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Data: The true disrupter in hospitality. Learn how it can work for you
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About the talk
Hospitality is no longer a real estate and reputation play. To ensure your business is successful you need to get a handle on the data that drives your business. Data, it has often been said, is the oil that greases business but traditionally this has meant big business. Small businesses and in many cases hospitality have struggled to create it, access it, understand and wrangle it to build advantage and improve the bottom line.
Ironically COVID-19 is one of the factors that has changed the game and made the data that matters more available than ever. The global pandemic radically accelerated the introduction of online ordering which is like the gateway to tapping into rich data about your customers, their preferences and their behaviours. Then as we began the process of reopening the advent of check-ins and reservation systems continued to enrich this data.
So what now?
1. Review the data that you have in your business
a. Customer
b. Transactional
c. Financial
2. Make a plan for using it
a. Customer data - Engagement vs loyalty program, predicting demand, creating & moving demand
b. Transactional - how do I increase ATV, increase margin,
c. Financial - reduce labour costs, create new revenue streams
3. Work with your suppliers
a. Get a tech stack that works together
b. Set your strategy
c. Get help to execute
d. Measure, iterate, review
00:00 Intro
01:10 Data has exploded in hospitality
08:13 Some of the data in hospitality
10:00 Data in business
10:58 The Basics in collecting and analyzing data
12:15 The Customer Data that matters
12:51 Customer data
15:21 Data life cycle
17:25 Getting started
20:21 Operational / Transactional data
20:35 The Operational Data that matters
23:15 Using data
24:40 Financial data
25:00 The financial metrics
27:53 Getting finance to work
About speaker
An experienced marketer on client and agency side, Sarah has developed & delivered a number of loyalty & customer engagement programs in hospitality and retail. As Director of Sales & Marketing at Impact Data, Sarah helps clients gather their data, use the insights that data presents and connect better
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