I speak with a lot of hotel owners, management companies and revenue managers and this is the biggest problem I encounter: Analysis Paralysis and Second Guessing that analysis.
My personal hot take is that simple action taken consistently over a long period of time leads to the best results.
Simple actions such as:
- Pricing your weekends right,
- Researching local events,
- Testing room differentials. Do it a 1000 times and boom your revenue strategy is in place.
The Revenue Guy ☆ I help hotels & F&B outlets generate more profits by optimising revenues
We do data. we crunch it. we complexitise it. cherish it. love it...and yet:
it overloads most
we go down rabbit holes
we have 3hrs discussion around details only to say: Increase by a fiver??? whose with me?
analysis paralysis
not much smarter after all that digging
....
I recently came across this post, it resonated with me on several levels. In past roles, I had faced the challenge of being asked to "provide more data." However, without the proper measurement tools in place, we struggled to obtain the necessary data. It was frustrating to encounter glaring problems without the supporting data to address. As I transition into a new role, I am striving to strike a balance between developing the right data and incorporating anecdotes to drive progress along the way.
During recent stakeholder interviews, the recurring theme of communication gaps was brought to my attention. I didn't need to conduct a formal survey to gather this information and track progress against it; rather, I heard about it multiple times and observed gaps in the process. We addressed these issues without relying on a specific metric; it simply needed to be done!
While data is certainly valuable and insightful, it's important not to overlook the significance of anecdotes along the way.
Managing Director @ Google | Tech Founder (sold to Zillow) | I write about personal & leadership development
When you work in Tech, it’s always, “Follow the data”, “The data is always right”, “What does the data say?” Data. Data. Data.
But once you’ve been in the engine room, you come to learn how data is *selectively* used to make incorrect points of view sound reasonable.
Data is not fact. It’s just as prone to bias as opinion. It’s why I love this story from Jeff Bezos about anecdote vs. data – and how when the two diverge, the anecdote is more often an accurate signal of what’s going on.
Data is critical but so are people’s stories and experiences to diagnose underlying truths.
A great reminder about data-based decision-making. Data is always multifaceted and really easy to misinterpret depending on the perspective you use. There are many ways to validate your data perspective and making sure it aligns with what people are saying ("anecdotes" in Jeff's language) is essential. If your data tells you one thing but your people tell you another, that is a flashing red light that your data perspective needs validation.
Managing Director @ Google | Tech Founder (sold to Zillow) | I write about personal & leadership development
When you work in Tech, it’s always, “Follow the data”, “The data is always right”, “What does the data say?” Data. Data. Data.
But once you’ve been in the engine room, you come to learn how data is *selectively* used to make incorrect points of view sound reasonable.
Data is not fact. It’s just as prone to bias as opinion. It’s why I love this story from Jeff Bezos about anecdote vs. data – and how when the two diverge, the anecdote is more often an accurate signal of what’s going on.
Data is critical but so are people’s stories and experiences to diagnose underlying truths.
When you work in Tech, it’s always, “Follow the data”, “The data is always right”, “What does the data say?” Data. Data. Data.
But once you’ve been in the engine room, you come to learn how data is *selectively* used to make incorrect points of view sound reasonable.
Data is not fact. It’s just as prone to bias as opinion. It’s why I love this story from Jeff Bezos about anecdote vs. data – and how when the two diverge, the anecdote is more often an accurate signal of what’s going on.
Data is critical but so are people’s stories and experiences to diagnose underlying truths.
CRO Tip:
I don't believe there's such thing as a 'losing' test
The objective is data
Data helps make decisions
No matter what, you learn something
What you learn from a losing test often turns into a big win
The key is consistently learning from & iterating from the data
Let's forget about data. Data is a distraction.
The question isn't: "What interesting insights can you find in this dataset?"
It's: "What will you do if I give you interesting insights?"
For example, if I tell you that user_XYZ is likely to churn out of your platform/service, what are you going to do about that?
If there's no thoughtful action or experiment, then let's move on to the next thing. Once we find something interesting that we could do, some lever we could pull, conditional upon having the right data and information, then let's invest our efforts there.
That's where data analysis should start... with thinking, not data.
The Revenue Guy ☆ I help hotels & F&B outlets generate more profits by optimising revenues
2moSimplifying is they key...we add complexities to make us look good