How to Choose and Use the Right Hotel Data

Transformative Insights

By Francesca Vereb Senior Director of Product Marketing for Hospitality Cloud, Cvent | October 08, 2017

Hotel Data and the Rise of Availability

In the past, hotel pricing was done manually. Prices created manually were typically influenced by gut instincts and anecdotal information that hotel staff had on hand — but very rarely were based solely on actual data. Because of this, hotel teams often over-charged ( and left money on the table because the prices were too high for customers ), or under-charged ( missing out again ).

Over recent years, many hotels have switched to using a revenue management system ( RMS ) to help make more of their pricing decisions based on data. Ideally, an RMS will project demand, predict how sensitive buyers will be to pricing, and then provide an optimal rate. The biggest challenge then becomes accurately and objectively projecting demand. It is becoming easier over time to estimate demands by incorporating data from search engines, social media platforms, and other business intelligence sources.

In the future, we can expect hotel technology and data to provide an even more complete look, as existing platforms become more robust and build stronger integrations with each other. Hotel technology and data are also becoming more specific about your successes, what is causing them, and how you are stacking up against your competitors in real time. Access to all of this lets hoteliers be more proactive and predictive in their marketing and sales efforts, instead of reacting to whatever trends they are observing in the moment.

Gathering Leisure Data

Leisure travelers tend to focus on different amenities and features than business travelers do, typically related to:

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Coming up in January 2018...

Mobile Technology: Relentless Innovation

Technology has become a crucial component in attracting and retaining hotel guests, and the need to enhance a guest’s technology experience is driving a relentless pace of innovation. To meet and exceed guest expectations, 54% of hotels will spend more on technology in 2018, and mobile solutions in particular will top the list of capital investments. Many hotels are integrating mobile booking, mobile keys, mobile payments and mobile check-in into their operations. Other hotels are emphasizing the in-room experience, boosting bandwidth and upgrading flat screen TVs to more easily interface with guest mobile devices. And though not yet mainstream, there are many exciting technology developments on the near horizon. The Internet of Things (loT) is taking form in some places, and can be found in guest room control systems, voice activation systems, and in wearable sensors that can be used for access and payment options. Virtual reality headsets are available at some hotels so guests can enjoy virtual trips to exotic locations or if off-property, preview conference facilities and guest rooms. How long will it be before a hotel employs a fleet of robots for room service, or utilizes a hologram as a concierge, or installs gesture-controlled walls that feature interactive digital displays? Some hotels are already using augmented reality for translation services, or interactive wall maps, or even virtual décor. This pace of innovation is challenging property owners and brands to stay on top of the latest technology trends while still addressing current projects. The January Hotel Business Review will explore what some hotels are doing to maximize their opportunities in the mobile technology space.