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Donald Wojciechowski

Employee-Tracking Data Making Case for Working Face to Face - 0 views

www.shrm.org/...racking-Employees-At-Work.aspx

technology HR

shared by Donald Wojciechowski on 24 Jul 13 - No Cached
  • In 2008, Bank of America became one of the first organizations to test electronic badges that tracked and analyzed employee behavior. The experiment, in which call-center workers agreed to be followed electronically for a month, found that groups of employees who spent time together were more productive.
  • The tracking-badge technology used in the Bank of America tests, developed at the Massachusetts Institute of Technology Media Lab
  • “Human social interaction is rapidly becoming more measurable at a large scale, thanks to always-on sensors like cellphones. The next challenge is to use what we learn from this behavioral data to influence or enhance how people work with each other,”
  • ...4 more annotations...
  • Based on Sociometric Solutions’ finding that people who ate in larger lunch groups were more productive,
  • Human resources consultant and writer Susan Heathfield of Williamston, Mich., agreed that creativity and productivity are better when employees work together on site.
  • “We have found that when we put together teams of seven to 12 people and give them an assignment,” they do phenomenally and socialize more than people sitting in cubicles,
  • Michael Arena, a former Bank of America executive, believes that more companies will adopt sensor technology to assess and improve performance.
  • Donald Wojciechowski on 24 Jul 13
     
    This article discusses the use of electronic badges to analyze employee behavior. Over all it found that employees that spent time together were more productive. Other options to track and analyze employee behavior are with cell phones. The use of technology in badges to track and analyze employees was developed by the Massachusetts Institute of Technology Media Lab. The article discusses the next challenge is to learn from the data collected and then influence how people work together. The badges do not collect actual voice discussions of the employee. The data collected is limited to employee movement, the tone of their voice and with whom they are talking. Office design is one area that the data is being used. For example, a water cooler may be placed is a specific location to make sure certain employees come in contact with each other. Other studies have shown that employees, such as programmers, who work in groups, are 8% more efficient when collaboration on a project is needed then working remotely. Overall the general consensus of the article is that creativity and productivity are better when people work together on site.
marble_bird

Conditions Associated with Increased Risk of Fraud A Model for Publicly Traded Restaurant Companies.pdf - 0 views

