Each traveler has a maximum amount they are willing to pay for their accommodation. Whether you run a 5-star hotel or a luxury villa, all hoteliers have the same goal – Maximizing revenue. The hallmark of a successful hotel is to realize this value as accurately as possible. To implement various revenue management methods and strategies for comprehensive, responsible and sustainable development. However, direct orders are key to achieving revenue management goals.
We all know that the way to do this is to customize your booking engine, digital marketing strategies and website optimization. But we tend to miss the power of data to get direct orders. You just don’t need to have the right data source to do this. It is equally important to analyze data in its true sense to understand its importance and market value.
Data from the booking engine essentially helps to understand market trends, analyze past experience, and give your pricing strategy a competitive edge. In short, data from hotel booking engine is not only a source of direct bookings, but also shows you how to strategize your marketing efforts directly to guests.
Advantages of ordering engine data points
Hotel Booking Engine data is a source of direct and indirect revenue. Yours booking engine is not only the most profitable source of direct ordering, but also the most reliable source of data. The direct booking engine provides a direct booking to your hotel and saves you the commission fee paid by 3rd parties such as OTA, GDS and metasearch. Indirectly, this data teaches you about customer behavior and ordering patterns, helping you strategize your marketing efforts.
Let’s see how Booking Engine data points help optimize revenue management.
Key data points in the booking engine
- Customer segmentation
Guests are the most important part of hotel marketing and room pricing. By defining the groups of travelers who visit your hotel and use your services, you can understand their different needs and preferences. Data about the age, location or destination of your guests opens up opportunities to target quality leads and convert leads into confirmed bookings.
The main different segment of guests can be:
- Geographic data: Guest location
- Demographic data: age, gender, marital status
- Purpose of the trip: business, sports event, family vacation
- Traveler Status: New or Returning
- Length of stay
Each group of guests provides additional income. By keeping a close eye on the customers who visited, you can understand who your loyal customers are, which part of customers opt for maximum cancellation or which category of people book in advance. You can offer special offers to pre-bookers and repeat customers to keep them coming back.
The more you analyze customer data, the better you can create a marketing strategy and target your ads to the right segment.
2. Market Analysis
When it comes to market analysis, you need to know both what your guests are looking for and what your competitors are offering. When guests feel they are getting optimal service value for the amount they pay, they are willing to spend more and go there. To increase employment through booking engine understanding the customer’s point of view is essential.
This is the basis for the hotel to choose the right distribution channels, set the right prices, engage more guests through quality content promotion and launch the right campaigns to drive more direct bookings. If your past records show that there is an increase in the number of visitors to the city during a certain time of the year, season or festival, it is time to use the situation to your advantage with interesting room packages.
3. Demand forecasting
Guest needs are always fluctuating depending on various factors such as events in the area, seasons, festivals, etc. By analyzing information about when demand is higher, you will be able to set room prices accordingly.
For example, if your hotel has the highest number of bookings from your website on a certain day of the week and this is becoming a trend, it might be a good move to offer special deals on that day. Analyzing data to create personalized experiences is an effective way to optimize revenue. Predicting when demand will increase or decrease based on past records can help hotels develop effective marketing, pricing and distribution strategies to maximize revenue.
4. Data source
When it comes to online ordering, convenience and flexibility are key. In this digital age where everything is at your fingertips, having a mobile friendly website is essential so that people can easily book their stay from anywhere and everywhere.
By tracking the device and platform travelers use to book hotels, the booking engine data source provides the percentage of people using which device. Approximately, 72% of US travelers book a hotel with your mobile phone via the hotel website or mobile app.
It can tell you about the sources from which guests are making reservations, be it your hotel app or any ad that appears on a nearby attractions page. By knowing the source from which your hotels receive the most bookings, you can strategize your sales plans accordingly.
5. Delivery time
Delivery time is the number of days from the date of the order to the date of arrival at the hotel. Delivery time is highly dependent on destination. For example, the delivery time for a business traveler may be 10 days, while for a leisure traveler it may be two months. By knowing the lead times of bookings, hotels can begin to plan and sell upsells to a specific group of travelers. Let’s take the example of a leisure traveler. By knowing the delivery time, you can plan special packages or personalized services that will allow you to earn additional income.
6. Guest profiling and loyalty
Hardest Booking allows hoteliers to have a guest’s booking journey and information. When a guest ends their stay, a profile is created in the hotel system. Keeping track of guests and their visits to your property or to a hotel chain property helps you know which customers return. Guest profiling also helps to understand their behavior, booking patterns and service expectations. Loyal guests help hotels reduce guest acquisition costs, making them the most profitable source of bookings.
take away
Data alone is not useful until you know how to use it. You may have all the data you need, but to maximize your revenue, you need to know what to do with that data. Now that you have the data and know how to read it, it’s time to harness the value of the data points stored in Booking Engine and maximize revenue.
About RateTiger
RateTiger by eRevMax is the market leader in hotel technology and provides channel manager, booking engine, rate buyer, website design, digital marketing services, as well as GDS and metasearch distribution solutions to large hotel chains and resorts, mid-sized groups and independent companies. boutique real estate worldwide. RateTiger joins more than 450 distribution and technology partners. It has deep two-way integration with distribution channels including Booking.com, Expedia, Agoda, Airbnb, Google, HRS, Hotelbeds and others. It connects to leading PMS, RMS, CRS, Booking Engine and other hotel technology systems for seamless online distribution. Data security and privacy are at the core of RateTiger, with ISO and PCI certifications and GDPR compliance. RateTiger provides 24×7 multi-lingual support to hotels worldwide to help generate revenue.
For more information, please visit www.ratetiger.com or contact us at [email protected]
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