Maximizing hotel tech growth: The role of a dedicated data provider in identifying ideal customers
Companies buy market data all the time, but finding a provider with data quality, coverage and comprehensiveness, who is then able to maintain that data at the fast pace of market changes is a monumental challenge.
Add into it the particularities of the hotel industry and the hotel technology landscape, and you have yourself a proper challenge.
Luckily, at MetricsDriven we live
for proper challenges.
Let's look into just some of the pitfalls that can arise when working with non-specialist providers, such as
- overpromising on data scope
- underperforming on comprehensiveness.
In contrast, we'll provide the benefits of partnering with a specialist provider like us, who provide:
- domain expertise in the hotel industry
- a strong track record of delivering high-quality, comprehensive datasets.
01
Generalist Data Providers
These are almost always non-specialists, who along with treating all hotel data sources the same (and oftentimes clients too), have no contextual understanding of the hotel industry and hotel market.
Let alone the complex web of hotel technology as it affects the day to day business of a hotel. An easy test is to simply ask about a PMS, or a CM or an IBE.
You'll be lucky if you get an answer to just one of these.
We see the results of these superficial datasets in our client's systems all the time.
Hotel entities with barely 4-5 datapoints, last updated 5 years ago or more, unclean or mismatched data, unformatted phone numbers, addresses and other data, plain incorrect information and much worse (Thai script in all text fields, anyone?).
And most annoying of all, tons and tons and TONS of duplicates due to errors in data collection, standardization and an overall lacking understanding of hospitality data.
Data Cleanliness and Consequences
The result of using non-specialists is usually a massive duplication of accounts in the client's database, no chance of merging data into existing accounts, lacking and non-verified fields etc.
Making not just the new data unusable but the literal corruption of what may have been good (albeit small in volume) data in the client's database before the experiment.
Not to mention the financial hit of buying this data initially.
What comes as a result of all this is actually extremely detrimental to the business, as all affected teams and processes face a spike in noise and clutter, slowing them down and affecting the revenue and financial stability of the entire business.
This phenomenon moves like a wave and can over time even bring a business down, as decision making becomes impaired and business intelligence blind.
Oftentimes, a business starts to recognize what is happening after a while, and reacts by purchasing more of equally flawed datasets. Based on either false promises or the hope that combining it with the previous ones may fix the issue.
In 100% of the cases we have seen so far, this does nothing but create a data debt and additional chaos.
We haven't even gone into how they would, or even if they could, update this data.
02
03
Updating the database of hotels
Now imagine if this business also tried to work with a bunch of data providers at the same time.
In a desperate effort to clean and reign in their data they keep adding more and more datasets, coming from different providers.
The internal hotel data team is swamped with problems of normalization, merging, even determining a source of truth.
Other teams see the opportunity for being innovative and having data-driven insights, but wading through the mess is impossible, their hotel database grows but only in chaos.
Profitability is quickly affected, as the inaccurate market data cascades through the organization and the ability to make informed decisions diminishes.
As time passes, since data is almost certainly not updated in real-time, trust in the data drops.
This is justified as the travel industry does change at an increasingly rapid pace - maybe not as fast as many other industries but more than fast enough for .
Performance data (fast data) changes more rapidly and is affected faster.
This is a classic case of a specialist vs a generalist.
You wouldn't go to a family doctor and expect them to treat an acute heart issue, but to the best cardiologist who preferably specializes in treating the exact issue you're facing and has had hundred of cases to practice on.
In the same way you should only entrust your data acquisition to the best of the best.
We are those dedicated specialists, and we are happy to prove it by handling your data pipelines end to end, with accuracy and precision we promise you haven't had the pleasure of experiencing.
Working with data and hotel tech specialists
A team of specialists in this field will have a deep understanding of the hotel industry and the complex web of hotel technology, ensuring that they can provide accurate and relevant data solutions.
MetricsDriven offers a full suite of data services to support your company's growth
- Data acquisition and management
- Validation and verification of data
- Data cleansing and transformation
- Data implementation help
- Data-driven strategy consulting and discovery
TO WRAP IT UP
There's a lot more to it...
There's a lot more to this topic, and we're more than happy to have a discussion directly because every case is different.
Key point is you need domain experts and obsessive problem-solvers to help you solve your data challenges on multiple fronts.
Don't hesitate to reach out to us at hi@metricsdriven.net or set up a call to discuss your particular circumstances.
We love hearing ideas and especially challenges nobody has been able to pull off yet!
MetricsDriven is a data technology provider out of London, UK.
We're forged from a unique combination of coding, marketing, scientific and technology backgrounds.
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