Continuing with our series, let's delve into part seven where we'll focus on the following data metrics: Market Segment Revenue, Guest Satisfaction Scores, Direct Booking Ratio, and Online Reputation Score. These metrics might seem secondary, but they're equally important to the decision-making process and help in creating comprehensive strategies for boosting revenue.
1. Market Segment Revenue:
Understanding your revenue sources segmented by market - business, leisure, groups, etc. - is a fundamental step to tailoring your marketing and pricing strategies. For example, STR's Global Hotel Study provides a detailed breakdown of this, aiding hotels in identifying their most lucrative segments.
Real Life Example:
A boutique hotel in Miami was struggling to increase its revenue during weekdays. By analyzing their Market Segment Revenue using STR, they realized that the business segment was underperforming. They launched a "Business Traveler" package, offering additional services like a flexible cancellation policy, free Wi-Fi, and discounted meeting rooms. As a result, their weekday occupancy and overall revenue saw significant improvement.
2. Guest Satisfaction Scores:
These scores, usually collected from post-stay surveys or platforms like Medallia, help gauge guest experiences and identify areas of improvement.
Real Life Example:
The Ritz-Carlton, Boston, noticed a dip in their Guest Satisfaction Scores. Upon reviewing feedback collected through Medallia, they found repeated complaints about their check-in process. As a result, they invested in a mobile check-in solution, improving guest experience and, in turn, their satisfaction scores.
3. Direct Booking Ratio:
The ratio of direct to third-party bookings influences profitability due to commission costs from third-party platforms. A software solution like Duetto can help optimize this ratio.
Real Life Example:
A luxury resort in Bali noticed a lower Direct Booking Ratio, meaning they were losing substantial revenue to OTA commissions. They implemented Duetto's solutions, launching a 'Book Direct and Save' campaign. This led to an increase in their Direct Booking Ratio, resulting in higher net revenues.
4. Online Reputation Score:
Platforms like ReviewPro provide a quantitative assessment of a hotel's online reputation based on reviews and ratings across various sites.
Real Life Example:
A boutique hotel in London observed a declining Online Reputation Score on ReviewPro. They pinpointed the issues, which mostly revolved around room cleanliness. In response, they revamped their housekeeping training program. The improved service quality was reflected in a higher Online Reputation Score.
Harnessing these metrics effectively requires investment in the right technological tools. However, the ability to make data-driven decisions can significantly enhance your operational strategy, revenue, and overall guest satisfaction. Keep an eye out for our next part, where we'll delve into the importance of networking in the hotel industry. Stay tuned!
Comments
Post a Comment