A Business Intelligence Tool that Maximizes Upsell Efficiency
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Sales funnel analysis has long been a critical tool for hoteliers looking to maximize customer conversion, so having the right hotel business intelligence tools (BI) makes this task so much easier. The sales funnel is a metaphor for the steps a prospective customer goes through, from the start of their buying journey to purchase.
As a group of prospects moves through the process, the group gets smaller because people drop out of the process. The perfect funnel doesn’t look like a funnel at all. It looks like a cylinder, meaning that the prospects who express some interest eventually convert to sales. Analysis of the sales funnel requires looking at where the funnel narrows and determining how to maximize conversion at every step of the process.
What are hotel business intelligence tools?
When set up correctly, a hotel operation generates quite a bit of data: consumer preferences, booking details, seasonality, distribution channel variables, compset rates, etc. The hospitality industry is rich in data that can be analyzed and acted upon, but the truth is that even some of the biggest brands have a hard time turning that data into valuable actions.
That is why hotel business intelligence tools are so valuable. BI tools have revolutionized both customer acquisition and marketing. Now, revenue managers and hotel marketers stay attuned to variables they may have ignored in the past. However, until now, upselling has been largely ignored by hotel business intelligence tools, which have placed a focus primarily on customer acquisition only. ROOMDEX has fixed that oversight.
Why is there a problem with data and some hotel business intelligence tools?
When done properly, upselling results in more incremental revenue and a better guest experience. Traditionally, upselling sat with front-desk agents, and it was widely accepted to be a manual and tedious process with a low conversation success rate.
With ROOMDEX’s hotel business intelligence tools, understanding upsell performance across your hotel business has never been easier.
As with all great business intelligence tools, our goal was to take the complex and make it simple. Here’s a first look at our Reveal™ upsell business intelligence tool in action.
How does ROOMDEX make life easier with upsell reporting built into hotel business intelligence tools?
Our Reveal™ hotel business intelligence dashboards give hoteliers an at-a-glance analysis of the upsell buying funnel at their property. Hoteliers can readily view a breakdown of upsell funnel metrics as guests filter through from top to bottom and it helps them evaluate the conversion success rate.
What metrics are available in our Reveal™ hotel business intelligence tools?
- Total reservations – The total number of reservations that are active during a selected time range
- Attrition – The total number of cancellations and no-shows
- Active reservations – All active reservations currently booked for the hotel in the given period
- Evaluated reservations – This is where the magic happens. This metric in our hotel business intelligence tools displays the total number of guests that are deemed most eligible to receive an upgrade offer. Leveraging AI and machine learning, our Upgrade Optimizer intelligently evaluates which guests should receive a upsell offer
- Emailed guests – All guest reservations that received a pre-arrival email with an upsell offer. The timing, tone, and regularity with which you upsell are the keys to the success of your efforts. The beauty of our application is that it does not require the hotel to determine the upgrade offer price. Instead, our Upgrade Optimizer does the hard work for you. Based on all data collected, ROOMDEX uses its sophisticated algorithm to calculate the best price for guests, and it sends pre-arrival email offers tailored to their specifics needs and persona to maximize conversion
- Click-through rate – The number of guests that received an upsell email and proceeded to click through
- Accepted offers – Probably the one metric that hoteliers will look at first. These are the guests who followed through on the upsell email offer and purchased an upgrade
Our customers also use ROOMDEX hotel business intelligence tools to organize and filter data by source, origin, market segments, and more, to view which areas perform better or less so when compared to other metrics. Also, provided in table form for convenience, users also have the option to further review specific upsell revenue transactional performance.
How can you change the way you compete with automated upsell hotel business intelligence tools?
In our current time of low demand and lower-than-usual occupancy, upselling is an easy and effective way to maximize revenue. ROOMDEX wants to help you simplify the hotel room upgrade process. Our automated upselling platform is an efficient way to upsell and promote upgrades – and it is the path to achieving higher Average daily rates (and fewer free upgrades). And with our hotel business intelligence tools reporting system, Upgrade Optimizer users quickly compare and analyze data from a myriad of sources to provide actionable insights.
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