shared by marble_bird on 12 Jul 20 - No Cached
  • Many restaurant industry examples provide evidence that as a firm’s internal control structure weakens and deficiencies are found, the opportunity for fraud increases significantly.
  • The main premise of the study tests the application of the fraud triangle framework constructs to publicly traded restaurant companies during the time period of 2002–2014, using proxy variables defined through literature. The proxy variables selected were company size, amount of debt, employee turnover, organizational structure, the Recession, inflation rate, interest rate, executive stock compensation, return on assets, and international sales growth.
  • growing pressures from both passive and active investors to constantly increase their stock value in a competitive world where meeting performance goals are necessary to maintain a competitive edge
  • ...69 more annotations...
  • To meet targets, it is typical for companies to put additional stresses on their internal control structures by reducing head counts, requiring employees to perform more than one job, and rearranging risk profiles
  • The deceptive and corrupt business practicesofthesecompaniesandothersresulted largely from a failure of corporate governance and lack of ethical business practices, in which internal control mechanisms were circumvented by conflicts of interest that enriched executives and damaged shareholders
  • Deficiencies are often observed through review of the main business cycles: revenue and receivables, purchasing and payables, treasury and stock, and financial reporting
  • Internal controls are often the first avenue of protection in safeguarding assets and thwarting and discovering errors and fraud
  • Some research has been conducted in this area, and findings suggest that companies in the telecommunications, technology, financial, and services industries experience the most difficulty with SarbanesOxley compliance efforts because of increased risk of fraud from industry and company risk factors
  • Therefore, pressure resulting from expectations of financial performance, opportunity to circumvent internal controls, and rationalization coupled with certain inherent industry factors may contribute to increased risk of fraud
  • opportunity to engage in unethical behavior may stem from the macro environment, the operational features, and the specific nature of the business cycles
  • Because of this potential for fraud on the company, shareholders, and the public, examining the conditions that may prompt fraud is necessary for the efficiency of the restaurant industry, and namely, for those passive and active investors that are relying on the financial statements to be true and accurate
  • the restaurant industry is often susceptible to deficiencies because of its inherent characteristics and high control risk
  • Corporate scandals, misappropriation of assets and financial statement misstatement are all very real threats to the restaurant industry.
  • the central focus of this study is to understand the factors that contribute to increased risk of fraud to determine why fraud may occur despite the imposed regulation of the Sarbanes-Oxley Act.
  • numerous researchers have found indication that executive stock option compensation provides encouragements for behavior that is fraudulent or corrupt
  • the study seeks to identify the factors that may provide the optimal criteria to engage in fraudulent or opportunistic behavior, using the incidence of a reported control deficiency as the measurable dependent variable.
  • The fraud triangle is the model that explains the factors that may cause an individual or a company to commit occupational fraud.
  • The differing classifications and definitions of pressure provide evidence that the construct is not directly observable; therefore, researchers in this field have measured the construct of pressure through proxy variables
  • consists of three constructs: pressure/motivation, opportunity, and rationalization. The three constructs offer an explanation as to why management commits fraud, and the dynamic relationship that underlies the acts of occupational fraud.
  • pressure may best be classified into four general types that may lead to fraud: financial stability, external pressure, manager’s personal financial situations, and meeting financial targets (
  • when considering measurements of external pressures relating to debt financing, the financial leverage ratio is the most common measurement of the amount of debt.
  • Both pressures and opportunities are often determined by factors that occur at both the individual and company level (
  • ROA, or asset composition, is an appropriate proxy measurement for the pressure of meeting financial targets.
  • according to the fraud triangle, it can be said that opportunity does not exist unless a pressure exists.
  • nonshareable problems could also motivate groups of individuals, representative of a company’s culture, to commit fraud.
  • Opportunity is described as an atmosphere or temporary environment that enables fraud to be committed, usually with a small perceived probability of being caught or reprimanded
  • In a study of Swedish restaurant companies, it is noted that competition is very high, often resulting in price wars among different companies that reduce prices and then try to compensate through increased sales
  • Some risk factors include the susceptibility of the industry to market changes as well as the nature of the industry, coupled with the specific operations of the company such as whether there are significant or complex international operations; how effective management is at monitoring activities within the organization; and the level of complexity that exists in the organization
  • This environment is therefore dependent on the discretionary income of consumers, and this increased pressure may lead to earnings mismanagement through overstatement.
  • Public companies in the restaurant industry are susceptible to opportunities for fraud on the basis of the aforementioned opportunities
  • The ability to commit fraud in the restaurant industry results from inside knowledge of processes and procedures, and the ability to circumvent controls through weaknesses (
  • strong evidence has also linked the CEO position to fraud when the CEO is also the Chairman of the Board. In incidences like this, the CEO is the dominate decision maker for an organization that may provide an increased opportunity for fraud.
  • The underlying reason for these three categories of increased opportunities for fraud is the state of the internal controls structure, and management’s commitment to strong corporate governance
  • Rationalization is essentially an attitude, belief, or position of the mind or ethical personality that enables an employee or group of employees of a company to intentionally misappropriate assets and then defend their dishonest activities
  • Weak corporate governance structures are often presented through ineffective monitoring of management.
  • A quantifiable means of capturing this could be through review of executive stock compensation measures.
  • excessive use of discretionary accruals may lead to poor audit opinions, providing a rationalized thought for business activities.
  • the nature of the restaurant industry is often described as a periodic, seasonal, and cyclic trade
  • Defining parameters for financial reporting can also have an effect on reducing the rationalized behavior and the opportunity to commit fraud
  • Because these conditions have an obvious effect on earnings and measures of success, this seasonal variability and volatility should be considered when analyzing pressures in the restaurant industry
  • For restaurant companies, this means that rationalizations and attitudes can be managed by assessing the internal control environment and understanding the pressures and opportunities that exist for employees.
  • Some restaurant industry pressures that may impact profitable sales growth include a lack of understanding of the consumer’s perception, including the relevance of existing brands, and delays in opening new restaurants. Likewise, an inability to consider cost pressures, including increasing fees for supplies, utilities, and health care providers contracted by restaurants, as well as an incapability of obtaining economies of scale in procurement, could compress margins and negatively impact sales and operations profit margin.
  • The value in the application of the fraud triangle to the restaurant industry provides an opportunity to extend theoretical contributions that originated from mainstream accounting to hospitality literature, which is severely lacking in the current literature
  • Likewise, restaurant companies that are smaller (and therefore may not have strong internal controls) with increasingly complex transactions create additional opportunities for fraud to be committed
  • competitiveness is a condition that makes meeting financial targets difficult and provides opportunity for fraudulent behavior. External pressure from analysts and investors may create an incentive to misappropriate assets, which, in turn, distorts common financial measures of success such as return on assets.
  • when debt financing exists, in order to address past and future obligations, and remain competitive, restaurant companies are at an increased risk of fraud especially when disruptions in financial and credit markets exist.
  • Studies have revealed that restaurant company victory and demise is eventually correlated to restaurant leadership abilities and intentions; therefore, it can be stated that executives and managers’ intentions are of utmost concern in understanding risk of fraud
  • firms with increasingly complex operations coupled with changes in organizational structure have less resources to put into internal controls and are therefore at an increased risk for accounting errors.
  • .Internationalgrowthissubjecttorisks such as international political and economic conditions, foreign currency fluctuations, and divergent cultures and consumer inclinations
  • This study will focus on the variables most pertinent to the restaurant industry on the basis of the inherent characteristics of U.S. publicly traded restaurant companies, as previously described in this section.
  • a s a result of workforce diversity and the presence of many perceived low-skilled workers. In addition, as companies within the industry respond to declining performance, publicly traded restaurant companies may be subject to activist investors who wish to see a change in the executive management team. If a shake-up such as this would occur, the organizational structure of the company may become unstable, resulting in much greater opportunities for fraud to occur at all levels.
  • this study looks to assess the relation between the amount of debt a company has occurred and the incidence of reported internal control deficiencies.
  • Variables relating to rationalization are present in the restaurant industry when considering the motivations and attitudes of management. It is noted that in difficult times, such as the Recession, aggressive financial reporting tactics may be used
  • this study seeks to understand the effect of substantial stock compensation on increased fraud risk.
  • this study also hypothesizes that poor ROA could increase the risk of fraud, as the pressure provides executive management with the motivation to manipulate earnings.
  • this study suggests that the organizational structure of the company may provide opportunity for increased fraud risk through a unitary tone at the top.
  • this study analysed the disclosures of publicly traded restaurant companies to determine whether a company has a higher probability of increased fraud risk on the basis of the presented variables.
  • The results of the applied probit model reveal for the entire population set of publicly traded restaurant companies that the macroeconomic factors of the Recession, interest rate, inflation rate and unemployment rate all have a significant impact on the increased risk of fraud, as evidenced through a reported internal control deficiency.
  • As noted in the overall model, the results reveal that the model as a whole is a significant fit to the data. Although the company-level variables were not significant in the overall model, external factors were each significant.
  • Therefore, it can be said that the results of this study empirically support the intuition that changes in macroeconomic conditions may impact increased risk of fraud for companies in the restaurant industry.
  • It can be said that there is a significant relation between increased risk of fraud and the macroeconomic factors of interest, inflation, and unemployment rates.
  • from a managerial perspective, the study provides evidence that macroeconomic conditions that might affect consumer demand may increase the risk of fraud for publicly traded restaurant companies.
  • In addition to the high costs of compliance, it is also important to recognize additional managerial characteristics that may heighten the effects of the macroeconomic conditions on increased fraud risk.
  • As indicated by the results of the study, however, many times executive management does not recognize the problems associated with the macroeconomic conditions because of systematic perceptual filters that play the crucial role in the functioning of the company.
  • By focusing on the changing macroeconomic conditions that may have an empirical effect on demand, executive leadership will be able to streamline processes to avoid incidences of reporting internal control deficiencies when exposed to the macroeconomic conditions.
  • In the restaurant industry in particular, information is also not readily quantifiable, which makes it even more difficult to transform into meaningful and timely information for executive management. Particular examples include consumer insights and how well new promotions are received and moved throughout the market.
  • it should be noted that reported internal control deficiencies are indicative of increased fraud risk, but not necessarily conclusive that fraud has occurred. Therefore, just because a company has reported a deficiency, it does not indicate fraud, necessarily.
  • According to the model, the managerial factors are only exacerbated by the presence of macroeconomic factors.
  • the identified conditions could help managers to improve internal control when a high risk factor is realized. The contribution of this study may allow restaurant companies to deter activities that may result in increased risk of fraud.
  • Because the study revealed that the macroeconomic conditions were significant for the entire population of restaurant companies, an area of future research might explore the relevance of the co alignment model (Olsen &R o p e r , 1998) to strategic management decisions to reduce the risk of fraud.
  • for purposes of this study, privately traded companies are excluded. This is a limitation of the study because the results may indicate a problem that is more or less pervasive since the sample is representative of a small number of companies in the United States.
  • the model is limited in application because it does not take into account fluctuations among the variables over time.
  • marble_bird on 12 Jul 20
     
    This article covers the methodology and findings of a study conducted to examine the factors contributing to fraud risk in publicly traded restaurants. The article discusses factors in the fraud triangle, macroeconomic factors, and internal company factors that may contribute to fraud despite protections implemented per Sarbanes-Oxley. The study ultimately finds that internal company factors are insignificant when considering the impact on fraud risk, while macroeconomic factors, such as inflation or unemployment, drastically impact the level of fraud risk that a company may face.
Lymaris Collazo

