Bill Gates once wrote, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” And when it comes to new technologies, many folks ignore both sides of Gates’ statement, only to end up looking silly later. Having said that, let me be clear: artificial intelligence — AI — is going to radically reshape hospitality marketing and our industry at large. Forever. And the companies that use AI effectively are closer to two years away from success than ten.
According to Tim Peter there are at least four categories where AI will impact hotels in the next few years:
– Search: Google has begun to use AI to determine the highest-quality pages within its search results and will increasingly depend on AI when choosing “the best page” to answer customer questions, especially on voice-driven searches where the search giant can only offer one or two responses.
Analytics and measurement.
– Analytics and measurement: Sophisticated technology players are using AI to comb through massive amounts of data and gain understanding about customers and their journeys that once simply would have been impossible to discover.
– Guest experience/personalization: Priceline and Expedia have each announced they’re looking to use AI to improve customer experience. And since better customer experience usually drives greater revenues, that’s something we all should care about.
– Pricing: AI will enable smarter algorithms that account for all variables – as well as those we don’t even recognize as factors today – and will present improved pricing alternatives to increase property revenues in both the short and longer-term.
Get the full story at Tim Peter & Associates