TravelNews

[Travel News]: Why hoteliers should use forward looking data to make smarter revenue decisions this budget season

TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.

The following is the [Travel News]: Why hoteliers should use forward looking data to make smarter revenue decisions this budget season from [OTA Insight] recommended by TheTourAttraction.com:

Trying to use traditional forecasting methods to accurately forecast the return of traveller demand is purely speculative.

The impact of Covid-19 on the hospitality industry means forecasting for strategic decision making has never been more critical to success, yet it is much more difficult to undertake. The traditional hotel demand pattern has been ripped apart – placing a significant obstacle in the way of making qualified revenue decisions, both through the budgeting process and in recovery. At such a crucial time, all commercial decision making should be grounded in accurate and reliable data. But when typical demand drivers have been upended and booking behaviour is unrecognisable, what type of data should you base your decisions on?

Traditional forecasting methods relied heavily on historical analysis. Such as identifying established demand drivers, year-over-year (YOY) trends and on-the-books (OTB) data. However, these tactics do not take into account the unique effect of the Covid-19 pandemic. With 2020 and the first half of 2021 being such outliers, trying to use them to accurately forecast the return of traveller demand is purely speculative. In recovery there is a need to disregard past forecasting approaches and make use of new, forward-looking data points to inform decision making.

Recovery is on the horizon but a return to pre-pandemic demand levels will only materialise gradually. International markets will re-open at differing speeds and hotels will be operating with varying source market mixes. Dependent on factors such as: government travel policies, successful vaccination programmes, resumption of business travel, coronavirus variants and travel corridors. In the upcoming months it’s likely the domestic leisure sector will continue to be your main source of revenue. But when foreign travel segments do return you want to be the first to identify these demand trends and take action – making well informed pricing, distribution and marketing decisions before your competitors.

Hoteliers who aim to perform above the market in recovery should look to a predictive market intelligence solution that gives an accurate sense of future demand. Actionable, forward-looking demand insights will help you forecast more effectively and deploy strategies to capture shifts in demand ahead of your new compset; driving revenue and business growth.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button