Halloween is nearly upon us, and the hospitality industry has been plenty “spooky.” It is extremely difficult to find skilled, committed, and hire-able employees and COVID is continuing to haunt travel plans. Yet, hoteliers and vacation rental companies are carving out the resources to meet demand, utilize their guest data to personalize and segment, while acquiring profitable direct bookings at scale.
1. Why… so… indecisive?
For a villain, The Joker was quite the laidback “funny guy.” Yet, he was spared from making financial decisions that could catapult or destroy his evil empire. So, forgive the man when he asks hoteliers “why…so…indecisive”; he doesn’t understand their predicament.
To maintain competitive advantage, hoteliers feel the pressure to constantly invest in new tech. They are narrowing their options to include automation software to boost efficiency and maximize total revenue opportunities.
And of course, there’s big data, always looming, and a forever pain point for hoteliers. Leaders in the industry recommend focusing on the cost benefit analysis of tech that unifies data, but also fulfills the guest experience. Read more about the indecision here.
2. Can you really predict the revenue?
Sloshing into the office with wet shoes, clearly the weatherman lied when he said it would be “sunny with clear skies.” Moral of the story: never trust the weatherman. Well in terms of revenue, hotels would like to do a bit of their own forecasting. Let’s hope their predictions are a little more accurate.
Researchers in revenue management are looking to the data to guide them on their journey to revenue estimation for hotels post pandemic. Dissecting demand recovery trends for corporate, leisure, and business travel has lent a deeper understanding of how countries throughout the globe are performing. Much of this information is gathered using OTA Insight’s Market Insight tool that measures the rate of change for the “searches” for a particular country. Researchers found that monitoring and analyzing the “searches” for a destination provide a reasonable indication for travel patterns. As a result, hotels can formulate revenue projections for these locations. If you want to learn more about the nitty gritty of forecasting, do so here.
Speaking of data, Revinate is hosting a webinar with OTA Insight! Be sure to tune in here.
3. Combating the labor shortage
“It’s the Great Pumpkin Charlie Brown!”. While he is still beloved, Linus was truly convinced The Great Pumpkin would solve all his problems and bring candy and presents to “the little children” on Halloween. Unfortunately, hoteliers can’t rely on The Great Pumpkin to solve the labor shortage, so they are looking elsewhere.
A great place to start your search is with Revinate Marketing. Revinate’s features allow for convenient automation, easier access to guest data, and deeper segmentation of target markets. Now, hoteliers can experience increased ROI while drafting personalized marketing. Research and user experience is continuing to prove the efficiency of automation tools, especially following the impact of the pandemic. Guests are looking for continuous connection via their smart devices to maximize time saved in planning travel, while also staying updated on safety restrictions and hotel changes. Upgrading your UI (user interface) and UX (user experience) by employing increased connectivity techniques will only further your guest experience. Read more on the topic here.
4. The results are in…
Not the Homeowners Association (HOA), but the AAHOA, the national Hotel Owners Association, just released their economic impact study results. If Maury was announcing this epic news, he would surely be dramatic.
This report details an accurate state-by state breakdown of the financial and economic influences of AAHOA member properties as well as labor trends, investment opportunities, and guest spending. This data serves as a foundation formulating upcoming company objectives and marketing strategies to improve specific elements of hotel business. The results come with an added bonus: tailored insights into the local community. These key points help hotels identify weaknesses in hotel messaging to better target these audiences. If you’re interested in finding out how to sign up for the AAHOA or learn more about the premise of the study, you can do so here.
5. It’s a numbers game Jerry
We all know Jerry, obsessed with numbers, but the wrong numbers. Not the money Jerry! The data! The numbers in the data! Well, at least hotels get it.
From targeted brand messaging, to targeted services, hotels are coordinating efforts for targeted data collection. Expansive information that extends beyond guest behavior and buying patterns is becoming the new “it thing” for hotels to track. While the ultimate goal is to create an upholstered and personalized guest experience, companies are doing so by uncovering guest searches to piece together a model of an ideal guest stay. Once a clear estimation is achieved, hotels are equipped to generate specific pricing, booking, and promotional metrics. Ultimately these factors enable hoteliers to isolate valuable data points of their choosing in order to implement the next step in their campaigns. Learn more here.
As always, have a great weekend, and check in with us in two weeks for the next installment of hospitality meme news.