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Tech Trends

A Miami Story: The Evolution of Anticipatory Product Development in the Hospitality Industry.

A few months ago, I hopped back on an American Airlines flight from Europe, landing in Miami. Joining me was João M., a friend and client. He’s a seasoned hotelier, running a chain of hostels and hotels boutique, and considering expanding his portfolio to Florida.

During our flight, João posed a question regarding the competitive set of 10 competitors for his hostel in Porto. Given our experience working with dynamic competitive sets over a year, using the DynamicSets tool we developed within the RoiBi platform, how can we provide him with a list of his competitors? This query led to a thought that I would like to discuss with you today.

At Roitels, we’re always on the cutting edge of technology, developing products that enhance our technological platform, which is based on microservices. We’re a technology-focused company specializing in the hospitality sector, particularly hostel chains and independent hotels. We’re also an AWS partner, providing solutions that meet the needs of CEOs, founders, owners, and general managers of these businesses.

Over a year ago, we developed a dynamic competitive set software tool. This tool can continually analyze market data and update the competitor set based on real-time conditions. It is integrated within our total revenue management platform, which dynamically analyzes the competition of our clients in real-time. As a result, we do not work with static competitive sets. This tool is designed to provide insights into the competitive landscape, helping us anticipate changes and adapt our strategies accordingly.

In the past, we heavily invested in resources and time to gather insights from potential customers about what they needed. This information was then used to develop a product that we hoped would meet their expectations. However, we soon realized that this approach was flawed. Customers’ needs can change, and they may want something different.

Instead, our approach is to anticipate what customers will want before they even realize it themselves. Our goal is to develop a product that is not only faster, better, and more cost-effective than our competitors, but also one that meets customers’ evolving needs.

Innovation, however, does not always go smoothly. Mistakes are inevitable, and it’s crucial to acknowledge them promptly. Once a mistake is recognized, we can focus on improving other aspects of our innovation. This approach allows us to learn from our errors and use that knowledge to drive future innovations.

This way, we can ensure that our product development process is not just a response to customer needs, but a proactive approach that anticipates those needs and delivers a product that is tailored to meet them. This strategy not only improves customer satisfaction but also helps us stay ahead in a competitive market.

Thank you for joining me on this journey of innovation and adaptability.