The Autumn of Covid Is the True Test for Your Hotel CRM | - 0 views

hoteltechnologynews.com/...e-true-test-for-your-hotel-crm

covid-19 crm hotel software technology travel solution hospitality business autumn

shared by Lymaris Collazo on 26 Aug 20 - No Cached
    • Lymaris Collazo
      Lymaris Collazo on 26 Aug 20
       
      DEFINITION: Customer Relationship Management (CRM) system helps manage customer data. It supports sales management, delivers actionable insights, integrates with social media and facilitates team communication.
  • Where I see your CRM truly coming to the rescue this autumn is in maximizing return visits from leisure guests
  • A fortuitous side effect of Covid, though, has been that all the investments in touchless technologies have now allowed hotels to digitalize supplementary or granular guest behaviors and preferences that were previously handled in-person by your staff.
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  • Besides continuing to make up for lost revenue during the quarantine period in spring, hotels will need an aggressive strategy in place for drumming up additional leisure business for the tail end of 2020 because corporate and group guests are still returning at a turtle’s pace; these segments cannot be relied upon to deliver healthy numbers until 2021. And for achieving the most conversion from transient lookers, the first step is to analyze your customer relationship management software (CRM) to see what you can learn from recent guest behavior
  • a CRM can be of assistance relates to the general satiety of eblasts, newsletters, webinars and all other forms of one-to-many marketing.
  • if you have rich guest profiles within your CRM, then you are enabling your managers to utilize one-to-one marketing in a world that is numb to blanket eblasts.
  • if your hotel doesn’t live up to expectations it will be incrementally harder to get guests to come back during a less desirable time of year.
  • this autumn will prove to be quite problematic for hotels that aren’t listening to what key drivers are actually motivating guests to book. You need all resources on hand to get those quick wins in the leisure segment that will save your property from dreadful occupancies during this upcoming low period and taking full advantage of your CRM is an important preliminary step.
  • Lymaris Collazo on 29 Aug 20
     
    On this dificult times for the hospitality industry we must reinvent our techniques to save the industry. Hotels are relying in business reservations to make up for the lost revenue that lockdown has caused, but the hotels needs an aggresive strategy to attract leisure and save the industry during fall. The author talks about how the behavior of the society has changed with the pandemic and how a Customer Relationship Management (CRM) system helps to understand the most recent guest behavior. A CRM will help to provide a customized and personalized one-to-one marketing motivating guests to book. Some of this strategies could involve attractive packages promoting a 'stay-cation' with the covid-19 desinfection requirements. In conclusion, A CRM is a great preliminary step to take advantage of this challenging circumstances and save the hospitality industry for the remainder of the year.
ryanrodgers2014

E-marketing in the hospitality industry - Digital Doughnut - 1 views

www.digitaldoughnut.com/...ng-in-the-hospitality-industry

shared by ryanrodgers2014 on 07 Nov 16 - No Cached
  • The online marketing is doubtless one of nowadays most powerful advertising methods. All companies, and notably in the Tourism and Hospitality industry, are fiercely competing to lead and overwhelm the online space in order to shift market shares from competition, increase their online traffic and make more profits. In addition, International hotel chains are considerably reducing their offline marketing budgets year on year for the benefit of the online ones.
  • Social Media websites such as Facebook, Twitter, YouTube,… possess the advantage that they can spread any information or update posted rapidly to a very wide audience. Furthermore, sharable videos (i.e. choosing an engaging storyline and telling it with compelling visuals) constitute an amazing tool that keeps users’ attention and subtly persuade them along the way words can’t.
  • Content optimization for Search Engine: While the website’s content should match the guests’ search criteria, many hoteliers fail in making their websites a dumping ground for content to end up with websites that generate very poor value to guests and very low business opportunities.
  • ...5 more annotations...
  • However, as emails and/or e-newsletters might be unsolicited, senders should either offer recipients an opt-out option or get their prior consent (opt-in). In fact, experience shows that permission-based email marketing is one of the most cost-effective and efficient marketing tools available.  
  • This makes search engines one of the most effective tools in driving targeted traffic to a hotel’s or destination’s website. In the hospitality sector, hoteliers have two options with regard to SEM: Search Engine Optimization (SEO) or sponsored search:
  • Interface design:Adjustment of the web content for screen sizeso that users can comfortably access content in an intuitive way on a smaller screen and benefit from all functionalities on a mobile device (hotel search, access to reviews, bookings, payments, etc.).
  • A successful e-marketing strategy should comprise a set of specific e-actions that help hoteliers reach their planned objectives. These e-actions can be grouped into the following five main sections (A to E):
  • E-marketing is also known as Internet marketing, web marketing, online marketing or digital marketing. It is growing at a dramatic pace in the hospitality industry and is significantly impacting the business behaviors since it drives more revenue than traditional marketing.  
    • ryanrodgers2014
      ryanrodgers2014 on 05 Oct 20
       
      The hospitality industry is constantly evolving. A recent report by Adobe Digital Insights showed that 61% of leisure arrangements are made online. These statistics go on to show that in order for your hotel business to thrive, you need to put emphasis on digital marketing.
  • amichellemagluta on 07 Nov 16
     
    This article is meant to show the different types or e-marketing for the hospitality industry. It also goes on to explain how they can be used in the industry. I also enjoyed the most popular ways to use these tools. With technology moving at a fast pace, e-marketing is the next best way to market and to attract customers.
  • ...9 more comments...
  • anonymous on 12 Nov 16
     
    This article talks about how the E-marketing has grown drastically in the hospitality industry. It says how the E-marketing is having a huge impact in the business behavior because it is bringing way more revenue to the business. One of the e-action that help hoteliers reach their planned objectives is search engine marketing. Most pf the people that goes on the internet uses search engine to find information about hotels online. Mobile advertising is growing very fast since the connectivity speeds have improved and screen resolutions have advanced. Email advertising is also a great powerful e-marketing tool that companies use to put their business out there. This just help creates direct revenue for all type of guest. If a company want to succeed In e-marketing, they have to make sure that their online space is well managed and that everything is under control.
  • iancochran on 09 Apr 17
     
    E-marketing is also known as Internet marketing, web marketing, online marketing or digital marketing. It is growing at a dramatic pace in the hospitality industry and is significantly impacting the business behaviors since it drives more revenue than traditional marketing.
  • mtorres619 on 10 Apr 17
     
    E - Marketing will eventually take over any other type of marketing in the future. As we all know its a big trend and businesses need to keep up.
  • agarc521 on 04 Oct 17
     
    This article explains the importance of emarketing. It is explained in detail the important factors and uses of emarketing. There are many forms emarketing can take, and having knowledge of each form is helpful for many in the hospitality industry and other industries that can benefit from emarketing.
  • Rachel Rodriguez on 19 Nov 17
     
