More MICE metrics needed
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Marketers in the hospitality industry in Asia Pacific are not making enough use of marketing metrics for the Meetings, Incentive, Conventions and Exhibitions (MICE) business, according to industry experts.
This was disclosed at a recent roundtable event held in Singapore and hosted by The Cornell-Nanyang Institute of Hospitality Management (CNI) and the Hospitality Sales and Marketing Association International (HSMAI) Asia Pacific chapter.
According to the hoteliers at the roundtable, while millions were invested into analysing financial data not enough was being done for marketing data.
Session participants were interested in applying metrics technology to revenue management analysis beyond rooms to that of retail sales in relation to real estate, food and beverage and ancillary services, such as spas.
Technology, such as RFID, that could track consumer spend in hotels, resorts and casinos in the region was needed to truly answer how much business is gained or lost from guests.
The participants also wanted to know where MICE guests spend their money in the hotels, to measure levels of satisfaction and to understand profitability as well as revenues.
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