Highlights from Hotel Analytics Webinar: Anticipating Market Recovery and Beyond
June 16, 2020.
During HEDNA@Home session, the Hotel Analytics Working Group co-chair Matthew Goulden moderated a panel discussion. The focus ranged from a look at what the industry looks like today, how we prepare for the future and predictions on what the “new normal” will look like.
This article covers the big ideas from the webinar.
Where we are now:
- Week on week growth already detected from hotel bookings
- Traffic into the {fastpayhotels} system is +25%
- Intent to travel is growing, conversion is not there yet
- Short stays, short booking windows, shorter travel distance
- Domestic markets
- Lower ADR, budget segment seems to be conversing much better than the luxury segment
- Growth on 2021 bookings. Exceptional demand coming from Latin America into the USA in Q1
Metrics being used now:
- Booking pace
- Booking window
- New data points to look:
- flight data
- OTA data
- Metasearch data
- Search data. Where searches are coming from, resort vs city searches, length of stays of the searches
- Price parity data
- Cancellations and reschedulings
- What’s on the books, segments, channels, what accounts are driving what
- Clients who are not paying
Opportunities/challenges/risks:
- Setting the right price
- Who are you competing with
- It is not the same demand as before. How to get ahead with the few bookings that will be there
The new normal: what does the future of the hospitality industry look like
- What’s opening in terms of the market and drivers within those markets
- Understand transport data
- Safety now means a lot more about health protection for guests and staff
- Parity: more important than ever
- Smaller markets with less affluent consumer base
- Get used to less profitable transaction, lower ADRs due to competition
- Manage costs, look to automate processes
Relevance of data and analytics
- Continues to grow in importance and becoming even more important
- Do a lot more with a lot less resources, how to deal with that complexity
- It’s not plug and play. Assume nothing, get data points for all your channels and validate data.
Review the recorded session.
Moderator: Matthew Goulden – CEO, Triometric
Contributors:
- Richard Biggs – Senior VP of Global Revenue Optimization, Radisson Hotel Group
- Alex Gisbert – Founder & CEO, Fastpayhotels
- Gino Engels – Co-founder and Chief Commercial Officer, OTA Insight
HEDNA Hotel Analytics Working Group
The Hotel Analytics Working Group raises awareness of the opportunities data analysis brings to optimize cost and conversion and thereby empower hoteliers to collect, store, analyze and action their data to make intelligent decisions about their distribution strategies. The group is currently Co-chaired by Matthew Goulden, Triometric, Connie Marianacci, Accor and Nitin Bajah, NTTData. Click here to find out more and how to join as a HEDNA member.
This blog:
Transcribed by Connie Marianacci, Director of E-Commerce Strategy & Performance, Accor