Gino Engels, co-founder and chief commercial officer at OTA Insight discusses the power of data.
“When it comes to growing revenue, knowledge is definitely power. So it stands to reason that the hoteliers who most successfully incorporate OTAs into their sales strategy tend to be those who combine an understanding of how they operate with wider market insight.
The advantage of using technology solutions such as OTA Insight is they can take the hard work out of the intelligence-gathering process. From providing instant access to competitor rates to tracking where you’re losing valuable revenue, and from comparing your performance against competitors to providing an accurate snapshot of your market situation, these tools gather a wealth of data that help hoteliers make informed decisions when it comes to setting rates.
Timing is always key for revenue teams, so being able to track demand and closely monitor how guests are responding to local events allows hoteliers to know when to push direct bookings and when it would pay off to leverage the reach that OTAs can offer.
At a time when booking sites are being called to account about whether they always present rates in the clearest manner, it’s more important than ever for hotels to stay on top of monitoring their online distribution. Which is where being able to access real-time pricing summary reports across key OTAs and meta sites really comes into its own.
Conversely, it’s hard to stay competitive if you’re drowning in data or missing key insights. It’s therefore vital that any technology solution offers a user-friendly dashboard that presents the decision-making factors that are key to your business in an easy to follow manner if it’s going to add genuine value.
After all, if it’s simple to use and helps your hotel make quick decisions that will help you maintain a competitive edge, it’s not going to be long before it becomes an integral part of your revenue forecast process.”
Engels co-founded OTA Insight in 2012. The business business supports more than 16,000 clients in 134 countries. www.otainsight.com