The Hotel Guide to Budgeting Business Intelligence Tools in Today’s Dynamic Environment
Hotels need to look beyond traditional boundaries of performance and marketing data to get a new perspective that takes them into the future. nSight has published a simple eBook for Budgeting Future Data that helps hotels align their business growth goals with their data acquisition investment in 2016.
The market is changing faster than ever. You can’t make tomorrow’s decisions based on yesterday’s data and expect to grow.
This simple eBook explains how data requirements for hoteliers have changed in the age of the always-connected traveler, and are evolving with the proliferation of technology and applications that come between hotels and the consumer.
Hoteliers will learn:
- The Importance of Forward-Looking Data
- How It Differs, Yet Complements Other Data
- Levels of Data Engagement and Pricing
- Taking Action: Demand Forecasting
- Tips for 2016 Budgeting
- How to Sign-up for a Free Data Trial – Click Here
The simple tips in this eBook help hoteliers be better positioned to increase direct bookings in 2016 by knowing and targeting consumers more proactively – more effectively – than the competition.
Budget Business Intelligence Priorities Based on Your Business Goals
Make sure to map your data requirements against the objectives they help you achieve as part of your budgeting process:
- Performance Data: historic key performance indicators or KPI metrics such as ADR, occupancy and RevPAR for you versus your comp set. It’s historic information that allows you to trend behavior for you and your comp set to see any abnormal behavior. It is a necessary evil when trying to plan and budget for next year as you should use it as a guide.
- Demand Data: defined as business on the books for past and future dates. This represents unchangeable past consumer behavior that can’t be influenced. Although you see bookings for future dates for you and your comp set, these bookings have already happened and there is no ability to influence them or win them over now. It’s a measure of what you have achieved, not what can be achieved. It’s data that helps you see pace as it unfolds and will alert you to when you are going to have issues making goals.
- Future Consumer Travel Intent: your future guests, shopping on third parties right now. This is new, yet-to-be-booked opportunity that can still be captured through smart marketing and revenue management. It gives you a competitive edge by showing you when consumers are searching, when they intend to come into market, where they live and who they are. This is the new way of helping you achieve goals. Understanding where there is potential allows you to understand where to efficiently spend marketing dollars and how to position yourself with today’s dynamic customers in order to continually achieve goals.