One of several essential directions to digital transformation in different sectors is data analytics. The hotel and tourism sector is no exception. The very nature of the sector requires it to deal with a lot of hotel market data. Inventories to distribution routes, consumer behavior data, to housekeeping records are among the sources.
The purpose of business intelligence (BI) is to solve the challenge of acquiring and. comprehending data. It is a set of tools for gathering data from various sources and converting unstructured data into usable information. Needless to say, it’s an essential strategy to pave your way towards success.
Web scraping has made collecting data much more efficient. Without the help of these tools, we would have to physically visit hundreds of competitive websites, enter your distinct search parameters, and record our findings in a spreadsheet.
What Type of Data Should We Collect?
We generally have competitor data that we use to improve our business. However, web scraping allows us to work much more efficiently and analyze data from different aspects. Web scraping can be used to acquire the following types of information:
- Names, locations, and phone numbers of hotels
- Rates and room types
- Amenities and facilities
- Ratings in the form of stars
- Customer feedback
- Booking sites provide exclusive offers
- Hotel costs vary depending on the season
- Information about the sale
How Do Hotel Market Data Increase Business Intelligence?
Modern BI systems imply a pretty comprehensive perspective of hotel operations and KPIs, given the number of available sources of data and sources of analysis. You may utilize the information you gather for various purposes once you've selected what you want to collect.
1. Segmenting Customer Levels
Hospitality aspires for a one-of-a-kind approach to every customer. Demographics, geography, and behavior may all be used to categorize guests. This information comes from online reservations, POS system transactions, CRMs, and any other area where individual choices can be seen.
As a practical use case, customer segmentation will allow you to explore customized offers or take advantage of new customer experience options.
2. Analyzing Reservations
The reservation rate, which displays what proportion of units are occupied over a specific period, is one of the essential measures in the hospitality industry. Using historical occupancy rates from your PMS allows you to assess what variables influenced them in the past and create predictions for the future.
3. Managing Revenue
To anticipate appropriate pricing and create target revenue, managing it is a complicated discipline that considers hundreds of variables. Revenue management uses several KPIs, such as the average daily rate, revenue per available room, and total revenue per available room.
4. Advancing Pricing Strategies
Demand forecasting is one of the fields of interest for financial management. It's feasible to examine all KPIs for research by accessing market data and employing past information on your reservations.
If you choose bespoke solutions, you may use a variety of advanced approaches to anticipate demand, such as search engine data or other publicly available sources.
5. Analyzing Competition
Hotels are in a fiercely competitive industry. As a result, it's critical to know what your rivals are offering to clients. BI will give a hotel a competitive advantage by assisting in the optimization of pricing and marketing initiatives.
Setting up and running a market data collection for hotels takes some effort, but you know how to collect valuable data. You can use that to improve customer service, improve your branding, and much more.