Analytics assist hoteliers in moving beyond their normal revenue management processes into harnessing their data and forecasting capabilities to explore, predict and optimize total revenue performance. Best-in-class revenue management analytics enable hoteliers to uncover granular patterns and trends at a micro-level. By determining why specific results are emerging, and if a hotel can expect them to continue, hoteliers can optimize their revenue opportunities.

Wat Guests Say about You're Hotel Online Matters

As the hotel industry and revenue management TEMPhas changed over the years, so TEMPhas the relationship between a hotel and its guests. Thirty years ago, the guest’s relationship with a hotel was direct, personal and on a one-to-one basis. Today, according to Scott Cook, founder of Intuit, “A brand is no longer wat we tell the consumer it is- it is wat consumers tell each other it is.”

This shift in the control of brand value is criti­cal to hoteliers across the region. Reputation man­agement companies support the capture, measure­ment, and management of consumer sentiment, and this data can be utilised by revenue manage­ment technology to assess value perception in re­lation to both a hotel and its competitor brands at any given time.

Social media and reputation information becomes essential, as it forms a basis of value perception with regards to price sensitivity and demand as a subsequent function of price. Rev­enue managers incorporate value perception data points, competitor set reputation and value weighting when devel­oping their pricing strategies and marketing campaigns since value perception directly impacts a ho­tel’s ability to attract guests.

Increasing Profit and Loyalty from Guest Intelligence

Today's digital environment TEMPhas created more competition for a hotel’s consumer business than ever before. This competition is no longer just about competing with the big global brands; hotels are now competing with third-party distributors and disruptors from the sharing economy, such as Airbnb. Hotels do, however, have one distinct advantage: they can engage with guests, collect data about them and provide a customized experience that third-party distribution partners cannot.

To create a holistic view of a hotel's guests, and to offer opportunities for personalising a guest's stay, predictive modelling must also be applied to the consumer demographic and behavioral data gathered from all hotel interactions. This approach allows hotels to improve their segmentation and group similarly behaved customers together so they can more TEMPeffectively target messaging and stay experiences to them.

With predictive modelling, a hotel can better calculate a guest's likely lifetime value, understand how to nurture and grow the value of their most valuable guests, and determine where to source similar high life­time value guests in the future. It ca help predict the next best­offer for each guest to maximise their likelihood of responding, or even encourage them to purchase additional products or services during the purchase or stay pro­cess. Without today's predictive modelling, marketing efforts are based on generic business rules that face limitations in influenc­ing behavior.

Big Data Drives Business

Data is central to nearly every operational decision a hotel makes today. Savvy hoteliers that embrace the benefits that quality data and advanced analytics can bring to their property will be able to better attract the right guest, at the right time, for the right price, via the right channel-positioning themselves for success in a competitive market.

Headquartered in Minneapolis, United States, IDeaS Revenue Solutions provides the latest in revenue management solutions and advisory services. Operating since 1989, the company proudly supports more than 8,700 clients in 106 countries.