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Hotel Market Intelligence

What is Hotel Market Intelligence?
June 26, 2024
June 26, 2024

Why is Hotel Market Intelligence Important for Hotels?

According to McKinsey & Company, hospitality companies that leverage advanced data and analytics are able to better personalize offers to guests and drive higher levels of ancillary revenue. Hotels and operations teams can also use market intelligence to optimize pricing strategies, identify revenue opportunities and anticipate changes in guest preferences.

Here are a few more key benefits of utilizing hotel market intelligence:

  • Optimize room rates: By understanding competitor pricing and guest behavior, hotels and hotel groups can set dynamic pricing strategies that attract bookings while maximizing revenue. 
  • Identify and target profitable guests: Market intelligence helps identify guest demographics with higher spending habits, allowing hotels to tailor marketing campaigns and packages to attract these valuable customers.
  • Improve guest experience: Understanding guest preferences and feedback allows hotels to personalize their offerings and anticipate guest needs, leading to higher satisfaction and repeat business.
  • Predict market fluctuations: By analyzing historical data and current trends, hotels can anticipate changes in demand and adjust their strategies accordingly.
  • Enhancing hotel operations: By analyzing business intelligence trends, hotels can optimize their hotel asset management strategy and streamline operations for improved efficiency.

4 Tools You Can Use to Conduct Hotel Market Intelligence

Several valuable tools can be used to gather and analyze hotel market intelligence data:

  • Hotel Business Intelligence (BI) Platforms: These platforms aggregate data from various sources and provide insightful reports and visualizations.
  • Revenue Management Systems (RMS): Advanced RMS systems incorporate market intelligence data to help hotels optimize pricing and revenue strategies.
  • Online Travel Agency (OTA) Data & Analytics: Analyzing data from OTAs can provide insights into booking trends and guest behavior.
  • Social Media Listening Tools: These tools track online conversations about your hotel and competitors, revealing valuable guest sentiment data.

Once your hotel market intelligence strategy is set, Canary Technologies becomes a valuable partner in enhancing guest experiences to boost property revenue. Our advanced software enables new revenue streams through upsells for increased ancillary revenue at your hotel.

Learn how a luxury hotel group increased upsell revenue and improved staff efficiency by 20% with Canary’s guest management technology.

Top Trends in Hotel Market Intelligence

The hotel market intelligence landscape is constantly evolving. Here are some key trends to watch:

  • The rise of artificial intelligence (AI) and machine learning (ML): A focus on AI iis one of the top trends affecting the hotel industry in 2024. AI and ML are being used to analyze vast amounts of data and predict future market trends with greater accuracy. 
  • Focus on guest experience: Market intelligence is increasingly being used to personalize the guest experience and build stronger guest loyalty.
  • Real-time data integration: Real-time data integration allows hotels to react to market fluctuations and guest behavior in real-time, optimizing their strategies for maximum impact.

You’ve Got A Hotel Market Intelligence Strategy In Place. Now What?

Armed with valuable market and business intelligence, hotels can take a variety of actions to improve their performance. These are just a few of the approaches you can take to improve operations at your hotel:

  • Adjust pricing strategies: Based on competitor pricing, demand forecasts, and guest behavior insights, hotels can optimize room rates to maximize revenue.
  • Develop targeted marketing campaigns: Market intelligence helps identify high-value guest segments, allowing hotels to tailor marketing campaigns to attract these guests.
  • Focus on operational efficiency: By analyzing data on guest behavior and resource utilization, hotels can identify areas for streamlining operations and reducing costs.

By actively collecting and analyzing hotel market intelligence, hotels can gain a significant competitive advantage. This empowers them to make data-driven decisions, optimize pricing strategies and ultimately achieve their business goals. Partner with Canary Technologies to turn your market intelligence strategy into success for your hotel.

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