Data Monetisation Strategies For Hotels & Venues

Technology trends & data in hotels and venues

The pandemic resulted in a dynamic shift in the way hoteliers and venues operate - the way they engage with guests, and in turn, the way guests engage with venues. Guests now want increased flexibility in their booking and more options for contactless transactions, while venue operators are looking for ways to keep spend low while keeping up with post-pandemic's slow but steady demand for service. Hotels with event hosting capabilities are also seeing a significant demand for smart tools and technologies to cater to the rise of virtual and hybrid events. 

Finances Online have found eight of the global leading hotel chains implementing VR experiences in their marketing strategy. Furthermore, it has been reported that hotels offering virtual tours are getting up to a 135% increase in online revenue. By utilising AI to create more memorable guest experiences, hotels are capitalising on the technology boom. With this comes an influx of data that can be used to better determine customer demographics, behaviours, needs, and expectations. 

Using data monetisation in venue operations

Between online booking, contactless transactions, website visitor analysis, and social media profiles, we now have access to more data points than ever before - this offers a whole new world of opportunity for hotel operators. Correct data collection and analysis has the ability to streamline operations, increase conversions, better analyse booking trends, create more tailored marketing campaigns, and delve deeper into market competition. When used correctly, this data can help to increase hotel profitability by tailoring your offerings to what guests are looking for during each stage of engagement, spanning before check in, and ending long after check out. 

How do you turn your data into profit?

Cross-industry studies reveal that, on average, less than half of an organisation's structured data is actively used in the decision making process. Furthermore, less than 1% of its unstructured data is analysed - or even used at all. While data may be being collected, many leaders may not have a clear idea of how to utilise findings into actionable insights. 

Start by reflecting on your objectives, and whether data being currently captured is useful for your outcome. Actionable strategies are only driven by the data you are collecting, and the only way to achieve a competitive edge in data collection is by extracting value from it. Ask yourself; is the data you’re collecting valuable? How can its insight help you to improve business revenue? 

Data segmentation will also help determine patterns in purchasing patterns, and create a clearer picture of your customer’s journey. Once you’ve started to analyse data, craft a selection of hypotheses and start testing. Adjust offers, wording, marketing collateral, design, or refine audience targeting - experimenting with these elements is essential for transforming speculation into success. 

What is the right tech stack and data monetisation strategies for hotels?

Data can only be monetised if numbers are understood and appropriately integrated into short and long term business plans. While the primary goal of data collection should be invested back into improving the customer experience, monetisation strategies can also come in the form of operational cost reductions, creating targeted marketing strategies and greater process efficiencies.

Tech stack should be customised to each venue’s needs. The right tech stack should integrate smoothly, while being adaptable to evolving guest expectations and changing industry trends. Automation will also significantly cut time and costs associated with repetitive administration tasks, while integration will assist in data accuracy and reduce double handling of information. Since you’re making a significant investment with your tech stack, make sure you and your staff members are properly trained to utilise features to their full capacity. 

Find out more about future-proofing your venue.

Take a look at New Opportunities for Venues That Have Emerged in the Last 2 Years.