Capitalizing on Data and Analytics to Maximize Your Booking Revenues
By Gino Engels Co-Founder, OTA Insight | May 27, 2018
With more diverse players joining the hospitality industry and making the market increasingly competitive, it's as important as ever to effectively use the tools available today and embrace new technological developments to stay ahead of the competition.
A by-product of the recent technology boom is the change in the way data can be collected, analyzed and used for decision-making. While this was very expensive and time-consuming in the past, today many solutions make it cheaper and increasingly efficient, even for smaller companies with limited resources.
This is why - in today's fast-growing and ever-changing distribution landscape, paying attention to data has become one of the best ways hoteliers can leverage technology, gain a competitive edge in their market and increase revenues.
Data and Analytics Reshape the Online Booking Landscape
The author of Sherlock Holmes is quoted as saying that "it is a capital mistake to theorize before one has data." While this is true in all areas of life, hotels in particular should heed the famous writer's advice.
In the spirit of Sir Conan Doyle's words, every successful business learns from past campaigns and applies this knowledge to upcoming initiatives. By using historical data to predict the future, companies strive to anticipate trends and better serve their target audience with the ultimate goal of boosting their bottom line.