Today's Revenue Management thought:-

There are several sources of data that can be analyzed to create context and better understand and predict guest behavior as well as upcoming trends. Predictive analytics can be used to analyze past customer behavior, identify patterns and trends, and then use those insights to inform future decisions. Examples of forward-looking data include customer reviews, purchase histories, website analytics, surveys, and complaints.

Additionally, hotels can use social media monitoring tools to track customer sentiment, identify emerging trends, and understand what their customers are saying about their services.

I also tend to seek inspiration from external data both at micro and marco levels.

Macro data:

• Global economic forecasts

• Market research reports

• Travel industry reports

• Consumer confidence index

Micro data:

• Local economic and tourism trends

• Weather patterns

• Social media sentiment

• Hotel-specific data as previously mentioned

More often than not, it’s about seeing the big picture and filtering down to the property level.

Have a profitable week !

✌🏼