How can hotels use data metrics to prepare?
Our world is dominated by data as it has become more accessible. The hotel industry has an amazing base of data like written and numerical reviews on sites like TripAdvisor, and social media sites like Facebook and Google reviews. With this huge database available, hotels have the luxury to adapt to the need of the customers. The act of organizing and analyzing data metrics would allow hotels to improve and personalize the guest experience, optimize inventory and management systems to increase RevPAR (Revenue Per Available Room), analyse and compare their hotel competitors and create an opportunity to grow the bottom line.
Much of the technology used in the travel industry is antiquated and reputation management in the travel industry is far from being a priority. There has been a huge growth in the new travel technology that helps the travel industry leap into the new decade. The history of reputation management takes us to the Marriott hotel chain in the ’90s who created and used reputation management strategies that helped add 150–200 million dollars in revenue. Marriott’s efforts in the 90’s set new and high standards within the hotel industry but reputation management has not moved into a technology space dominated by accessible data.
New revenue management strategies now prioritize on collecting data and analyzing using Artificial Intelligent (AI) software that would categorize consumers based on key demographic details and the customer interaction with the travel industry. Travel personas are created and consumers and grouped into these based on their online behaviour. Creating these consumer profiles allows hotels to plan and implement strategies that could provide a personalized experience that satisfies the customers and collect as much revenue as possible. Using this data, hotels can create price points that are dynamic and sustainable so the hotel does not incur losses on investment and customers can maximize utility for the lowest price point.
Key indicators like occupancy (a function of rooms available and rooms sold), ADR (average daily rate) and RevPAR (revenue per available room) can be analysed along with customer personas. With all these data points available, hotels can evaluate the most profitable customer profiles and engage in targeted marketing and promotions to these groups through their marketing channels. Management teams can create reasonable expenditure estimations and reasonable estimations of revenue. They can determine their position among competitors and where they stand in the market. The strategies and efforts of the team are driven by data analysed by artificial intelligence and allow hotels to optimize their management systems.
TechWorks.Travel is a group of travel technology enthusiast who has years of combined experience in the travel and technology industry. The TechWorks team prioritizes the need of the customer and thus plan to create bespoke travel solutions for the consumer. All the technology is API (Application Programming Interface) therefore the technology created in open to connect with other travel technology. Our reputation management systems can integrate with existing property management systems to create key data points that allow interpreting data through a more holistic approach allowing to maximize the ability to generate profits.