I-PRAC earns its stripes as a data company, thanks to the ‘Registered Booking’ system

For the longest while, perhaps until very recently, the definition of data has been reduced to ‘numbers, statistics and analytics’. While this is more than a reasonable explanation, what it doesn’t do is address the impact of data on?storytelling.?

American astrologer Carl Sagan once famously quoted ‘You have to know the past to understand the present’. Data has an extraordinary ability to tap into past events and consequently, drive narratives that are not only insightful, but accurate?too.

As such, I-PRAC’s Register Booking system is paving the way in the above for the short-term rental industry. What more and more people are beginning to realise, is that our brand is growing on a goldmine of data – data that will be massively valuable to ourselves (and our partners) over the near?future.

I-PRAC’s website: A data magnet

It’s common knowledge that I-PRAC has established itself as the industry’s only verification and membership platform. But another key part of our business is giving guests the opportunity to register their booking with an I-PRAC accredited member on I-PRAC’s?website.

Guests do this by using the hosts’ unique membership ID (which is provided by I-PRAC and cannot be replicated). After the guest has registered their booking, they receive an official certificate to prove this; and therefore marking them as fully qualified to receive 100% compensation should something go wrong during their?stay.

This eliminates any kind of uncertainty from the guests’ side – as they now know they’re fully protected – as well as giving hosts a competitive edge; because no other STR host nor hotel brand can provide the same iron-clad guarantee (unless they’re I-PRAC verified,?too).

But what this also means for I-PRAC, is a plethora of guest booking information. This is a game-changer for the likes of research analysts and marketers.? With this data, we can piece together a clear narrative about guest behaviour and STR market trends. Every time a guest registers their booking on I-PRAC’s website, our senior team receives (at the guests’?consent):

• ?The lead guests’ full?name
• An email?address
• A phone?number
• Dates of the?booking
• Length of?stay
• The full booking?cost
• The deposit?amount

Tapping into the data for greater revenue

Leading data analysts of the short-term rental industry will agree that data equals revenue – but only when you break data stories down, understand them, and leverage what you’ve?learnt.

In fact, according to the Bureau of Labour Statistics , the demand for data research analysts is expected to grow 25% between now and 2030. And Flourish (a leading data visualisation and storytelling agency) claims that data is the world’s most valuable asset – especially when businesses understand what to do with?it.

For professionals in the short-term rental industry, I-PRAC’s access to guest data?means:

A clear (and accurate market story): With the information in I-PRAC’s guest database, operators can garner an understanding of supply and demand, familiarise themselves with competitor positioning and key guest demographic behaviour. These insights can steer and successfully refine marketing strategies that actually?convert.

An opportunity to optimise pricing strategies: Guest data analytics is a key part of pricing strategies, especially in an industry that’s as fluid and fast-paced as the short-term rental space. I-PRAC’s data can help with forecasting, seasonal and event influences, as well as? guest preferences (on both a local and regional?level).

A valuable grasp of technological trends: Short-term rental brands (be it hosts or vendors) are leaning more towards technology and AI tools in order to remain competitive. By tapping into the data I-PRAC has access to, there’s an opportunity to identify key trends and incorporate cutting-edge technology based on this to improve guest experience and even optimise?workflow.

As our brand continues to collect guest data that most operators in the industry would pay for, the question is, what industry-changing opportunities does this present for I-PRAC partner’s and pool of clients? We’re currently working on a number of forward-thinking launches that make good use of the data in our palms – and are keen to hear from STR operators and vendors who wish to share any?ideas.

Contact:?[email protected] ?