Data analysis continues to be the backbone of modern business advancement.
Robust analytics can support intelligent marketing and logistics strategy, target customers, and unlock efficiencies. This trend has proven highly relevant in the hospitality sector, give the consumer sensitivity of the travel industry. As a somewhat luxury good, hospitality services must keep keen track of how customers are feeling at any point in time.
Thankfully, data analysis and reporting gives the sector plenty of ways to understand and target prospective customers.
Creating the perfect Data Analysis Report
Below, we outline the five major types of reporting that hospitality firms should regularly monitor.
In this business, understanding your customer is essential to effective service delivery and promotion. Customers tend to react positively to brands that predict and customize their engagement to reflect individual interests and preferences. This is the art of customer profiling, which takes into account demographic factors such as family status, age, income levels and more, in addition to interests and past purchases. This tool can be used to better serve existing customers by tailoring services to their needs, but also plays a role in targeting prospective customers.
Customer relationship management
Customer relationship management begins with a lead is still cold and continues even after conversion. As a hospitality firm, relationship management and brand loyalty are key factors to cultivate. Data analytics can support this goal is several ways. One is through measuring how engagements convert across campaigns and channels. Are emails leading to sales? What about targeted promotions? CRM systems allow managers to easily track engagements and their outcomes to better understand the effectiveness of different efforts.
Predictive analytics and forecasts continue to be powerful tools in the data arsenal. Using customer data and running frequent, quick reporting, a company can produce just in time sales forecasting necessary for strategic planning. The purpose of forecasting is to predict future demand for goods and services and therefore sales. It also helps companies run more efficiently by allocating resources properly. All types of hospitality companies benefit from accurate and reliable forecasting. This is a wider part of a revenue management initiative. Revenue management is the use of analytics to predict customer behavior and optimize inventory and product availability. The goal is to offer the right product to the right customer at the right time.
Reporting analytics can be used to improve internal efficiency. Energy consumption accounts for almost 70% of utility costs in a large hotel. Despite this big price tag, energy costs can be controlled using efficient resource management. Smart data can support this effort by leveraging software solutions that use weather, electricity rate, and building consumption data to develop a building energy profile. Using analytics technology, these programs can optimize power use from the grid to save costs.
Identifying New Business Opportunities
Looking through and analyzing booking data can help analysts understand underlying customer demand and therefore beef up service offerings to meet these wants. Updating services and inventory should be continual. It should also be informed by historical customer data and information to develop new business opportunities.
Some other reports that can be used are as follows:
- • Landing page analysis
- • Page time diagnosis
- • Energy consumption
- • Investment management
- • Carbon footprint
The huge amount of data available presents great opportunities to hospitality firms. By understanding their customer base, companies can optimize their services and provide a customer-centric experience. Whether it supports expanding services, targeting new leads, or saving on energy bills, data analytics is one of the most valuable assets available to hospitality managers across the world.