Buzz of Big Data Yields to the Practical Applications of New Data
Three simple ways to build out access to sources of rich decision-making data
NASHVILLE, TN (June 28, 2016) Throughout the official first day of CVENT CONNECT 2016 in Las Vegas yesterday, the focus was not on big data. Instead, the topic getting most of the attention was not a necessarily new concept, but a unique twist on the tired, over-curated topic of big data. That fresh twist is New Data. nSight, the leader in online consumer shopping intelligence for hotels and destinations, spoke during a general session and a breakout on how industry decision makers are using new data to make steady, simple progress on questions they have not been able to answer before now.
Even the term Big Data is intimidating. Big implies that there is a large volume of high-velocity data. Like what flows from orbiting satellites measuring hundreds of factors that define weather patterns around the world. That is big data. Hospitality doesn’t necessarily need big data – it needs the right data.
Executives who are responsible for bottom-line results and budget ROI want more than their own data repurposed in charts and graphs. GMs, revenue managers and marketing directors are looking for intelligence that goes beyond what they can see in their own PMS and Google Analytics reports. They’re hungry for something different that will feed decision-making in new, more competitive ways. They’re looking for new data (#NewData).
nSight Founder Rich Maradik addressed the record-breaking CVENT CONNECT audience on how they can avoid the paralysis of analysis inherent in big data and win at the “last mile challenge” of putting data into action. “You need to derive small insights from big data,” explained Maradik. “Incremental insights are easily actionable, and can add up to big results down the line.”
Before you can begin to take action, it’s important to freshen your outlook with new data. To get new insight, you need a new perspective.
There are at least three options for establishing a new data view:
- Leveraging insights from new data sources
There’s a wide range of intelligence providers for the hotel industry that move beyond the traditional views of GDS or “on the books” trends. Look for new and different data sources that can add a new angle to your market and consumer analysis, including travel intent, persona behavior, and mobile usage in market – to name a few. This approach is the most adventurous and will likely yield the most reward.
- Combining existing data with new data sources
Both big and small operations are getting more sophisticated with their data analytics. They have hired revenue and marketing pros with backgrounds in data who can complement current data sources with new data to curate an elevated understanding of their market and target consumer. Combining the best of each data set provides balance and validation of direction, but requires expertise in-house to interpret and act on conclusions.
- Accessing a databank managed by partners or suppliers
Partners at every level of hospitality operations and consumer outreach are seeing the value of data-driven decisions. So, they are incorporating new data sources as a value add for their solutions. Whether it’s travel intent with your RMS or demographic insights with your media buy, data makes an application smarter. This approach is often the simplest way for hoteliers to start leveraging data. Although the databank perspective may be the most biased, it’s a simple start with minimal risk and maximum handholding.
Once data sources are established, the secret to success with new data is to focus on getting small insights. Start with getting simple answers to simple questions. Then, incremental progress will help reveal creative solutions to the biggest business issues – one step at a time.
For a copy of nSight’s CVENT CONNECT presentation, click here.
To enable hotels and management groups to make smarter decisions when the market slows, nSight recently published a ViewPOINT titled, “Are you ready for the next hospitality downturn?”
Download a free copy of the perspective here.
nSight’s Hotel Solutions consist of the nSight interactive SaaS application and action-oriented reporting that brings search, booking, and rate dynamics into one forward-looking view, so marketing and revenue management can act together. nSight equips hoteliers with predictive data that gives a clear picture of who and where consumers are who are shopping right now for a hotel and its competitive set, allowing properties to boost online presence and grow direct bookings from active, qualified consumers.
nSight combines the world’s largest view of consumer shopping data with predictive marketing and revenue management solutions to deliver more guests to your hotel and visitors to your destination. Only nSight aggregates more than 85 million travel consumer shops and bookings daily across over 5,000 third-party travel websites. Understanding consumer shopping behavior, rate impact and future market demand enables better marketing and revenue management decisions. Follow nSight on Twitter, Facebook and LinkedIn.