The Next Chapter of Data-Driven Hospitality

As hoteliers continue to navigate this period of digital transformation, the reliance on data-driven insights to foster growth, enhance guest experiences, and maximize profitability has become more pronounced than ever.

Whether you're seeking to revamp your marketing KPIs, streamline your revenue strategies, or enhance the guest experience with the aid of technology, we’re here to guide you in making the best, informed decisions.

Hotel Marketing KPIs Need to Change

Stephanie Smith, CHDM , CEO of Cogwheel Marketing & Analytics writes it loud and clear:? If you are measuring your marketing success today the same way you did last year, you are not providing the value that your external stakeholders and ownership expect and that your internal business partners, like sales and revenue strategy, deserve. It is not enough anymore to measure how many guest rooms are booked per dollar spent on your paid marketing. Instead, focus your attention on two specific areas:

1. Are my marketing plays moving the needle relative to the competition in the channels of business that are actually booking right now?
2. Are the dollars invested really changing the overall revenue picture of the hotel?

Read the full column on HospitalityNet.

How Technology is Redefining the Guest Experience

It’s clear that data is the catalyst for creating effective marketing campaigns and boosting the guest experience. However, while technology brings numerous benefits to hotel operations, there are challenges and considerations that hoteliers must address when implementing new technologies. Cost and return on investment are often key concerns for hotels, especially for smaller establishments with limited budgets. It is important for hotels to carefully evaluate the costs and benefits of technology solutions before implementation and ensure a positive ROI, according to the minds at Dragonfly Strategists .

Data security and privacy are also critical considerations in the digital age. Hotels handle vast amounts of guest data, including personal and financial information. Implementing robust security measures and complying with data protection regulations are paramount to safeguarding guest information and maintaining trust.

Some other things to consider include staff training and adoption. And by far the biggest challenge Dragonfly has noticed? A lack of change and project management.

Read the full Dragonfly Strategists blog.

9 Types of Hospitality Data

Third-party data has been invaluable for creating hotel marketing campaigns. But as the third-party cookie crumbles, hoteliers must learn to collect and utilize the hospitality data they already have to help optimize marketing, boost direct bookings, and personalize guest experiences.

Hospitality Net has the rundown on the importance of first-party data, which types of hospitality data to collect, and how to leverage your data effectively. For instance, here's a sneak peek at the first five types of data that hoteliers can collect:

1. Contact information
2. Guest demographics
3. Stay-related hospitality data
4. Guest preferences
5. Guest interests

Read the full article on HospitalityNet.

Data-Driven Strategies to Move Beyond Rooms Revenue

Understanding labor and amenity costs, analyzing non-room revenue trends, and centralizing data from all revenue sources is arming hospitality leadership with the right data to make more profitable decisions.

Learn how in this special report from Otelier , Stayntouch , and Revenue Analytics, Inc.

Hotel Investors Want Less Data, More Action

OK, but is there such a thing as too much data? With budget season upon us, now is a good time for companies to start to examine and quantify the efficacy of data procedures within their business, writes Hospitality Investor 's Patrick Whyte . But how do you decide what's important and what isn't?

Hospitality companies can increase their profitability and value by intelligent use of data, but change needs to be managed in an appropriate way, he writes. Hotels have smaller workforces, and they may not directly employ IT specialists anymore. This requires empathy and a people-first approach from vendors. It also requires consumer-grade IT products that are easy to use.

“Ninety-nine percent of the data available to owners and operators is descriptive. It requires the user to derive their own insights and summaries. Technology that can summarize and then prioritize insights for operators is the future, for sure,” said Derek Smith, founder at Canopy Metrics.

Read the full article on Hospitality Investor.

Learn how MDO can centralize data across your hospitality enterprise to help you run a smarter business. Request a demo.