How to become a data-driven Inn.
Data can be used to drive everything you do, because it’s the key to making informed decisions.
So how do you take quantitative and qualitative data and use it to understand your guests, your market or just your business?
Here we examine the key pieces of technology that house your data, and how you can interpret what the data means.
Using your channel manager data
It’s easy to see why your channel manager’s data is a goldmine.
By managing your room inventory over your online distribution channels simultaneously, you’re able to compare how successful each channel is in terms of revenue.
With this data, you can adjust your strategy accordingly – reduce availability, close out rooms, or increase rates on the channels that generate the least revenue – in favour of those that are more profitable.
Using your booking engine data
Your booking engine is an important part of your distribution mix, because your direct online channel is your most profitable. This includes your Facebook business page and website.
It’s important to mine your booking engine for insights into things like:
- Your guest conversion rate
- Promotion codes which generated the most revenue
- The number of guests booking via mobile device
With this data, you will have full visibility into whether or not their conversion rates are an issue, which promotions should run again, and how resource should be allocated to improving the mobile website experience.
Using your website’s data
Further to the previous point, your website is your most profitable online booking channel, because it’s the key to attracting a consistent stream of online bookers.
Your website – whether you’ve built it on WordPress or utilising a best-of-breed website-builder – is likely hooked into your Google Analytics account.
Using your Google Analytics data, track the following key metrics:
- Traffic per channel
- Conversion rate per device
- Conversion rate per country
With this data, you will have a fuller picture of who your guests are, and how they reach your website. You’ll then be able to implement tactics that focus on attracting more website visitors, and then turning more website visitors into guests.
So how can use your existing systems’ data? Turn data into compelling tales to understand your guests.
In this highly competitive market, gathering, analysing and reacting to data can help you increase revenue.
Visit http://lh.littlehotelier.com/lh-demo to see an all-in-one business solution in action, packed with the reports you need to make those tough business decisions that impact your bottom line.