August 3, 2020|Hotel Marketing
How should revenue managers spend their time with STR data?
Data from your STAR report is valuable intelligence data that is often overlooked by many revenue managers. They assume that STR data from the previous year is no longer relevant in the future. That is wrong. You should look at your STR data to develop your next competitive revenue management strategy.
Looking at your STR data is a much more difficult task than it sounds. Here are four simple steps on how to look at your STR data and use it most effectively.
Step one is to look at your STR data. It is a common mistake for hoteliers not to look at their STR data in full before they dive into action. Read your reports from start to finish. Get a grasp of your hotel’s long-term performance against your competition for the past year to the last three years.
Step two is to spot the trends in your STR data. You want to be looking at your strengths and weaknesses concerning your occupancy rate, average daily rate, and revenue per available room. Is your hotel performing better or worse than your competition? Is a particular day, week, or month performing better than others?
Step two should take you the most amount of time just because it can be labor-intensive to identify trends, compare year-on-year numbers, and make conclusions about your observations.
Once you have done steps one and two, it is time to start taking action, which is step three. Develop your revenue management strategy based on your STR analysis. It is the time when you ask yourself why your numbers are the way they are and what you can do to improve it. When making your strategies, do not just copy what your competition is doing. Back it up with evidence from your STR data.
Step three requires synergy across your sales, operations, and marketing departments. You should come together as a group and make an evidence-based decision about changes you need to implement to improve your revenue and profitability.
Finally, step four is to monitor the impact of the changes that you have made based on your STR data. Monitoring is important because you need to be able to know if the changes you made have gone well or not, and whether you need to retain or reverse them.
Step four feeds back into step one, which is to look at your data again. If you are monitoring the impact of your changes, you are also looking at your next STR reports. That starts the cycle all over again. It is a never-ending process, and it keeps you going to see that the changes you have made yield your desired results.
That is the four-step STR data analysis and how to use it effectively. Remember, look at your data, spot the trends, take action, and monitor the impact.
If you want to know more about STR data analysis or if you need help in setting up an STR management strategy, call us at 888–999–8086 or email us at support@bezla.com.
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