    "A successful e-marketing strategy should comprise a set of specific e-actions that help hoteliers reach their planned objectives. These e-actions can be grouped into the following five main sections"
  • Rachel Rodriguez on 19 Nov 17
     
    This article not only recognizes the important role of e-marketing in the hospitality industry but also explains the different categories that allow hoteliers to reach their goals. Each of these categories has its own particular way to promote the firm and each of them is equally important to fully reach the potential of the e-marketing. We are witnessing a new marketing era and the hospitality business can benefit from it immensely.
  • bdolman on 09 Apr 18
     
    The article titled " E-Marketing in the hospitality industry" emphasizes that the Internet Marketing is growing in the Hotel industry and it it has contributed in generating more revenue than other traditional marketing strategies. There are several actions Hotel owners can take to achieve their marketing objectives, this includes Search Engine Marketing (SEM), Search Engine Optimization (SEO), Sponsored search, Social Media marketing, Mobile advertising, Email advertising, and Display advertising. According to the author this actions will allow companies to compete and gain market share, increasing their online traffic and ensuring that their online space is under control and properly managed. Moreover, I believe as it is mentioned in the article that the fact that most hotels had implemented Web 2.0 services had allowed them to transform their websites content becoming a social platform where customers share their photos and content. This together with Mobile and Social media marketing are powerful tools in Hotel marketing.
  • aycasa on 19 Jul 18
     
    Throughout this article Mohamed Derouiche, discussed how there are six main sections/ "e-actions" to a successful e-marketing strategy. 1. Search Engine Marketing (SEM): "SEO attempt to improve a website's organic (i.e. non-sponsored) search rankings in Search Engine Results Pages (SERPs) by increasing the content's relevance to search terms." 2. Sponsored search: "Sponsored search corresponds to search ads that allow a hotel /chain to be included in the sponsored results of a search for selected keywords." I am sure everyone has noticed a sponsored or an ad link once you search something on Google. 3. Social Media Marketing: "Social Media websites such as Facebook, Twitter, YouTube,… possess the advantage that they can spread any information or update posted rapidly to a very wide audience. " 4. Mobile Advertising with this you can- "Study of people's behavior: This aims at the examination of "when", "where" and "why" people use Smartphones and tablets to better understand their booking trend, needs and expectations." 5. Email Advertising: "Email advertising, also known as email marketing, is considered as a powerful e-marketing tool for hoteliers since it creates direct revenue opportunities for past, present and future guests." I'd consider this one of the most effective ways to advertise because everyone has an email that they check often and with an email online a text message you can include a lot more information and pictures on popular destinations. 6. Display advertising: "Display advertising conveys its advertising message visually using text, logos, animations, videos, photographs or other graphics." This is another popular method in my opinion because people like to see things not just read about it. Nothing makes you want to go on a trip more than seeing a picture of a beautiful beach while you are in the cold weather or rainy season.
  • zport003 on 26 Sep 18
     
    This article describes the various ways in which the hospitality industry uses e-marketing. This article begins by offering other terms used to refer to e-marketing. The hospitality industry is significantly adopting the use of e-marketing, which is influencing business behavior and earning more revenue than the traditional marketing. The article states that a successful e-marketing strategy should comprise a set of specific electronic actions that have the potential to help the industry reach its planned objectives. The article describes these actions into five sections that include search engine marketing (SEM), social media marketing, mobile marketing, email marketing, and display advertising. Search engine marketing is being used in the industry because a large number of internet users use search engines to find information about tourist destinations making search engines as an effective tool for driving traffic to a hotel's website. Social media marketing involves the use of social media websites helps in spreading information to a large audience and interacting with them online. Mobile advertising is also part of e-marketing, and has been significantly adopted by the industry as the use of mobile devices is high in the industry and most people use them to access online content. The industry highly uses email marketing as it helps in creating direct revenue opportunities for the past, present, and potential clients. Display marketing is used in the industry to send adverting message to target clients using text, videos, animations, and logos.
  • gaston326 on 14 Nov 19
     
    E-marketing is a tool used by nearly all businesses nowadays. It is through this form of marketing that we are able to spread our word across the globe. When E-marketing, it is important to invest in search engines so that your products, in our case our restaurants and resorts, appear first. Our marketing can appear in the form of ads and pop ups, but also in emails. A big one is using social media platforms such as twitter, youtube and instagram.
  • pvega018 on 16 Nov 19
     
    Interestingly this article is back from 2014 and back then there was a different perspective on the capabilities of e-marketing as it was rather new to the world of hospitality. Comparing this article to the present just shows how much the experience has brought us and how much e-marketing truly benefits and expands our industry. Through e-marketing we can reach customers we never thought or even imagined of reaching out to.
nbrac002

How Artificial Intelligence is Revolutionising Hotel Revenue Management - 0 views

pricepoint.co/ai-in-revenue-management

shared by nbrac002 on 16 Sep 21 - No Cached
  • With the help of data and analytics, revenue managers, from the get-go, have been predicting and shaping the customer path to purchase.  
  • Most AI-powered systems are designed to digest, translate and identify patterns in a large amount of data
  • Talking about the role of revenue manager, it has evolved to a great degree. A few years back, the job of a revenue manager was only about collecting, compiling data, and analyzing data to decide hotel rates. 
  • ...16 more annotations...
  • Technology like AI is fast becoming a significant part of a hotel’s operations. From a hotel website chatbot to predicting guest behavior, AI is being deployed everywhere.
  • This data holds a tremendous amount of information that could benefit hotels in various ways.
  • At present, an Al-based hotel revenue management system can process millions of data in a fraction of time. Not just that, with machine learning, it can compile them, bringing a lot of valuable insights to the table and also learn about customers’ behavior.
  • Data gathering is one of the first and foremost things in revenue management
  • Further, machine learning algorithms are trained to gather certain types of data.
  • Guest patterns or you can also call it guest behavior is critical for a hotel. Because it isn’t static and keeps changing with time and circumstances. Therefore, a hotel must be able to identify and attend to them
  • evenue management in hospitality existed even before this, but it was in its infancy. Only a few accommodation providers were utilizing it.
  • Detailed and data-driven guest personas are important for efficient revenue management. But creating guest personas manually or using traditional methods have a few flaws. This is where automatic and data-driven persona creation is used.
  • When we talk about personas, there’s also something called the propensity model. If you aren’t aware of the propensity model, it is basically a scorecard that is used to predict the behavior of your guests or prospect base.
  • With predictive analytics and machine learning, revenue managers can predict how customers’ preferences and past behavior will lead to future purchases. As a result, they can optimize the revenue channels of a hotel precisely.
  • There are times when hotels run guest discounts and they don’t invest much to analyze it. They fail to determine whether these discounts are worth it
  • hotels can easily monitor every discount or promotional campaign and determine which ones are delivering good results and which ones aren’t.
  • As machine learning algorithms already have access to all the data, it understands relationships between the different data fields related to your hotel’s offering, giving a more predictable outcome.
  • Not to mention, these ML-powered systems will continue to learn, optimize, and adjust over time. Meaning, it will just get better and better
  • But with an AI-based system, you can continually monitor every channel and let the system alert you about potential risks. Further, these systems are usually fed with specific metrics and conditions for risks, and whenever it finds something that matches the conditions, it sends an alert.
  • However, many might argue that artificial intelligence for hotel revenue management would rule out human jobs. But in reality, AI, ML, and other sought-after techs are more likely to work in collaboration with humans going forwar
  • nbrac002 on 16 Sep 21
     
