Big Data and Timeshare Marketing
5/07/2014
By now you've probably heard the term big data used as one of marketing's hot
buzz words, but do you know what it really means? And more importantly, how is it used in
timeshare marketing?
What’s
the Big Deal?
The term big data
has been around for the past few years, but it seems it's not so easy to
define. In general, big data refers
to the collection of all the data from digital and traditional sources within
and outside a company. Some definitions like to confine big data to information gathered from digital sources, and it is
that. But it can also include traditional data collection such as that derived
from call centers and point-of-sale, product transaction information and
financial records.
In short, big data
is collecting all the voluminous amount of data that your company creates, and
then analyzing it for information that can be used to determine repeatable business
patterns that really work. Never think
of it as just about gathering large amounts of data, what’s even more important
is how you use the data. Combining big data with high-powered analytics can
help you to zero in on data that is most relevant, and then analyze it to
determine the areas that matter the most to your business success.
How
Big Data is Being Used in Timeshare Marketing
In a comprehensive 2013 report by Harvard visiting
professor, Tom Davenport, At the Big Data
Crossroads: Turning Towards a Smarter Travel Experience, he stated that
"big-data could be one of the most influential initiatives for travel since the
online reservations system." But Davenport, who has also written over a dozen
books on business analytics, suggests that "for the most part with some exceptions, other industries are
using data in smarter and more advantageous ways then the travel industry."
Wyndham
Worldwide is one of those exceptions.
Wyndham utilizes its more advanced data analytics from its exchange business in
its U.K rentals, to set pricing across its European vacation-property rentals.
The company uses what it calls "yield management" tools to adjust pricing based
upon factors that include, past consumer practices, market peak, and timing.
Another company to get going with big data is MGM Resorts.
Understanding the power of Facebook
and its over 1 billion followers, plus utilizing Facebook’s many data gathering
tools, helped MGM to refine and update their advertising strategy. They expect
a return on their new advertising program of between 3 to 15 times greater.
Major airlines are using big data to customize new offers for each flier. With data gathered
on passenger past purchases, airlines are personalizing the travel experience.
Recent technology advances enable airlines to sell products directly to
passengers at booking and at check-in, in reminder e-mails as trips approach
and on mobile phones before boarding.
Delta
Airline's CEO, Richard Anderson says, "We have massive amounts of data, we
know who are customers are and what their history on Delta has been." Using
this type of data helps airlines personalize the flying experience.
Companies
That Help
If you need help with the gathering and analyzing of
your data, whether it's a little or a lot, there are full-service companies and
software specifically designed to guide and direct you in the process. CustomerCount, TrackResults Software, Amadeus, and Katana Software are just a few involved in the
business of big data.
Thanks for this post!