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For years, the gold standard guiding business strategies for hotels has relied heavily on historical data, analyzed a few times a year (at best), making it difficult to swiftly respond to changing market conditions. For hotels, this includes making dynamic rate suggestions and identifying segments and offers for marketing campaigns.
Careful market segmentation in the hotel industry is a catalyst for understanding these differences and acting on them. This blog provides an introduction to hotel market segments, including practical help to identify a hotel’s ideal target segments and tips on attracting guests in a chosen segment. What is hotel market segmentation?
Domestic booking channels captured a lower proportion of bookings overall, however, there was a clear balance between traditional and niche booking channels across markets. The ranking of hotel websites as a revenue generator remained on par with 2019’s lists in 72% of markets, and ahead in 28%.
Expatriates, Digital Nomads, Students, and Business Travellers seek their new stay outside of their domestic countries for a longer stay. With 60+ million expatriates globally seeking a housing solution, there is a huge market for offering a long-stay of minimum 3 months , up to as much as allowed by the local laws.
ALOS abbreviates ‘averagelength of stay.’ It refers to the average number of nights guests stay at your property over a given time. days on average. days on average. It also differs depending on the property type, location and target market. How do you calculate the averagelength of stay?
This year you’ll also be able to access key market intelligence and metrics that explore findings from the analysis of more than 100 million reservations!
We also expect the demand for the bleisure segment to grow further, and for the averagelength of stay to grow from one or two nights to up to four nights.” . A strong dollar has hit both developed and emerging markets globally, fuelling inflation and raising the cost of imported goods. Stephen McCall , CEO, edyn: .
Linger Longer, X night free, extend your stay - no matter what it’s called, it’s all centered around the same goal. This common goal that many hotel clients come to us with is trying to increase their averagelength of stay among guests.
WASHINGTON — CoStar Group has launched STR Benchmarking, a transformational market share product for the global hotel industry. Future product enhancements, which are expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data and forward-looking occupancy.
Table of contents Introduction from SiteMinder: The bleisure market and hotel booking trends Following the pandemic, the bleisure market changed from a growing niche to a mainstream source of bookings for accommodation providers. This was particularly true for Spain in summer, which had the longest averagestaylength in August.
And it all starts with hotel market segmentation. What is hotel market segmentation? Hotel market segmentation is the process of grouping hotel guests into categories based on shared behavior and characteristics. ” Why do you need market segmentation? Transient guests, on the other hand, are less predictable.
It could be that you’re buying a hotel business or investing in one you already own through things like property extensions and renovations, hotel marketing, employee training and hotel software. Hotel investments come in many shapes and sizes. Look to hire staff that will take over your least productive tasks.
Hotel KPI or Hotel Key Performance Indicator is the value that can be measured and which lets you set a standard to measure the success rate of your hotel business as to how is it faring in the market. These KPIs range from the daily operations to financial performance to sales and marketing and customer service.
Moderated by Shelley Warsaw, Partner Relationship manager at Track, speakers included John Ellis, VP of Sales at Akia, an AI-powered two-way communication platform; Billy Widner, Chief Marketing Officer, Brett/Robinson Vacation Rentals; and Jim Golightly, director of Customer Success, Track. You can certainly use AI in the guests’ experience.”
Domestic booking channels captured a lower proportion of bookings overall, however there was a clear balance between traditional and niche booking channels across markets. The ranking of hotel websites as a revenue generator remained on par with 2019’s lists in 72% of markets, and ahead in 28%.
By understanding and anticipating guest behaviour and market dynamics, hotels can optimise their pricing strategies to boost their bottom line. It’s a testament to how industries adapt, grow, and refine their strategies in response to changing market dynamics and customer expectations.
This can be internal data (from a hotel’s systems) and external data (competitor pricing and market trends). Identify new markets and guest segments. Put a focus on your own historical booking and pricing data, supplemented by data relating to competitors and market trends. Adjust your goals as new information comes to light.
The outcome of your forecasting should always be the ability to react to market changes, optimise occupancy, and maximise revenue. Doing this effectively means you have to consider a number of factors such as key revenue metrics like occupancy, room nights, and average daily rates; but also staff allocation and resourcing.
For instance, a consistently high occupancy rate might indicate effective marketing strategies, while low guest satisfaction scores could point to potential issues in service quality or amenities. Cost per acquisition (CPA) helps in understanding the cost involved in acquiring a customer, essential for budgeting and marketing strategies.
To read a comprehensive guide to hotel market segmentation, click here. Baseline client expectations should be documented and explicitly communicated to your whole staff and in all marketing materials. What Factors Affect Guest Satisfaction?
They get to the heart of what a hotel business is, and are critical to understand if you are to succeed in a competitive market. Market demand Most hotels see a spike in demand on weekends when compared to weekdays. As a small, independent hotelier you may have heard the terms hotel revenue optimisation and hotel revenue management.
The average booking lead time for hotels is 29.7 The averagelength of stay is 1.93 The average cancellation rate is 20%. Here are some other key stats on the US hotel industry: The hotel market in the US is worth more than $106 billion. Average US occupancy rate is just under 65%. million people.
Because we get to see how we’re servicing them, how we’re marketing for them, who their customers are, and now with community, here’s how they’re accessing our system.” It’s driving a longer averagelength of stay and a higher ADR, driving, on average, $22,000 in revenue,” he said.
In North America, the average booking window exceeded 2019 levels by five days; in Europe, two days. Meanwhile, ongoing travel restrictions in the Asia Pacific region kept the booking window five days short of the 2019 average. Length of Stay Most travelers within the data set booked stays of 1 to 2 nights over the last four years.
Segment marketMarket segmentation involves categorising your target audience based on various criteria like demographics, booking channels, or purpose of visit. By understanding which segments bring in the most revenue, you can tailor your marketing and pricing strategies to attract and retain these valuable customers.
In 2022 so far, HomeToGo has an averagelength of stay of 8 days with an average booking value of $2,100. With HomeToGo’s longer length of stay, Track property managers can reduce their operational costs with fewer turn days. Most importantly, HomeToGo is acting as a true partner.”
Data analytics is the process of examining data sets to search for patterns, draw conclusions, support decision-making, and predict future market trends. Both are valuable and provide relevant information to help with marketing efforts, pricing decisions, customer experience enhancements, and more. Marketing KPIs.
Join Suite Spot podcast host and TMG Marketing Director Ryan Embree as he sits down and welcomes a very special guest, the EVP & Chief Commercial Officer of Sage Hospitality Group, Patrick Pahlke, in the latest episode of the TMG Hospitality Trailblazers series! Before republishing quotes, we ask that you reference the audio.
Due to its longer averagelength of stay and diverse global customer base that is looking for more home-like accommodations, hotels are able to leverage Airbnb for distribution: simply by positioning larger or multi-bedroom room types, perhaps with kitchens or other amenities, to an audience that may previously not have landed on their own website.
The emphasis on certain metrics fluctuates with what’s happening in the market at a given time. CPOR – Cost per occupied room lets you identify the average cost per occupied room to give you an idea of how healthy your cost of acquisition is. This is calculated by: your occupancy rate / market occupancy rate x 100.
Statistics about travel demographics Statistics about travel demographics can be particularly useful for your hotel, as it allows you to target your marketing more effectively, plan your offers, and prepare satisfying guest experiences – all in the mission of maximising your reputation and profit.
In North America, the average booking window exceeded 2019 levels by five days; in Europe, two days. Meanwhile, ongoing travel restrictions in the Asia Pacific region kept the booking window five days short of the 2019 average. Length of stay Most travelers within the data set booked stays of 1 to 2 nights over the last four years.
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