    AI has tremendously helped the hotel industry especially in the realm of revenue management. Instead of having to compile mountains of data and make calculations by hand, we have AI software that can not only analyze all the compiled data, make predictions based of trends, and set rates but it also learns from this data to become smarter with time.
Yuting Peng

Hospitality Marketing Services | Sabre Hospitality - Tools & Technologies | E-Marketing Tools - 0 views

www.sabrehospitality.com/online-marketing-tools.php

e-Marketing technology hospitality

shared by Yuting Peng on 06 Nov 12 - No Cached
  • Sabre Hospitality Solutions has designed essential applications and products that will push your Internet Marketing program to a higher level of performance .
  • Sabre Hospitality Solutions has designed essential applications and products that will push your Internet Marketing program to a higher level of performance
  • Sabre Hospitality Solutions has designed essential applications and products that will push your Internet Marketing program to a higher level of performance.
  • ...9 more annotations...
  • offer a wide range of cutting-edge and user-friendly Internet Marketing tools that enable direct online sales transactions, track and analyze Website traffic data and conversions, integrate emerging technology, and facilitate cost-effective Customer Relationship Marketing (CRM).
  • The CMT uses a text editor that is similar in functionality to Microsoft Word, allowing a non-programmer to manage and edit content on their Website in real time. Clients are able to edit basic body text and insert interior images throughout their Website, thereby virtually eliminating Website maintenance costs.
  • Sabre Hospitality Solutions provides a full e-commerce solution that enables you to build and manage an E-store that generates significant incremental revenue.
  • Sabre Hospitality Solutions' Interactive Proposal Service (IPS) is a proprietary system that allows a property to respond to RFP's in a highly customized fashion.
  • Our Flash map solution integrates standard interactive components for any set of floor plans.
  • Our behavioral targeting engine serves potential guests content based on how they are navigating through the Website; and profiles their keyword search that has led them to the Website.
  • Sabre Hospitality Solutions developed a proprietary Content Management Tool (CMT) based on the needs of our clients.
  • The CMT is developed in a secure environment and is extremely user friendly, empowering our clients to confidently and efficiently manage copy on their Websites. Sabre Hospitality Solutions designed and developed this application in-house, and the application is used in multiple hospitality Websites.
  • Our E-store solution includes a flexible, easy-to-use product catalog, pre-programmed shopping cart utility, secure checkouts, and automated order management and processing functionality.
  • Chenchen zheng on 06 Nov 12
     
    This article talked about Sabre Hospitality Solution which is the user-friendly e-marketing tool. The Sabre Hospitality Solution will push your internet marketing program to a higher level of performance through the following five essential elements. First, Sabre Hospitality Solutions developed a proprietary Content Management Tool (CMT) based on the needs of the clients. Second, Sabre Hospitality Solutions provides a full e-commerce solution that enables you to build and manage an E-store that generates significant incremental revenue. Third, behavioral targeting engine of Sabre Hospitality Solutions serves potential guests content based on how they are navigating through the Website; and profiles their keyword search that has led them to the Website. Fourth, flash map solution integrates standard interactive components for any set of floor plans. Fifth, Sabre Hospitality Solutions' Interactive Proposal Service (IPS) is a proprietary system that allows a property to respond to RFP's in a highly customized fashion.
  • Yuting Peng on 04 Apr 13
     
    Sabre Hospitality Solutions has designed applications and products to push the e-marketing program to a higher level. It offers a wide range of e-marketing tools. Sabre Hospitality Solutions developed a proprietary CMT based on the needs of the clients. This friendly empowering the clients and is widely used in multiple hospitality websites. It also provides a full e-commerce solution that enables you to build and manage and e-store that generates significant incremental revenue. In addition, the behavioral targeting engine serves potential guests content and the flash map solution integrates standard interactive components for any set of floor plans. Finally, it is a interactive proposal service. This unique online presentation of your proposal will ensure your product stands apart form other competitors.
Chengcheng Feng

EFFECT OF E-MARKETING ON CONSUMER BEHAVIOR IN HOSPITALITY - 0 views

connection.ebscohost.com/...-consumer-behavior-hospitality

hospitality technology Software

shared by Chengcheng Feng on 19 Nov 13 - No Cached
  • Chengcheng Feng on 19 Nov 13
     
    This article introduces the contextual framework of marketing in tourism at first. The author says tourism is not a single phenomenon. It is the combination of social and economic relations. There are a number of factors that influence the formation, behavior and consumption of tourist demand, which presence in the area in a certain period of time. Tourism implies activities of persons travelling and staying in places outside their usual environment for not more than one year for leisure, business and other purposes not related to person's everyday activities. The author also mentioned the domination factors and market trends in tourism. The consumers buying behavior in tourism has been always a interesting marketing theme, extensively studied and debated over the last decades. About the conceptual considerations of e-marketing of e-marketing hospitality, Tourism bidding, its development and quality is characterized with external factors in the macro environment of Tourism Company.
wvald012

Are sustainable tourists a higher spending market? - 1 views

Resistance to sustainability practices often stems from the industry's view that sustainable tourism requires a profitability tradeoff where the additional costs associated with sustainability do n...

