Along with rising temps, hotel marketing & revenue strategies are also heating up for the year
- For the first summer, hotels have forward-looking demand intelligence from within their revenue technology
- Hotel revenue and marketing departments are reaping immediate benefits from this next-level insight
- Hotels see campaign click-through-rates, conversion and ROI significantly increase
For a lot of hotels, summer is anxiously peeking around the corner. Along with the anticipation of rising temps, poolside parties and sun-drenched days, hotel marketing and revenue strategies are also heating up for the year. With group blocks fairly solidified for upcoming months, marketing and revenue departments are actively trying to fill potential valleys and extend those summer travelers with attractive promotions and offers.
And for IDeaS clients, this summer marks the beginning of something new. It’s the first summer hotels can use forward-looking demand intelligence from directly within their high-performance revenue technology. Several months ago, IDeaS unveiled its innovative “nSight for IDeaS,” a tool that gives hotels a new, insightful approach to using their market’s future demand data. The level of clarity it provides runs deep and clear: hotels can see when their market can expect the strongest demand, which cities the demand is coming from, and human-focused insights about the online shopper.
Hotel revenue and marketing departments, especially, reap immediate strategic benefits from accessing this next-level insight: it helps them use their marketing budgets strategically, they can target future date ranges with the greatest revenue opportunities, and they can tailor offers around their highest-producing sources. All while inching just that much closer to the Holy Grail of guest personalization.
These data insights offer hotels more than just consumer demographics, too; they also provide guest psychographics, something Forbes recently explored as the next big breakthrough in demand generation, and something hotels can use to evolve how they strategically forecast. Implementing both demographics and psychographics—in addition to the traditional types of hotel data used in demand forecasting—allows hoteliers to maximize profitability through the practice of futurecasting, which is an organizational strategy used in many different industries, and something we previously talked about in this blog post.
One of the key benefits of nSight for IDeaS is its immediate improvements to already-existing hotel marketing campaigns. For example, we spoke with a large North American hotel group looking to strengthen transient production at their Canadian properties during the summer months. They had been working with TripAdvisor on using banner ads to help drive shoppers to their brand website.
However, while these types of campaigns had been considered successful for the group in the past, they still were not able to be highly targeted. The market clarity provided through nSight for IDeaS gave the group the missing insight they needed to identify their top source markets for summer travelers, as well as insight into the distinct guest personas searching and booking their hotels and markets.
TripAdvisor applies similar persona profiling to their website visitors and this allows hotels the ability to map their own nSight for IDeaS personas to TripAdvisor’s. Now hotels can provide the most appropriate ads or offers to their targeted guests in more strategic way. It also takes much of the guesswork out of figuring out which offers will be the most appealing in the respective markets.
So what happened when this hotel group infused their marketing strategy with their newfound data clarity? They ran this particular campaign for over 45 days, and the results were nothing short of incredible. Their click-through-rates improved by over 28%, and conversion jumped up nearly 10%. By targeting their top source markets, they targeted shoppers much more likely to convert to a paying guest, and thus significantly improved their ROI on their TripAdvisor advertising campaign.
For the rest us, imagine if we could improve our marketing efforts in a similar way—lifting conversion up by 10% or more through various channels or advertising. Strategic futurecasting is the ticket to do this; all hotels need now is technology that helps them find the revenue in the details.
- When It Comes to Hotel Marketing, Revenue Is in the Details - May 30, 2017