Boosting Hospitality Revenue Through Unconventional Analytics
The hospitality industry has witnessed a drastic rise over the years with an increase in the number of sellers, leaving customers with more number of choices. In such situations, hotels have to go over and above conventional methods to recognize guest trends, identify challenge areas, and develop strategies to fix them at the right time to enhance profitability.
Phygital Insights provides market-leading hospitality analytics platform to transform customer responses into revenue. One of the many ways our team does this is by engaging our text analytics and sentiment analytics to help our customers in the hospitality business to rapidly transform heaps of unstructured comments, reviews, tweets, and survey responses into useful information and insights.
Boost your customer experienceHospitality Analytics Services
On-Demand Analytics
Salesforce & Spend Analytics
Web Analytics
Asset Utilization
ERP Support
Cost Management Analytics
Hotel Database Maintenance
Customer Analytics
Marketing Analytics
Pricing Analytics
Inventory Management Analytics
Sentiment Analytics
Hospitality Analytics Challenges
Changing anticipation of customers
Supervisors in the hospitality industry are facing different challenges today than they did in the past, owing to new technological progressions and various customer behavior. For instance, with the emergence of apps, consumers are now beginning to presume a level of expediency and efficiency that must be catered.
Technological evolution
Today, customers are more tech-savvy than before. When customers select to stay in one hotel over the other, they assume certain services, such as Wi-Fi, flat-screen TVs, USB ports, and so on would be provided for free. Hotels and other trades in the hospitality industry have immense trust on technology to rationalize their services. However, keeping pace with the technology evolution is a cricital issue faced by many hospitality businesses today.
Skilled labour scarcity and staff turnover
Staff throughput in the hospitality industry is almost twice the average across industries and considered to be a central management issue in the hotel industry. In recent years, the extraordinary turnover and increasing competition have only added flare to the problem of the skilled labour scarcity on the whole.
Booking and revenue issues
Today customers have numerous options to choose from, forcing hotel staff to up their marketing and advertising game. This issue has produced revenue challenges, whereby if executives are unable to keep up with their contenders, they risk losing dependable customers and share of the local business. The increasing cost and diminishing revenue come up as one of the critical management issues in the hospitality industry.
Fluctuation in the hospitality business
Peak periods in the hospitality industry incline to bring in a lot of business; however, it also brings excessive stress to the management and its staff. Supervisors need to be accountable by keeping up with the ongoing changes in booking and pricing, which can be intimidating. While more staff members and resources are required during peak seasons, the percentage drops massively during the lean season, making it difficult for hospitality managers to ensure profitability.
Benefits of Hospitality Analytics Services
Enhanced guest experience
Effective marketing
Staff optimization
Improved inventory management