sustainability; hospitality ; behaviors

started by wvald012 on 28 May 18 no follow-up yet
anonymous

Why Proximity Marketing Failed and How it Can Succeed in 2019 - 0 views

www.facefirst.com/...-failed-and-how-it-can-succeed

proximity marketing

shared by anonymous on 07 Oct 19 - No Cached
  • According to Boston Retail Partners, just 13% of retailers can identify customers as they enter a store, with another 10% identifying customers at checkout. In comparison, 60% of retailers identify customers during online shopping.
  • One of the biggest reasons for this is that beacon technologies have required customers to have bluetooth turned on. Beacon programs also often require customers to have download the right app and have that app turned on
  • A survey conducted by Borrell and Associates discovered that just 25% of retailers think beacons have a greater-than-50 percent chance of driving sales in stores.
  • ...7 more annotations...
  • The truth is that beacon programs routinely fail to offer customers requisite value.
  • According to research, consumers change phones often, every 2-3 years. When customers change phones they also change their MAC addresses. When this happens, retailers instantly lose insight into that individual’s historical behavior.
  • According to econsultancy, only 4 percent of consumers have ever downloaded a luxury retail shopping app. And even consumers who do download retail apps only spend 5% of their time using shopping apps. In truth, a proximity marketing strategy based heavily on an app can present some serious friction. As a result, 44% of retailers have removed their apps from the app store since 2015 and 56% fail to regularly update that app.
  • Though there have been historic limitations, proximity marketing is not going away it’s merely evolving
  • [retailers] will embrace neural networks and machine learning devices to get more connected. Analysts will use customer … traffic and behavior data to create experiential shopping destinations.”
  • Using AI-powered face recognition enables retailers to instantly recognize when individuals enter a store. While consumers change their phones regularly, they don’t change their faces
  • Facial recognition can also remove friction across the buying journey by offering the ability to seamlessly pay by face, verify age, or participate in loyalty program
  • anonymous on 07 Oct 19
     
    Consumers change phones often which in turn changes their MAC addresses. Retailers then lose all the the consumers behavior. Most consumers also rarely download retail applications.Although proximity marketing has had its limitations, it has continued to evolve which means that it will be present in the future.
kmill139

How the hotel industry has changed over the past 20 years | Hotel Management - 1 views

www.hotelmanagement.net/...has-changed-over-past-20-years

Consumer Behavior Distribution Marketing Ownership Assets Operations technology hospitality travel

shared by kmill139 on 27 Aug 21 - No Cached
  • Over the past 20 years, many facets of the hotel industry have shifted to adapt to new technology and changing consumer behavior, which have in turn changed how hoteliers conduct business.
  • “The availability of internet marketing has led to increased competition and has created pressure on room rates
  • Marketing and distribution costs are the most significant changes the industry has seen over the past couple decades, Corcoran said.
  • ...8 more annotations...
  • However, he said that because of their marketing dollars, OTAs had a huge impact that would affect consumer behavior—a belief that guests could get the best and cheapest price if they booked via third parties, helping to fuel OTAs’ market share and bringing the issue top of mind for hoteliers’ wallets.
  • Today’s consumer, thanks to online travel agencies and technology in general, are more sophisticated and educated than they were 20 years ago. That sophistication has touched many areas of the industry.
  • Enhanced consumer awareness has also led to niches within the industry, such as boutique hotels, extended-stay product and a focus on all guest types that has seen an emergence of new amenities, Rogers said.
  • “These demands have led to the prevalence of services such as high speed Wi-Fi, complimentary hot breakfast, expanded in-room technology and entertainment options, and fitness centers.”
  • Rogers said that some older hotels can’t keep up with the shift due to many select-service properties becoming higher end and providing all the amenities guests want.
  • He said select service will continue to be the industry’s preferred model moving forward because it contributes to higher profit margins and return on investment.
  • “As the technology and internet became more and more part of our society, it became more complicated to operate the hotels so there is a need for third-party operators and good franchisees,” Rogers said. “It impacted the smaller operators but delivered what the consumer was expecting.”
  • .
ecast038

The Truth About Self-Serve Kiosks At Fast Food Restaurants - 0 views

www.mashed.com/...iosks-at-fast-food-restaurants

food restaurants kiosks self-checkout mobile business

shared by ecast038 on 05 Nov 21 - No Cached
  • self-serve technology is not only making fast food service more efficient, but also subtly changing customer behavior. Namely, it is encouraging people to spend more
  • elf-serve kiosks increase customer spending, on average, by 20%, and this figure is borne out by data presented in a 2015 Harvard Business Review article. According to the review, major chains, including Taco Bell, McDonald's, and Chilis have all reported self-serve kiosks generating larger sales than in-person ordering, usually by a margin of 20%. In one instance, McDonald's even saw sales increase by as much as 30%.
  • On the one hand, standard industry practices such as "upselling" (promoting premium goods, add-ons, and customization) are programmed right into the machines. Human cashiers may neglect to upsell, but self-serve kiosks can't help but do so (via FoodTec). Given the visual nature of self-serve kiosks, upselling can be cleverly woven into the menu itself, and more easily escape customer notice. 
  • ...2 more annotations...
  • In a 2017 study published in the Journal of Retailing and Consumer Services, researchers demonstrated that touch screens create "experiential and effective feelings" in customers — and, moreover, a greater sense of privacy. In short, customers are happier and more self-assured when using self-serve kiosks, and are therefore more likely to spend more.
  • Using a self-service kiosk can be a joyful experience, but one that comes at a cost if you're not careful.
  • ecast038 on 05 Nov 21
     
    The self-serve kiosks or unattended POS systems are changing the customer behavior and getting consumers to spend more. Many major chain restaurants have incorporated them in their business such as Chilis, McDonalds and Taco Bell. Kiosks tend to upsell the customer while regular cashiers may not. Self serve is bette for business, not so much for the customers wallet.
Irina Stepanenko

Which is better for Efficiency: Retrofits or Behavior Change? - 0 views

www.greentechmedia.com/...-behavior-or-install-equipment

shared by Irina Stepanenko on 08 Feb 13 - No Cached
  • Irina Stepanenko on 08 Feb 13
     
    A lot of commercial and Industrial buildings are consuming energy inefficiently. For instance, running in full on the weekends or before and after operational hours. According to the research made a Massachusetts-based company, more than 'half of energy efficiency opportunities could be realized with simple operational improvements'. The savings would be tremendous for each building and for the commercial buildings overall. However, operational changes is only the first step. The second step is to install new ways of control, equipment, and software. The examples of installations are software-controlled LED lighting, upgrades to A/C system, etc. There is also an opportunity to monitor a building and make decisions on the energy issues as they appear. Thus, changes in behavior and operations, combined with new software and equipment can lead to tremendous saving in commercial and industrial buildings.
Yunfan Wu

Staying Green: Hotels Step Up Their Sustainability Initiatives: Scientific American - 0 views

www.scientificamerican.com/article.cfm

hotels sustainability initiatives

shared by Yunfan Wu on 07 Feb 13 - No Cached
  • but they can actually result in significant water, waste and cost reductions. The website Economically Sound reports that a 150-room hotel can conserve 72,000 gallons of water and 480 gallons of laundry soap every year by placing the cards in its guest rooms.
  • Another positive trend is the Four Seasons’ 10 Million Trees Initiative. The hotel chain is celebrating its 50th anniversary by planting 10 million trees across the 34 countries in which it operates with the hope that the effort will help combat deforestation and global warming and attract more customers concerned about the state of the planet.
  • Beyond what the major chains are doing, eco lodges run by or in partnership with native people or tribes have popped up all over the tropics and beyond;
  • JIACHEN LI on 07 Feb 13
     
    this article is talking about the sustainability development in hotel industry. every year the waste of water and energy in washing machine is huge. this behavior violates the mind that builds a green industry. in the help of the Green Hotels Association the hotel companies make some measures to save the water and energy like putting a card which ask guests to consider not having sheets changed every day. it is simple word but really playing an important role in developing sustainable vision.
  • Yunfan Wu on 25 Sep 13
     
