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For years, the gold standard guiding business strategies for hotels has relied heavily on historical data, analyzed a few times a year (at best), making it difficult to swiftly respond to changing market conditions. For hotels, this includes making dynamic rate suggestions and identifying segments and offers for marketing campaigns.
For operators managing furnished apartments, aparthotels, or extended-stay inventory, this shift represents a significant revenue opportunity. However, a lot of hoteliers still lack access to the right distribution network to respond to this demand and capture a lucrative market.
The revamped program’s enhancements longer booking windows, premium room redemptions, and exclusive experiences have helped drive a 30-per-cent increase in redemptions and 13-per-cent growth in averagelength of stay. In total, ChoiceROCS drove $81 million in incremental revenue to participating properties.
SiteMinder’s new Hotel Booking Trends report, a hotel commerce data analysis of more than 36,000 hotels and 450+ connected booking integrations, has revealed travelers booked their trips on average eight days earlier, and canceled their bookings 17% less year-on-year in 2022, despite a 24% increase in the average daily hotel room rate.
Careful market segmentation in the hotel industry is a catalyst for understanding these differences and acting on them. This blog provides an introduction to hotel market segments, including practical help to identify a hotel’s ideal target segments and tips on attracting guests in a chosen segment. What is hotel market segmentation?
Table of contents Introduction from SiteMinder: The bleisure market and hotel booking trends Following the pandemic, the bleisure market changed from a growing niche to a mainstream source of bookings for accommodation providers. This was particularly true for Spain in summer, which had the longest averagestaylength in August.
It could be that you’re buying a hotel business or investing in one you already own through things like property extensions and renovations, hotel marketing, employee training and hotel software. With their scale and global reach OTAs provide hotels with a cost-effective way to increase bookings on a pay-per-performance basis.
And it all starts with hotel market segmentation. What is hotel market segmentation? Hotel market segmentation is the process of grouping hotel guests into categories based on shared behavior and characteristics. Some hotels break down transient business into subgroups such as OTAs, direct bookings , packages, and consortia.
SiteMinder’s new Hotel Booking Trends report, the only hotel commerce data analysis of more than 35,000 hotels and 450+ connected booking integrations, has revealed travellers booked their trips on average eight days earlier, and cancelled their bookings 17% less year-on-year in 2022, despite a 24% increase in the average daily hotel room rate.
Because we get to see how we’re servicing them, how we’re marketing for them, who their customers are, and now with community, here’s how they’re accessing our system.” It’s driving a longer averagelength of stay and a higher ADR, driving, on average, $22,000 in revenue,” he said.
By understanding and anticipating guest behaviour and market dynamics, hotels can optimise their pricing strategies to boost their bottom line. It’s a testament to how industries adapt, grow, and refine their strategies in response to changing market dynamics and customer expectations.
For instance, a consistently high occupancy rate might indicate effective marketing strategies, while low guest satisfaction scores could point to potential issues in service quality or amenities. Cost per acquisition (CPA) helps in understanding the cost involved in acquiring a customer, essential for budgeting and marketing strategies.
They get to the heart of what a hotel business is, and are critical to understand if you are to succeed in a competitive market. Market demand Most hotels see a spike in demand on weekends when compared to weekdays. As a small, independent hotelier you may have heard the terms hotel revenue optimisation and hotel revenue management.
HomeToGo has the power and reach of a large, international OTA with the characteristics of a direct booking experience with benefits such as direct guest communication by providing guest contact information once you receive a booking, ability to use your own cancellation policies and allowing property managers to be the merchant of record.
Data analytics is the process of examining data sets to search for patterns, draw conclusions, support decision-making, and predict future market trends. For hotels, that involves collecting and analyzing data across various sources, including your hotel website, social media channels, online travel agencies (OTAs), surveys, and more.
Statistics about travel demographics Statistics about travel demographics can be particularly useful for your hotel, as it allows you to target your marketing more effectively, plan your offers, and prepare satisfying guest experiences – all in the mission of maximising your reputation and profit.
Booking Source In 2019, OTA-sourced bookings made up 57% of all reservations, while non-OTA bookings made up the remaining 43%. During the pandemic, there was a significant shift toward direct bookings due to decreased advertising budgets for OTAs. The next most popular length of stay was 3 to 4 nights.
Booking source In 2019, OTA-sourced bookings made up 57% of all reservations, while non-OTA bookings made up the remaining 43%. During the pandemic, there was a significant shift toward direct bookings due to decreased advertising budgets for OTAs. The next most popular length of stay was three-four nights.
More Informed Decisions: Use data insights to plan marketing campaigns, manage staffing , and shape seasonal packages. Step 2: Analyze Guest and Booking Data Look at booking lead times, averagelength of stay, preferred channels, and cancellation rates to build data-driven pricing models.
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