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Four ways hotels can benefit from business intelligence and analytics

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Using AI and machine learning can provide you with uploaded sales, location data, key insights, potential customers, competition data and so on.

You know that your customers are the most important factors to your business. Right next to them, your competitors. Unfortunately, people in the past didn’t have the tools and technology that we have today, so their business was namely a guessing game and many have failed because of this. But analytics today are so advanced and great for any type of business, that having a hotel is all about actually understanding your customers and your competitors as well.

Using AI and machine learning can provide you with uploaded sales, location data, key insights, potential customers, competition data and so on. This can help you make better and more informed decisions. Here are some of the ways this can be useful to you:

Converting customers
Think of all those people passing by your hotel. How many of them do actually make it to your hotel? No matter what the number is, you can definitely improve it and get more people.

Using advanced technology, you can see the number of people that passed by and the percentage of people who went in versus those who did not. Your conversion data as well as all of the data that comes with that like times of day and similar things can be very useful for your business.

This will help you figure out if people know where you are located, do you look like a hotel from the outside, is it a busy  location or not so busy, does it fit well with the community in that neighbourhood, is your hotel too expensive for people in that area and so on. All of these insights could be yours in just a few seconds if you choose to have a smart analytics tool that can help you do it.

Retaining customers
You can spend more money gaining new customers than retaining an old one - this is a well-known fact in the business world. The same goes for hotels.

Repeat customers are some of your best assets and you should do your best work on retaining them. Understanding who they are, knowing them and knowing where and why they come from is all very important data that you need to learn. You need to communicate with them and find out what makes them keep coming back. Is it the food? The ambient? The service? A well-balanced combination of all? Make sure you are engaging with them and keeping them happy.

Data analytics can process this information without you worrying or counting on them to come all the time. For example, there is a platform which uses AI to calculate the number of repeat customers and how many times they have returned to your hotel.

Fig and Olive is a New York chain of hotels and they used data analytics to create “miss you” email campaigns where they offered free crostini for people who haven’t been there for more than a month.

Competition
What do you really know about your competitors? Is there a place down the street that has more business than you? Why? This is what you can find out with analytics tool. You can actually use software that can help you figure out who is the dominant business in the neighborhood. You can use this information to make important decisions. You can use a tool mentioned in the previous point to see how your hotel did compared to a competitor hotel and see what they are converting from people passing by and how does that differ from you.

Hire people the smart way
hotel owners usually need to estimate the amount of staff they need before they even match it to their demand. They have to hire staff based on presumptions, past events and so on. However, this is not accurate very often because people can make mistakes. For one, you could hire too many people, not have a lot of business and then lose your money. You could hire too few people and your operations will be impossible to complete and your hotel will lose money again. So, either way, you might end up failing. So, this is where smart tech jumps in to save you. You can use AI and BI analytics tools to figure out how many people you need to hire in your hotel based on traffic, popular and unpopular days to go to a hotel in that area and so on. This will allow you to rotate and operate well with your staff without having too many of them working on slow days or having too few on busy days.



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