How more data-driven managers increase the hotel’s direct bookings?
Due to advancement in technologies, more data-driven managers increase the hotel’s direct bookings.
This is because they will make decisions that are backed up by hard data rather than solely on observation.
The approach is more objective and, due to the effect of the results on metrics, can be assessed easily.
In this generation where everything is going digital, customers can easily access information online.
So, inculcating data-driven decisions is crucial in every industry.
Hence, for meeting customers demand and standing out from competitors, we need data-driven managers.
Below are the reasons how data-driven managers increase the hotel’s direct bookings.
Better pricing strategies
A dynamic pricing strategy depends on the quality of data acquisition and its apt analysis and interpretation.
One has to consider various factors like occupancy, prices of competitors, seasonality, and guest segments.
They can determine the pricing based on the occupancy where the rates of the room will rise when as demand exceeds supply.
For forecast pricing strategy, proper analysis of the past few months data of this year.
And for the same period during the previous year and its interpretation is necessary.
Another one is the pricing strategy after analysing rates charged by customers.
You have to analyse the price charge by Online Travel Agencies’s you are using before giving final rate.
Better marketing
If managers are data-driven, then they find out hotel’s guests leave information at every stage from booking to staying to the check-out process.
Data-driven managers increase direct bookings by creating powerful marketing strategy using this guest data.
Smart data help identify things guests find comfortable and convenient in their stay.
The choices they make among various options available in the hotel. All these data allow serving guests needs.
In each season, it will help define windows of opportunities where you can get the best visibility with the highest prospective return.
Hence, allowing you to spend more time and energy where they can have the most effect and more financial benefit.
The data can help hoteliers forecast profitable customers and target them, in real-time with relevant offers, allowing them to increase conversions.
Analyse other reservation channels
Many reservations are made through OTA. Your hotel’s bookings are easily performed in OTA’s at lower prices.
So, there are fewer chances of potential guests to book from your sites at a higher rate.
Thus analysing OTAs managers can get clear ideas about what they are offering and recognise patterns and trends prevailing.
So, they can implement an effective channel management strategy that helps optimize partnerships and business relationships.
As a consequence, it will help to strengthen revenue management.
Optimize direct booking process, avoid overbookings and increase the consumer experience.
Utilization of data
The industry is a place where effective analysis of data you can run your business in a better way.
And it applies to the hotel industry as well. In this industry, one can gather data from various sources like web, video, and audio.
But if one does not know the way to utilize them for the benefit of the hotel they are of no use.
Multiple times it may happen data remains non-appreciated or under-utilize.
For example, hoteliers gather statistics on loyalty, but few go beyond the loyalty tier on the way they view and work for their guests.
With analytical data exploitation, hoteliers can get a better knowledge of their guests and go beyond traditional loyalty programs.
Thus, have a detailed understanding of the behaviour of a particular segment, their expectations and needs.
Hence, they get to know guest preferences, duration of their stay, profit potential, booking behaviour.
Eventually, focusing on their target audiences and boosting brand loyalty.
Data-driven revenue management culture
Hotel managers who possess strong analytical skills can easily decide on revenue data forecasting to lead the team.
Further, the managers have to ensure the team is participating in meetings and their suggestions are considered in decision making.
It makes employees feel more valuable and clear their roles in the organisation.
If the employees can understand the role they are playing on generating revenue.
And what role each department is playing then the organisation can easily achieve a revenue management culture.
Moreover, to establish good partnerships and strike agreements, General Managers and Sales Managers must also be able to communicate with distributors and technology suppliers.
With the sales and delivery environment constantly shifting, every a hotel manager needs to continually develop and upgrade their skills.
Improve website strategies
The website plays a key role in driving direct booking.
Data-driven decisions improve the performance of your hotel’s website contribution in generating revenue.
Monitoring, maintaining, and questioning the website data is key to making better decisions around your hotel strategies.
There are many problems you may face like how do you know your digital marketing strategies are working?
Further, how you know your website is getting accurate revenue number?
These issues resolve with standardization of data.
It is a standard for data accuracy and integrity with the hotel’s websites that separates it from its competitors.
It includes three steps data governance, data validation and data integrity.
- Data governance-Data managers oversee the data practices of the hotel’s website.
- Validation of data-To ensures its authenticity, data needs to be checked between sources and against a fundamental reality.
- Data Integrity– The data managers work on the maintenance, consistency, and transparency of data. Data are frequently monitored frequently, and communicated honestly.
Conclusion
From above we can say that data-driven managers increase the hotel’s direct bookings.
It is because it helps in making better pricing strategies create a powerful marketing strategy using data.
Hotel managers who possess strong analytical skills can easily decide on revenue data forecasting to lead the team.
And there are many more benefits to it.
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