5 Ways Big Data Can Benefit the Travel Industry
Within the travel industry, big data is one of the most important concepts to get to grips with, because most other businesses are already utilizing it and reaping the rewards. These rewards include the ability to make more informed decisions, learn about customers and competitors, improve the customer experience, and increase revenue. In this article, you will learn more about big data, and how it can benefit companies in the tourism industry. Table of Contents: Understanding Big Data 5 Ways Big Data Can Help Those in the Travel Industry 1. Revenue Management 2. Reputation Management 3. Strategic Marketing 4. Customer
Hotel Business: Factors to Consider When Starting a Hotel Business
Starting a hotel business is an exciting prospect. You'll be entering the hotel industry, an economically and socially important sector offering various opportunities at all skill levels. Before you jump in, though, some essential factors must be considered. In this article, you'll learn everything you need to know as you prepare to enter the industry. Table of Contents: What Is the Hotel Industry? 8 Main Aspects to Consider When Starting a Hotel Business Location Buying
4 New OTA Trends That Hotel Properties Need to Know About
Online travel agencies (OTAs) have become a pivotal part of the hospitality industry, impacting the way properties market online and travelers do their research. It’s predicted that, on average, travelers make 25 website visits before booking. Therefore, properties need to boost visibility across the internet on OTAs, metasearch sites, social media, and their direct website to draw in as many potential guests as possible. While OTAs have evolved since their introduction in the 1990s, the
4 Use Cases of Facial Recognition in The Hospitality Industry
Facial recognition has become mainstream in recent years, thanks to systems like Apple Face ID and Facebook DeepFace. In addition, the technology is also being used within hospitality for everything from seamless airport and hotel check-ins to delivering more personalized customer service. In this article, you will learn more about
What Is an Average Daily Rate (ADR)?
Average daily rate (ADR) is a KPI commonly used for revenue management within the hotel industry. As a metric, ADR's primary value is its ability to reveal the average rental income connected to occupied rooms each day, which is valuable for revenue management. It can give hotel owners an idea
Hotel KPIs explained: ADR, REVPAR and GOPPAR
Revenue management is a data-driven approach to predicting customer behavior, to optimize product pricing and availability to maximize revenue. It is especially useful in the hotel industry, because hotels have limited rooms available and experience varying demand levels. Several key performance indicators, or KPIs, should be tracked when carrying out