New Data Sources To Help Commercial Teams Make Better Decisions

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Hotel revenue managers and commercial teams rely on data increasingly amidst increasing volatility to make better decisions that can help in generating revenue.

NB: This is an article from RateGain

The need for data continues to evolve and increase as we focus on the digital first guest and their ever evolving needs. Meaningful data has many advantages for hoteliers. For starters, they can understand what’s working for them and what isn’t to improve their guest experience, boost customer loyalty, predict trends, and, most importantly, increase their bottom line.

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In fact, data collection and analytics have become a top priority for hotel owners, especially since the pandemic. But can the utilisation of new data sources yield significant revenue for you?

How To Make More Out Of Guest Feedback

Customer data can be a goldmine for hoteliers to tailor their processes and better match guest expectations. For instance, when a booking is made, you receive the visitors’ details. Then sending them a survey can give you a clearer idea of their preferences.

That said, simple data about the customer – which only includes the amount of time that they have stayed at the hotel – is no longer enough. On top of these basic details, you also need to know their likes, plans, and overall purpose. You can do this in two ways:

Engage in a casual chat with them about local attractions and get a hold of their preferred activitiesTalk to them about the services in the hotel and ask if they have tried them

By understanding their personal preferences and interests, you might understand if they can be a regular guest or someone enjoying a one-off trip. For example, if they are on a business trip, chances are that they could become a recurring customer for your hotel.

So, how does this help? By collecting this data over a period of time, you will be able to identify cohorts and develop a marketing and content strategy that speaks to each individual guest about ‘why’ they should book with your hotel improving conversions.

Updating this content on your website, OTAs and social media will ensure consistency of experience, meet guest expectations and increase guest lifetime value.

A recurring guest not only reduces your cost of guest acquisition by becoming a repeat customer, but also spreads the positive word of mouth on important channels further increasing conversions.

But this is just the tip of the iceberg. Data collection can provide even better ways to boost revenue.

Read rest of the article at RateGain

The post New Data Sources To Help Commercial Teams Make Better Decisions appeared first on Revenue Hub.

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