What is the meaning / definition of Hotel Market Intelligence in the hospitality industry?
The global hotel industry is MASSIVE. Keeping track of changes, developments and in-market trends is not something that can be achieved in a disorganised manner, therefore. To always remain abreast of market fluctuations, hoteliers need to carefully and thoroughly gather intelligence. This is where Hotel Market Intelligence comes in!
Hotel Market Intelligence is about much more than just information gathering. Data that is collected over time then needs to be carefully collated and forensically analysed. After this, the next sequential process step is information dissemination, where statistics and other relevant and useful info is distributed to various departments of a hotel, or even to several hotels that form part of a national or international chain.
Gathered Hotel Market Intelligence can be best understood and digested by recipients if it is presented in the form of a comprehensible report. The key purpose of the report is to summarise the state of the hotel market overall at that time, before considering the future.
Once a Hotel Market Intelligence report has been discussed in full between key personnel, strategies can then be developed to ensure that all revenue possibilities across all segments are capitalised on, from there. This makes Hotel Market Intelligence reports invaluable for hotels vying for business in what is an increasingly competitive market.
By gaining a clear understanding of the hospitality industry and in-market trends, through gathered Hotel Market Intelligence, hoteliers and managers can make more informed decisions, swiftly and with confidence.
See Also:
- Revenue Management
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