETING
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Finding the future: Mobility, metrics, and merging skillsets by Ravneet Bhandari i
The average person and Big Data are inexorably and permanently intertwined. Big Data is us, because we are now Big Data. There’s no escaping it, writes LodgIQ’s Ravneet Bhandari. Each one of us is leaving an ever-growing digital footprint as tech- nology and consumer behavior merge. We both consume information and produce it, highlighted by the new buzzword: pro- sumers. Oddly, while we’ve mashed up how we work, play and live, because of significant technology changes, in many in- stances hospitality professionals are still entertaining 1997, not 2017. It’s a strange dichotomy revealing an opportunity to rethink and reinvent how hoteliers connect with consumers.
Massive mobility The game, the rules, and the players have changed and we Hoteliers and their customers experience life differently in must accept that “on-the-go-and-connected” is coupled with this new digital age, and people are more often working, “when-and-how-to-engage-before-they-move-on” to seize researching, and entertaining themselves simultaneously in opportunities. small doses via mobile devices. According to Google’s “Micro- moments” report, 87% of users have their smartphone at their Merging skillsets side day and night; the average person checks their phone 150 This new frontier means seamless integration of cross-device times per day and spend 177 minutes using them. In addition, capabilities prompting smarter strategic revenue decisions that according to eMarketer, US adults spend nearly three hours per understands which guests are the most profitable. Revenue day on “nonvoice activities on mobile devices.” management is expanding quickly, becoming the art of revenue optimization. It’s an unanticipated change requiring the need Together these stats point to a massive sea change regarding to eliminate the departmental silo approach in order to fully how customers interact with hotels. Take the average commuter maximize opportunity across the entire consumer journey. who steals glances and interacts with their phone throughout the day. When a trip is approaching, they’re most likely Analytical capabilities, coupled with the art of designing a researching travel products in bite-sized slivers while on the consumer-specific message, are required to reach today’s go, perhaps reading hotels reviews, watching social media consumer. An outside-in viewpoint, while keeping the consumer created content, or exploring local offers pushed customer perspective in mind, will allow hotels to understand directly to their smartphone. the full picture, the entire journey and therefore enabling them to optimize each part of the value chain. This strategy The typical revenue manager is also using technology in acknowledges all relevant demand and price-elasticity signals new ways, but may not realize it. The morning commute, for across the consumer journey while providing a common thread example, is time dedicated to downloading and analyzing the of information to the savvy hotelier. latest information needed to prepare for the day and getting answers at the ready while creating a cogent game plan. But While we established that the game, the rules, and the players like the average commuter, they are also frequently checking are changing, it is imperative that we be cognizant of emerging personal and work email, social media sites, and news in small and waning channels as consumers move in tribes from one doses. technology platform to another.
82 HOTEL Yearbook 2017 special edition on DIGITAL MARKETING About LodgIQ™ LodgIQ™ provides advanced travel industry revenue optimization technologies. Its breakthrough next-generation revenue optimization platforms, LodgIQ RM and LodgIQ ONE, were developed by seasoned revenue management executives and Silicon Valley technologists. LodgIQ’s products combine sophisticated machine learning with an intuitive and powerful user interface delivering advanced recommendations and actionable analytics. LodgIQ RM is for full service hotels while LodgIQ ONE is geared to boutique, independent and focused service hotels. LodgIQ is headquartered in New York City, and maintains offices in Silicon Valley, Singapore, London and Bangalore. uu www.lodgiq.com
On average, global media revolutions occur every 50 years insight into how to better appeal to that customer and their (print, radio, television, social media) that not only move those behavior displayed. tribes but generations. It’s therefore critical to be cognizant of emerging channels, and the waning ones too – for example, To fully achieving optimum financial results at the property video viewed on the Internet is soaring, while traditional level, the industry must wake up to this powerful realization: television viewing wanes; mobile devices overtaking laptops Mobile technology and changing customer behavior are and researches anticipating that generation alpha will not use inexorably altering traditional metrics, while forcing hoteliers laptops at all, while Wifi for connecting is out and Li-Fi (Wifi via to work differently. Revenue optimization success will only be Light waves) is in. attained by efficiently connecting with potential customers during their myriad mini-moments. Technology has upended Modern metrics business and its imperative that hoteliers adapt to the We understand that each consumer has different priorities changing environment. per trip – meaning during each excursion they’re more apt to ■ be seduced by a different price, which upends everything the industry has held sacrosanct regarding perfect pricing. The rules of customer engagement have permanently changed, and revenue managers must recognize and adapt to this new reality.
The old metrics are outdated and despite the smart advancement of looking at RevPAR, we’re now entering a post-RevPAR metric world where considering Net RevPAR is essential. While definitions can vary, this metric accounts for what the hotel earns after guest acquisition costs are considered, including distribution costs and commissions. This sharpens focus for hoteliers to understand the channels more deeply in which their guests are coming from, while providing
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Upcoming editions in the Hotel Yearbook family TECH ROI INTERNET BOOKING ENGINES MACHINE LEARNING BIG DATA REVENUE MANAGEMENT SOCIAL MEDIA VIRTUAL REALITY HYB Special Edition – Sustainable Hospitality 2017 NFC Looking in depth at the many challenges facing the hotel industry as it strives to improve its environmental footprint, this special edition will be published in partnership with IUBH School of Business and Management in Bad Honnef, Germany. Its authors will explore ideas, solutions and VENTURE CAPITAL strategies for developing future hotels – and managing them operationally – in a sustainable way. WEARABLES • This edition will be available from 18 June 2017 MOBILE APPLICATIONS STARTUPS SERVICE BUS
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INTERNET OF THINGS GUEST WIFI PRIVACY T DEVICES GUESTROOM TECHNOLOGY I o Hotel Yearbook: Dubai 2027 HOTEL OF THE FUTURE CLOUD SAAS This focused edition will look at a single hotel market – Dubai – a decade in the future. This is the first time that the Hotel Yearbook will concentrate on just one destination in depth, and look so far CEO VIEW OF TECHNOLOGY MANAGEMENT REPUTATION out into its future. High-level contributors will address the forces driving change in this dynamic market, and develop scenarios for its potential future. • This edition will be available in October 2017 ISBN 9782970089681 90000 > www.hotel-yearbook.com This e-publication may be ordered online | € 19.50
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