    We all know that a lot of hotels leave little cards in the room claiming that they are environmental-friendly and initiate protection of the environment or reducing waste. They encourage customers reuse towels and linens, and so on. This article use Marriot and Four Seasons as examples to describe that this kind of behavior is indeed helpful. Water, waste and cost reduction is resulted. So hotels should keeping doing this and lead to green life-style and reduce waste.
Allen Lok

Houston Hilton hotel installs facial recognition; system can ID suitcases, employees and guests - USATODAY.com - 0 views

travel.usatoday.com/...1

shared by Allen Lok on 30 Mar 12 - No Cached
  • The 1,200-room Hilton Americas-Houston - Houston's biggest hotel - has installed a cutting edge digital video system that relies on facial recognition technology. The system will let managers track employees, locate missing suitcases, recognize a VIP guest - and much, much more.
  • 90% accurate in recognizing people and objects
  • 3VR Security,
  • ...6 more annotations...
  • The hotel says the system can aid customers who've reported an item has gone missing inside the hotel
  • derail potential dangers before they happen by, for instance, uploading a digital image of someone who is banned from the hotel and letting the system send an alert when the person shows up.
  • the system can find relevent surveillance footage in seconds
  • bility to recognize repeat customers," the
  • release says. Moore says that they'll tie in the system with its front-office systems to "flag our Gold Card members in
  • order to be able to blow them away with service."
  • Yi Sun on 30 Mar 12
     
    Now as the world developed, security of every area becomes more and more important especially in hospitality industry. More and more new technology is used in hotel. From this article, we know that the Hilton Americas-Houston has installed a cutting edge digital video system that relies on facial recognition technology.The hotel isn't just monitoring for potential outsider threat; it's also keeping an eye out for rogue insiders, too. The hotel is using facial recognition to monitor employee behavior, paying particular attention to any former employees who leave on less-than-pleasant terms. All employees are informed that video monitoring of them takes place. The video system monitors the areas where employees come to punch into time clocks in order to verify the person's identity. But perhaps more significantly, the facial recognition system is used to watch for any suspicious activities of employees or former employees. For security problems that happened already, the system can find relevant surveillance footage in seconds rather than hours, which can aid in solving crimes and possibly prosecuting criminals. Hotel security could also derail potential dangers before they happen by, for instance, uploading a digital image of someone who is banned from the hotel and letting the system send an alert when the person shows up. Using facial recognition, the system would issue an alert if the person walked into a hotel so security so then hotel security could then escort the people out of the hotel. In serious cases, footage can be stored and e-mailed to an insurance company or local district attorney.
  • Melissa Krajewski on 30 Mar 12
     
    This seems similar to the casino facial recognition technology that Professor Cilli mentioned in the video lecture. Its interesting that you mentioned protecting the Hotel and their guests from disgruntled former employees backlash. With the Hotel common areas not being private space I don't see why guests would have a problem with privacy infringement.
  • Allen Lok on 22 Mar 13
     
    3VR highlights hotel security program that incorporates facial recognition to track guest, identify unwanted or banned guest and monitor employee attendance and behaviors. Also it can be used to help those pesky items that guests seem to keep losing by using color, size and other physical attributes. While this system has many benefits to a hotel, I see this being only feasible in a large property where the sheer volume of customers and guest can produce enough revenues to offset the cost of this system.
Yookyung Kim

Hotel Group Sees Uptick in Occupancy with Analytical Tool | Case Studies | | Hospitality Magazine (HT) - 0 views

hospitalitytechnology.edgl.com/...ancy-with-Analytical-Tool82042

shared by Yookyung Kim on 11 Sep 12 - No Cached
  • In order to maintain speed and accuracy across revenue strategies, leaders at Coastal Hotel Group realized that by automating the revenue management process, a significant impact could be made not only on the bottom line but in labor savings as well.
  • An automated solution for increased efficiency
  • The system’s software provides reliable, up-to-date market information quickly and easily, enabling Coastal’s corporate director of revenue management to spend less time identifying market trends for multiple properties and allowing more time for analyzing trends and capitalizing on consumer behavior.
  • ...1 more annotation...
  • Numbers tell the story Since implementing the IDeaS RMS, Coastal Hotel Group has realized significant increases in occupancy and Average Daily Rate (ADR) across its properties. Cedarbrook Lodge, Hotel Fifty and The Resort at The Mountain all saw increased occupancy with upticks of 28, 15 and 11 percent respectively in 2011. In addition, ADR jumped 18 percent at Cedarbrook Lodge and four percent at Hotel Fifty.
  • Yookyung Kim on 11 Sep 12
     
    Coastal Hotel Group implemented the IDeaS Revenue Management System (RMS) to maintain speed and accuracy across revenue strategies. The new system allows the director of revenue management more time for analyzing trends and making more strategic revenue decisions because the revenue management process is simplified and expedited, providing market information quickly and easily. Although the system doesn't replace human insight, its complex algorithms and ability to pull data multiple times a day provides Coastal Hotel Group with a clear vision of hotel data, making it easier to book the right guest at the right time for the right rate. In addition, the IDeaS RMS automatically uploads rate shopping reports from vendors and uses competitors' data to create the best available rate decisions. In today's fast-paced, interconnected business environment, the new automated revenue management system can provide a quick and intelligent reaction to various market conditions in order to capitalize on consumer behavior. That can be a strong competitive edge of the Coastal Hotel Group properties. 
Jianyi Wang

4 Problems with E-Commerce - and How to Solve Them - CRM Magazine - 0 views

www.destinationcrm.com/...d-How-to-Solve-Them-70253.aspx

shared by Jianyi Wang on 13 Sep 12 - No Cached
  • According to Kim, the data that's wrapped up in e-commerce processes can not only drive sales, but also create a personalized experience for each and every shopper. Sophisticated analytics, however, are required to unlock the power of that data.
  • A lot of bad behaviors in offline commerce translate to online." Identifying those problems, he asserted, is the first step toward developing solutions.
  • The problems:Pushy Sales
  • ...6 more annotations...
  • No-Service Sales
  • Segmentation
  • Wrong Data
  • The solutions
  • No Data
  • Listen and Serve
  • Jianyi Wang on 13 Sep 12
     
