Top Data Monetisation Strategies Using Hotel Sales Software

The Link Between Hotel Sales Software and Data Monetisation

The pandemic resulted in a dynamic shift in the way hoteliers and venues operate - the way they engage with guests, and in turn, the way guests engage with venues. Guests now want increased flexibility in their booking and more options for contactless transactions offered by hotel sales software, while venue operators are looking for ways to keep spending low while keeping up with post-pandemic's slow but steady demand for service. Hotels with event hosting capabilities are also seeing significant demand for smart tools and technologies to cater to the rise of virtual and hybrid events. 

Finances Online has found eight of the global leading hotel chains implementing VR experiences in their marketing strategy. Furthermore, it has been reported that hotels offering virtual tours are getting up to a 135% increase in online revenue. By utilising AI to create more memorable guest experiences, hotels are capitalising on the technology boom. With this comes an influx of data that can be used to better determine customer demographics, behaviours, needs, and expectations. 

Using Data Monetisation in Hotel Operations

Between online booking, contactless transactions, website visitor analysis, and social media profiles, we now have access to more data points than ever before - this offers a whole new world of data monetisation for hotel operators. Correct data collection and analysis captured from hotel sales software can streamline operations, increase conversions, better analyse booking trends, create more tailored marketing campaigns, and delve deeper into market competition.

When used correctly, this data can help to increase hotel profitability by tailoring your offerings to what guests are looking for during each stage of engagement, spanning before check-in, and ending long after check-out. 

How Do You Turn Hotel Sales Software Data Into Profit?

Cross-industry studies reveal that, on average, less than half of an organisation's structured data is actively used in the decision making process. Furthermore, less than 1% of its unstructured data is analysed - or even used at all. While data may be being collected, many leaders may not have a clear idea of how to turn findings into actionable insights. For hotels, data monetisation presents itself as a huge opportunity.

Start by reflecting on your objectives, and whether data being currently captured is useful for your outcome. Actionable strategies are only driven by the data you are collecting, and the only way to achieve a competitive edge in data collection is by extracting value from it. Ask yourself; is the data you’re collecting valuable? How can its insight help you to improve business revenue? Using insights captured within a customer relationship management system, your hotel sales software can capture useful data points such as preferred communication methods, deals or topics of interest, payment preferences, and on-site purchases.

Segmenting your data will also help determine patterns in purchasing patterns, and create a clearer picture of your customer’s journey. Once you’ve started to analyse data, craft a selection of hypotheses and start testing. Adjust offers, wording, marketing collateral, design, or refine audience targeting - experimenting with these elements is essential for transforming speculation into success. 

The Right Data Monetisation Strategies For Hotels

Data can only be monetised if numbers are understood and appropriately integrated into short and long-term business plans. While the primary goal of data collection should be invested back into improving the customer experience, data monetisation strategies can also come in the form of operational cost reductions, creating targeted marketing strategies and greater process efficiencies.

The right tech hotel sales software should integrate smoothly into current hotel operations while being adaptable to evolving guest expectations and changing industry trends. Automation offered by the software will also significantly cut time and costs associated with repetitive administration tasks, while integration will assist in data accuracy and reduce double handling of information.