Today's Revenue Management thought:-

Diving deep into your data… , this week, I will initiate discussions on diverse facets highlighting the significance of data in the hospitality industry. While the adage "garbage in = garbage out" is familiar, it prompts reflection on whether we genuinely comprehend the nature of the data entering our systems in the first instance.

Data Structure:

The structure of hospitality data typically includes information about rates, customer segments, nationality, age demographics, accounting details, and room types. This is detrimental in establishing the validity of what you will be analysing in the future.

• Rates data helps hotels optimise pricing strategies based on demand fluctuations and market trends. 

• Customer segmentation allows hotels to target specific demographics with personalised marketing campaigns. 

• Nationality and age demographics provide insights into the hotel's international appeal and guest demographics. 

• Accounting data enables financial analysis and budget planning, while room type data helps manage inventory and optimise room allocations.

Keep it structured !

Have a profitable week !

✌🏼