How to Use Data to Impact Your Bottom Line: Crucial Tips for Revenue Management
By Gino Engels Co-Founder, OTA Insight | September 2019
Revenue management and data are becoming more and more intertwined in hoteliers' quest to find the right pricing strategy to boost their bottom line. Being able to leverage knowledge of demand and competitor movements, all while remaining in parity across different distribution channels is a tall order.
The good news is that in the age of Big Data there is now a range of ways to get up to speed on the components needed for a strong pricing strategy. The more unsettling news is the sheer amount of data available, making it easy to suffer from analysis paralysis.
The best news is that helping hoteliers to visualize and leverage data is our speciality at OTA Insight. We'll give you some tips on which data sources are key to positively impacting your profit margins, the best tools for leveraging those insights, and what issues you'll be equipped to solve after reading this article.
Which data should I be looking at?
Let's first remind ourselves of the KPIs that allow us to evaluate revenue success:
In order to move these key metrics and positively impact your bottom line, consider these following data sources: