Running a business is all about having a track of everything you do each and every minute.
It is said that “an idea unrecorded is an idea often lost” so in order to make sure that you don’t lose your track you need to have something that fills the void. The periphery of the hospitality industry is ever increasing and with this increase comes a critical junction for the consumers.
What is that takes the consumer to the right hotel ? With the number of vendors and hotel brands on the rise every day, visitors will have to be very careful with their choice of hotels. The area of usage of data analytics is humongous as it shows the hotel how to manage each of its areas be it hotel management, restaurant management, tour management, guest service and much more.
Let us take a look at the five most important ways in which data analytics offers its help to hotels: Rate Chart is managed – The first priority of data analytics in hotels is the pricing that is taken care of. Managing your room rates becomes easy when you have statistics near you and data analytics exactly does the same.
The past performance of your hotel has an astounding impact on the hotel, so in order to have a transparent hotel room rate chart, it is better to have a review of your previous room rates and make a decision according to those data. Data analytics available in the market gives you an estimate of how your room price is going to fluctuate based on your hotel’s previous data. Maximizing Revenue and Profits – A hotel is built not only for hospitality purpose but also to increase their own productivity. A hotel has a high room number and a good price per occupied room will have to think about maximizing its revenue and obtain profits.
For example, the turnover of Marriott hotel exceeds $13 billion. The total number of rooms in a single Marriott hotel is around 3000, located in around 20 countries equals 60000 rooms in total which means that in order to maximize revenue it should have a perfect strategy. Introducing Group price optimizer (GPO), which reduces the manual updating of rooms and automatically uses statistical data to recommend room rates for group inquiry. It customizes user experience accordingly so that the sales managers are able to respond to the room rates in a single support call.
Marketing Analysis – When you have a plethora of services, you need to advertise them first in order to gain an insight into the market. To get started with a marketing strategy, you need to first have some definite numbers which would be helpful in planning your digital marketing strategy. Two types of analytics which contribute to having a perfect marketing structure are operational analysis and Advanced Analytics.
Handling the Guest Feedback – Guests are the cells of a hotel. A hotel to run needs to have a proper guest managing platform so that the guests coming to the hotel feel comfortable. How can this be done? Hotels around the world choose analytics software to extract hoards of information relating to customers like what they like,
Preference of choice, customer feedbacks, and their retention frequency. The hospitality industry has been extensively using data analytics for reaching to specific age groups of people taking the earlier data into account. Customized Offers – Some analytics software like IBM’s analyze the previous room rates and behavior of guests and allows you to give some customized offers to their guests. Guest returning back can avail a tailored scheme like room rates can be adjusted, lucrative offers can be given and much more which is only possible through data analytics.