Predictive Data Is Catching On. Media Giants Get Onboard.
According to the WSJ and other recent coverage, big cable companies like Comcast and Verizon are getting into the big data game. These big dogs are trying to reinvent the video ad market.
One nSight client pointed out that “these companies are trying to do the same thing with viewer data that nSight does today with hotel shopping data.” Information on how customers watch video is valuable for advertisers, just like information on how travel consumers shop for travel is a game-changer for revenue managers and marketing teams.
Joseph N. DiStefano at Philly.com summarizes it like this:
“Verizon’s next big growth engine is data,” writes veteran telecom analyst Craig Moffett, in a report today to clients of MoffettNathanson Research. He’s talking about Verizon’s “‘free’ Go90 video (by smartphone) service.” In this program which enables the company to track both video use and customer GPS locational data, among other user info, Verizon is giving us “a rather startling strategic insight into the company’s longer-term sources of value:… its vast trove of information about the comings and goings of its 100 million wireless users.”
There are many similarities. Like Comcast, nSight offers this information in an aggregated anonymous format with views on the habits of consumers in consumer profile segments. The key difference is that nSight goes one step further.
nSight provides revenue teams with an understanding on how price is affecting their share of leisure customers for future arrival days. It’s a predictive step that compares consumer behavior based on competitor pricing to help travel marketers determine if they should lower or raise rate based on market demand.
Predictive data for hotels and destinations includes:
- Geographic locations of the most likely to book shoppers
- Consumer profile and demographic of active shoppers
- Desired arrival dates in market – at the hotel or destination
- Future consumer demand for competing hotels based on changing room rates
If you are a hotel in Orlando, imagine knowing that your best consumer is a budget-minded family from Chicago that needs an Orlando hotel for the end of month? It’s the kind of information that redefines marketing budgets, media buys and creative content for email, PPC, banner ads and social media.
Yeah – big data is the next step for these media giants. But it’s here today for the travel industry.