The Latest Pulse Report Data | Driving Total Revenue | Free Revenue Technology Guide
Pulse Report: EMEA Outperforms All Regions
The latest edition of the?Pulse Report, which tracks forward-looking hotel performance data from September 2022 and compares it with August 2022, same time last year (STLY) and 2019 figures, shows that Europe is outperforming all four Pulse regions this winter, as exchange rates influence the travel plans of many consumers. Market sentiment shifted in Europe’s favor in early September, around the time the Pound and Euro dropped in value against the US Dollar.
However, there is hope for North America too, as the Thanksgiving and Christmas periods are looking healthy for many city and resort destinations in the region.?
Looking at the data on a global level we see that appetite for travel is definitely there, aggregate figures for pick up show strong momentum, and year-over-year on the books (OTB) figures are positive. But, when compared to pre-pandemic levels, it’s clear that some markets still have a way to go.
APAC continues to lag behind 2019 levels, but compared to 2021, bookings are up for each month through to the end of 2022, which is positive news.?Month-over-month booking pace trends continue to suggest that the short-term booking window is very much at play, with bookings up through to the end of 2022, but little activity beyond.
LATAM is continuing to pace ahead of pre-pandemic figures. In terms of OTB, Latin America is up by 6% on 2019 figures in October, 20% in November, and 13% in January.
“The good news is that the holiday periods continue to look strong. For North America, Thanksgiving is up, and for the Christmas holiday we're seeing some of that pick up and on-the-books data continue to show strength. But aside from those periods, we are seeing that slowdown,” said Hannah Weller Barrise , Duetto’s Director of Hospitality Solutions at Duetto, and Pulse Report author.
“As we look through the next twelve months for EMEA we see strength across the board. Something particularly interesting, and very different from what we see in North America, is that it is both resort destinations and the major European cities of London, Paris, Rome, and Lisbon that are showing really strong growth year over year in terms of on the books.
The Duetto Pulse Report is a quarterly report available for free to hoteliers from around the world. It tracks key metrics for North America, Latin America, EMEA, and APAC. Download the full report here:https://www.duettocloud.com/pulse
How To Use Data To Drive Total Revenue
In his latest blog, Chris Crowley, Chief Revenue Officer at Duetto, looks at how data and personalization can help hotels drive increased total revenue.
He breaks it down into 3 easy stages: Identify → Track → Maximize
And offers 6 tips for success:
1. We move from a system of record to a system of revenue.
We must know?why?we are collecting data before we collect it, and what we plan to do with it. When we think about data collection we are no longer talking about a database of records that we send email campaigns to, we are talking about engagement. How can we use the data we have to drive additional revenue??
We need to understand the customer profiles and behavior,?and then link strategies to them to drive revenue.?
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2. Explain to the customer why we need to collect the information and how we will use it to improve their guest experience.
Customers are far more likely to share information with you if they believe it will help to personalize their stay and directly improve their travel experience. Once we have that information we should use it to drive them towards ancillary services and increase RevPAG (revenue per available guest) in a way that is thoughtful and personalized and therefore more likely to increase their chances of purchasing.?
3. Clean up your data before you feed it into your connected tech stack.
The outputs of your revenue tech platforms rely on the inputs of good data. Whether it's the PMS data feeding into your RMS or your guest data feeding into your upsell integration, we need strong data to go in, so strong revenue can come out.
One of Duetto’s critical steps to success is its data quality evaluation. This is the step where we partner with our properties to validate the data provided by the PMS and assist in identifying and resolving variances.
4. Know what data models make the most sense for your property.
If historical data models alone didn’t apply pre-COVID then they definitely won't apply today. Forward-looking data is the most powerful tool we have in driving accurate forecasting. Good data analysis comes from a variety of sources to ensure that published rates are taking into account all of the data available to us:
You can consolidate all necessary data sources in your RMS to make smart business decisions, including real-time, clean internal data from your PMS and other integrations, as well as other data sources of your choosing.?Combine those data sources with market-leading analytics and you have a data approach that works to drive revenue.
5. Allow data to provide you with control in an uncertain global marketplace.
We know the market is volatile and unpredictable, let’s not pretend otherwise. The “new normal” we were promised is the “continued uncertainty of an ever-changing travel landscape.” We can’t change it, so let’s embrace it. Data gives us control, it gives us access to information that we can use to drive revenue.?
Read the full blog here: https://www.duettocloud.com/library/how-to-use-data-to-drive-total-revenue
And Finally – Free Revenue Technology Guide!
Our latest eBook,?Revenue Strategy For Independent Hotels: How Technology Helps You Compete published this week. The report includes expert insight on what hotel owners and investors should consider when looking at tech investment.
Download for free now and learn about the digital transformation stories of independent and small hotel groups from around the world. And discover what started their decision-making process to opt for a revenue management system. https://www.duettocloud.com/special-reports/how-technology-helps-you-compete
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