{"id":12538,"date":"2018-08-19T19:10:13","date_gmt":"2018-08-19T17:10:13","guid":{"rendered":"http:\/\/revva.net\/?p=12538"},"modified":"2024-01-12T16:17:27","modified_gmt":"2024-01-12T16:17:27","slug":"maximise-hotel-profitability-with-data","status":"publish","type":"post","link":"https:\/\/imssc.org\/biflix\/maximise-hotel-profitability-with-data\/","title":{"rendered":"Maximise hotel profitability with data"},"content":{"rendered":"
\n
As a business dealing with travelers, unless you have one or two bookings per week -in which case you\u2019re catering for the filthy rich, or about to close shop- you own plenty of data to profit from<\/span><\/span>. Everybody assumes by now that\u2019s a fact: if you didn\u2019t so far, you\u2019d better ASAP. \u201c<\/span>It\u2019s the data-driven economy, stupid<\/em>\u201d, Clinton would say. <\/span><\/div>\n
Once the assumption has rooted in your mind, the first question usually is: <\/span>How can I profit from my data?<\/strong> If you run a hotel, the answer is quite evident. Not so for tour operators, bedbanks and DMCs, for instance. <\/span>I published a text delving into the matter a few years back: although it <\/span><\/span>was oriented<\/span><\/span> towards Big Data, it\u2019s valid for smaller datasets and still current<\/span><\/span>. <\/span>Find it here >> <\/span><\/span><\/a> – <\/span><\/span><\/div>\n
However<\/span><\/span>, if you don\u2019t have the time or patience to read further, know that the answer to your enquiry is yet another question<\/span><\/span>. Whatever your bigger problems are, <\/span>surely<\/span><\/span> they\u2019re correlated to some IT system or another. Your best bet then, in most cases, would be to interrogate such system. <\/span><\/div>\n<\/div>\n
Know thy Guest<\/h5>\n
\n
Here\u2019s an example: your best customers from certain market <\/span><\/span>suddenly<\/span><\/span> stop booking your rooms in a Balearic<\/span><\/span>. Of course, data told you so, because you <\/span>periodically<\/span><\/span> check sales reports. But do you check your booking engine searches<\/strong> data as well? <\/span>There you might discover that those customers, for some reason, diverted their searches to other destinations<\/span><\/span>. Now, here\u2019s how you convert data into money: through <\/strong><\/span>action<\/strong>. Knowing those facts and not acting upon them would be foolish, right? I suppose it\u2019s as foolish as not asking the very first question, but that\u2019s <\/span>just<\/span><\/span> me, never mind\u2026 <\/span><\/div>\n
In the example above, once you know where your loyal customers diverted their searches, you\u2019d better ensure you have enough product there, not to mention competitive prices<\/span><\/span>. <\/span>Consequently<\/span><\/span>, a marketing campaign targeting said customers with what they are looking for, is a jiffy as \u201c<\/span>duh<\/em><\/span>!<\/em>\u201d as possible.<\/span><\/div>\n<\/div>\n
\n
The 3 limitations of data profitability<\/span><\/h5>\n<\/div>\n
\n
The next question will be: How and where should I start? <\/strong><\/span>Unless you\u2019re both proficient with statistical procedures and familiar with BI tools, I\u2019d say your best option is to outsource the matter<\/span><\/span>. <\/span>Not long ago, this would have been prohibitive for small and medium companies, but technology is cheaper by the day, and there\u2019s no need for rocket (or even data) scientists anymore<\/span><\/span>.<\/span><\/div>\n
<\/div>\n
The range of combinations and permutations for the whole industry would be as broad as the infinite, so I cannot attempt to give a “good-for-all” suggestion to reply the question in object. Still, there are three main, common limitations, in spite of vertical or company size:<\/span><\/div>\n<\/div>\n
\n
\u00a0<\/span><\/div>\n<\/div>\n
\n