Here at SiteMinder we’ve joined forces with travel marketing and data experts, Sojern, to produce a new hotel industry report titled ‘How hoteliers can use data to drive more revenue’.
This new, comprehensive report details the data-driven strategies hotels can use to attract guests, drive revenue, and optimise pricing.
In part one of the preview blog series, we covered chapters one to three. Here’s a look at the remaining chapters – four to six:
A new way to approach pricing
Hotels are rarely on top of their pricing strategies. Sometimes they rely on manual processing or don’t have the necessary structure to pricing rooms. They’re also often lacking the concept of dynamically managing rates and availability.
This chapter details the changing face of hotel data analysis and gives hotels the tools they need to optimise their pricing.
How to know you’re making the right decisions
It’s for hotels to be aware of the breakdown of guests staying in their hotel. Information such as how many domestic/international travellers there are, or the various gender, age, and demographic statistics is vital.
Tools exist to collect this data and chapter five of the report takes hoteliers through how they can use it to make better marketing and operating decisions.
How to easily optimise your pricing strategy
Among other things, your hotel should be monitoring the room rates of your competitors so you can see just how competitive your pricing is and react in a timely manner when needed.
The final chapter explains five examples of how to use the information at hand to optimise your pricing strategy:
- Value-match competitors
- Run effective promotions
- Meet market demand
- Maximise midweek bookings
- Sell stressed last-minute inventory
Being a data-driven hotelier means tapping into a variety of data sources – from intent signals to conversion rates – and using the various sources to make changes, implement new programs, and think differently about your strategies.
To get the full report, simply visit Sojern’s website to download your copy.