    This article is a comprehensive analysis of the problems existing in E-Commerce from the perspective of a CEO in New York. According to Kim, a lot of bad behaviors in offline commerce translate to online. Identifying those problems, he asserted, is the first step toward developing solutions. There are mainly four problems in E-commerce including pushy sales, No-service Sales, No Data, Wrong Data. He suggests four solutions to solve these problem. At first, they remind that not all consumers should be treated the same. The simplest ,most effective way is segementation, dividing customers into several groups. Moreover,he mentioned that merchant should offer different product to people of their own targeted values. The other two solutions are listen and serve, one chance.That means the merchant should be patient enough to let customer tells them what they want and provide updated activities to the customers on time.
Le Chai

ZDirect and Sabre Hospitality Solutions Perfecting eMarketing, Communications for Vantage Hospitality Group Hotels - 0 views

www.hospitalitynet.org/...4062376.html

hospitality emarketing

shared by Le Chai on 07 Oct 13 - No Cached
  • The 8th largest hotel company in the world with more than 1,000 locations has relied on ZDirect and its ZMail® electronic communication platform since 2007 to deliver dynamic, real-time profiles of hotel guests and streamline and centralize each property's eMarketing initiative by tracking guest behaviors and preferences.
  • Together, these two companies are giving our brands superior online and mobile communication tools that are proving to increase bookings and improve two-way communications.
  • ZDirect's patented dynamic content engine uses guest behavior and preference data to create individualized confirmations, pre-arrival emails, customer satisfaction surveys and more to up-sell a hotel's profitable amenities.
  • anonymous on 07 Oct 13
     
    Vantage Hospitality Group utilizes ZDirect's Zmail to market to guests behaviors and preferences. The company has teamed up with Sabre Hospitality Solutions to simplify reservations. ZDirects data collection has created a personalized communication that seems less automated, while Sabre Hospitality Solutions has expanded their audience. They work together to achieve "maximum profit from unsold perishable room inventory."
  • Le Chai on 11 Nov 13
     
    This article is about the success eMarketing of ZDirect and Sabre Hospitality Solutions. The emarketing provides the hotels online and mobile communication tools which is a good improving of two-way communications. It is an efficient and dependable process that help guests to receive email confirmation immediately. 
hannahamorton

AccorHotels uses biometrics to determine guests' perfect vacation | Hotel Management - 1 views

www.hotelmanagement.net/...ics-to-understand-guests-needs

biometrics hospitality technology

shared by hannahamorton on 14 Jan 19 - No Cached
  • Seeker is an assessment of affinity that measures biometric reactions and behavioral analysis to unlock and gain deeper insights into what guests truly want and need in a travel experience
  • true loyalty goes beyond excellent service—it is about intuition and the anticipation of a guest’s needs
  • Behavioral data was merged with a “biometric multiplier” to give greater weight to responses with more EEG engagement, higher heart rates and elevated GSR readings.
  • ...1 more annotation...
  • “This is the first time biometrics and behavior analysis are being used to detect travel preferences in the hospitality space, to our knowledge, and is an area with tremendous potential and possibilities,”
  • hannahamorton on 14 Jan 19
     
    A new technology is being unveiled that can read certain biometric factors of participants and extract information about a customer's likes and dislikes. While wearing the provided headset and wristband, data is gathered based on apha and gamma brain waves, heart rate, and galvanic skin responses. These responses are used to determine a customer's likes and dislikes when in certain environments. This technology can be used to anticipate what guests truly want and need in a travel experience.
Luis Valdivia

The Mobile Proximity Marketing Advantages and Disadvantages Retailers Must Know - Shopkick Insights Blog | Partners - 1 views

www.shopkick.com/...antages-retailers-must-know-fc

shared by Luis Valdivia on 11 Feb 20 - No Cached
  • sights on purchase behaviors
  • proximity marketing, which employs geolocation to market to consumers within physical reach of a store
  • Beacon technology, which powers proximity marketing, results in an estimated 40 million messages a year, and that number is ever increasing. As a result, the retail industry must be sure it is primed to take full advantage of this technology now and in the coming years.
  • ...19 more annotations...
  • proximity marketing is ideal for targeting the right audience at the right time
  • proximity marketing could be a valuable resource for increasing market share and brand awareness
  • Proximity marketing doesn’t require much effort from store personnel. It’s automatic; technology does the work for you.
  • creased brand awareness
  • Engaged users
  • Higher conversion rates
  • It is estimated that 57% of consumers are likely to engage with location-based advertising.
  • An automated edge
  • The Mobile Proximity Marketing Advantages for Retailers
  • sights on purchase behaviors
  • Insights on purchase behavior
  • One highly valuable aspect of proximity marketing is the data it creates. You’re essentially getting a purchase map from the consumers in your store.
  • The Challenges of Proximity Marketing and its Disadvantages
  • Challenges
  • While consumers download a large number of apps, they don’t use a majority of those apps regularly
  • Conversion issues
  • Management complexity
  • Proximity marketing is a specialty form of marketing that not every company can manage. It requires the right hardware and programming as well as an expert to monitor it
  • Privacy concerns:
  • Luis Valdivia on 11 Feb 20
     
    This article looks at the benefits of proximity and its disadvantages. The author explores multiple reasons why modern businesses should use proximity marketing. For instance, it helps businesses to target ideal customers at the right time. it also improves customer experience, customer loyalty, and thus, creating a competitiveadvantage in the marlket. Conversely, it has some negatives. therefore, before implementing the technology, entrepreneurs should look out for ways to minize the demerits in order to gain the most from the technology.
uhey77

Connect with Gen Z travelers in a disruptive world | PhocusWire - 0 views

www.phocuswire.com/nnect-Gen-Z-travelers-Facebook

travel technology

shared by uhey77 on 31 Mar 20 - No Cached
  • Technology delivers a world of travel options right to a traveler's fingertips. They go online to find inspiration on social media, choose the right vacation, compare deals, book trips and enhance their experience during their trip.
  • 61% of US 18–34-year-old travelers surveyed were more likely to stay loyal to a travel brand that has an easy-to-use website or mobile app.
  • Inclusive, curious and community-oriented, Gen Zers are growing in population and spending power. Understanding their expectations will be key to winning tomorrow.
  • ...9 more annotations...
  • Gen Z is the future, and travel brands that start to organize around their behaviors now will win with tomorrow’s most valuable customers.
  • They are adapting quickly, testing, iterating and measuring. These brands embrace best practices that leading disruptor brands have successfully embraced to drive incredible growth.
  • Stay ahead of the customer landscape:
  • Explore mission-driven marketing:
  • Build a brand community:
  • Leverage machine learning:
  • Move toward better measurement:
  • Break through with creative:
  • Travel brands, from traditional airlines to online booking agencies, can make great progress by exploring leading disruptors’ best practices and applying the right ones for their businesses.
  • uhey77 on 31 Mar 20
     
    It's clear that travel companies need to meet customers where they are-on mobile and social platforms-with experiences that fit seamlessly into their lives. Gen Z is the future, and travel brands that start to organize around their behaviors now will win with tomorrow's most valuable customers.
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