With the copious amount of technological tools available to property owners today, there is more data at everyone’s fingertips. Data spreads across all parts of your business operation, from your online presence and pricing to benchmark numbers and more. This may seem overwhelming, but this data can be extremely beneficial to your business. The real question is, how often should I look at this data?
- Price and Turnover: Getting people in the door is the most important thing for your business. By looking at your occupancy rate and your price versus your competition, you’ll be able to decide which direction your nightly room rate needs to go.
- Rate shopping and benchmark data: Is there an event in your town, or is it peak season? With this data, you’ll be able to adjust your rate to maximize profits with what is happening in and around your community.
- Web Traffic and Review Rate: Climbing up in rankings on review websites should help yield positive results in the form of additional traffic to your site. A high rank on sites like TripAdvisor is very visible, and potential guests will be likely to click onto your website to learn more about your property.
- Social Media Interactions and Reviews: Social sharing is a form of user-generated content as well as a quick way to learn about guest satisfaction. Higher rates of positive mentions typically leads the more reviews of your business. Keep in mind this works the opposite way as well. If you’re seeing numerous negative reviews (especially on the same topic) it is important to find the root of the issue and remedy it as soon as possible.
- Web Visits and Social Followers: Every month, take some time to compare your social media followers to your organic website visitors. With these numbers, you will have good insight into your brand visibility across social platforms as well as how efficient your brand is on each platform.
- On the Books and TripAdvisor (and other review sites): By monitoring your rank on review sites as well as the amount of revenue you are bringing in, you’ll be able to see the effect reviews have on your occupancy, and in turn, ADR.
This isn’t all of the data that your business is bringing in on a monthly basis, but it gives some insight as to how you can use data to decipher what travelers think, and how it can affect business at your property.
The important thing to keep in mind is that the data supplied to your business is there to help you. You may not need to view it all every single day, week or month, but it’s important to have an understanding of the effect these numbers have your bottom line..
To learn more about powerful data solutions that can improve your business, contact us at email@example.com