How A Connected Hotel Tech Stack Enables Reviews To Directly Impact Revenue
It’s no secret that revenue is every hotelier’s ultimate goal. Nor should it be shameful or kept behind closed doors - it’s a business, after all, and we’re in it for profit. However, the fact that hospitality is one of the most people-centric fields of business is something that should be in every manager’s mind, at every step of the way. More often than not, a hotel’s success rate lays in its customers, in their positive experiences and impressions. And nothing leads to revenue faster than great feedback derived from quality services.
But how do you know exactly what your guests want, what they lack, and what they would like to see improved? How can you be 100% sure of which is the right investment to make? You must connect the dots between what your guests want and what you can provide.
In the case of tools and technology, the simple act of interlinking two platforms helps make these connections more tangible. A previous study of ours showed that 76% of travelers are willing to pay more for a hotel with higher review scores. Basically, the better the reputation, the higher the financial gain. This is why it’s crucial for modern hoteliers to take guest feedback into consideration when overseeing and managing the revenue and its derived operations, like ROI, RevPar, ADR, etc.
When connected, the information stored within the feedback platform is analyzed and broken down into actionable insights that can guide investment decisions. For example, let’s say that your hotel is not excelling in the breakfast category - this is signaled by guest feedback, analyzed through the feedback solution and highlighted within the revenue strategy, as a key area of improvement or a sector which is currently costing you bookings and revenue.
It’s easier to make smart business decisions and investments when you have a complete overview of your hotel’s performance. The calculation of revenue, ROI, as well as the forecast of upcoming financial-based operations, is significantly enhanced by guest feedback and it enables you to know exactly what works, what doesn’t, what pays off, and what needs to be improved.
Our reputation management platform can be easily integrated with revenue management systems, through a fast and hassle-free process. For example, the IDeaS revenue management tool analyzes review data to support, compare, and evaluate the overall hotel revenue management along with feedback data. By integrating TrustYou’s data into the dashboard of their revenue management system, IDeaS offers hotel clients additional insights based on guest feedback to factor in when managing their hotel pricing.