What’s Happening Now?
Travel marketers and revenue managers make decisions on how to price and market for future bookings based on what’s happened.
Hotel business intelligence standard STR benchmarks self-reported, historic RevPar for hotels versus competitive sets. TravelClick’s Hotelligence360 product uses GDS data to index past performance and future views are based only on rooms on the books. IDEAS, from SAS, uses historic transaction data to predict future trends. Smith Travel’s analytics unit does the same thing using STR’s vast historic RevPar data.
Predicting the future is based solely on what’s happened in the past or what’s on the books now.
I’m not suggesting the industry scrap these tools of the trade. However, we do need another product to enhance how we make decisions (see my prior post When Will Hotel Revenue Management and Marketing Finally Merge?).
Travel intelligence needs to help us understand what’s happening now.
Considering the Internet influences more than 80% of travel booked today (this includes research, online purchases and social), harnessing its massive amounts of data can tell us what’s going on at any given moment.
Organized correctly, this data can help us understand who is searching and booking what right now. The questions we can answer from this foundation of information are as numerous as the answers are exciting.
This is the vision behind the new product we officially launched at the U.S. Travel Associations’ IPW 2013 last week. It’s called nSight™. It captures data from 25 billion travel searches and bookings from 5,000 websites around the world. Then we “humanize” this data by appending demographic and psychographic information to help understand the personas of the consumers behind the clicks and transactions.
I could not be prouder of the passion and dedication of our team to make nSight a reality. Our product launch was most certainly a success due to the team’s focus and expertise in bringing this evolutionary business intelligence solution to market.
Will nSight change the travel industry? Perhaps. Will nSight change travel intelligence. Absolutely. The future is in what’s happening now. Not just what’s happened before.