Three ways better hotel data management can increase revenue
Hotels have always had a lot of data, sometimes they have even been overwhelmed with the amount of data they have available. The problem is that poor hotel data management doesn’t make the best use of this data, so collecting more data doesn’t improve the situation.
If you want to increase the revenue at your hotel, you need to become better at managing your data. Better data management means that collecting more data leads to better decisions that result in more opportunities for increasing your revenue. One company that is highly successful in helping hotels increase their revenue is InTouch Data, who have a number of clever solutions to data management and analysis. They have software that focuses on monetising guest data, email marketing, business intelligence, and data extraction.
However, it’s all well and good knowing that this type of software is available, but what you really need are the cold hard facts. In other words, how can these software solutions help to increase your hotel’s revenue?
Increasing your hotel’s revenue with better hotel data management
There are three areas where every hotel would love to excel – pricing, marketing and guest relationships. Let’s take a look at each of these in turn, so you can appreciate how better data management can help increase your hotel’s revenue.
Optimising your hotel’s pricing strategy
One of the biggest factors involved in increasing your hotel’s revenue is your pricing strategy. If you can accurately predict demand on a consistent basis and allocate prices accordingly, your hotel can significantly increase its competitive edge and its profits. Many hotels try to achieve optimal pricing manually and without using their data to its best effect. More often than not this is a time-consuming process that doesn’t always work well. However, with better hotel data management, you can achieve the impossible. For example, real-time data analysis allows managers to use their data far more accurately, predicting seasonal or holiday occupancy demands, as well as analysing booking behaviours to predict potential cancellation rates.
Optimising your hotel’s marketing strategy
A hotel’s marketing strategies can massively increase or decrease a hotel’s revenue. Marketing your hotel is all about portraying a certain image or experience to potential guests, but to do this well, you need to identify your target audience. Smart hotel data management can help to identify these target audiences, searching for people who have the same interests or characteristics as your guests. Targeting these potential guests can help to drive bookings in low seasons for example, revealing opportunities when you can maximise your exposure and your returns. You can even identify high value potential guests who can be targeted with exciting discounts tailored to their interests, converting them into loyal guests.
Optimising your hotel’s guest relationships
The more you can analyse guest data, the better you can tailor your offers and discounts to individual guests. Personalised offers can be used as upsells, providing guests with experiences or upgrades that are based on their previous stays at your hotel. Gaining a deeper understanding of a guest’s needs allows managers to craft more personalised offers, giving their guests a better hotel experience, and in the end, increasing the hotel’s revenue.
These are only three of the ways that better hotel data management can help to increase your hotel’s profits. So if you are using a legacy PMS and not much else at your hotel, maybe it’s time to upgrade to more advanced software?