Independent Hotels Leverage Maestro PMS Yield Management and Big Data BI to Increase Revenue
April 16, 2014 5:33am
How Do Independent Operators Use Business Intelligence and Yield Management? For More Effective Marketing, Optimized Rates, and Solid Occupancy
Markham, ON - April 16, 2014 - Independent operators have to work harder and smarter than their franchised comp set. One of their secret weapons is NORTHWIND-Maestro PMS technology solutions that help independents increase revenue with more effective marketing and revenue management. The Maestro™ Enterprise Property Management hotel software suite is the industry's leading solution for independent hotels, resorts, and multi-property groups. Click here to learn more about Maestro’s solutions for profitability and productivity.
"Vintage Hotels operates six boutique resort properties on one Maestro Multi-Property PMS with centralized Yield Management and Analytics Business Intelligence (BI)," said Michelle Miller, Corporate Director of Revenue for Vintage Hotels.
"We use Maestro Yield Management to optimize revenue by implementing effective rate strategies, said Miller. "Maestro Analytics employs Big Data analysis that enables us to create highly effective marketing promotions and targeted email campaigns that boost demand. These tools combine to increase revenue based on smarter business decisions." Vintage Hotels has four unique and luxury properties in Niagara-on-the Lake, Ontario, Canada, one in Caledon and its newest property in the town of Stratford.
Vintage Hotels sets real-time rate strategies based on emerging trends
Miller said Vintage Hotels uses Maestro Yield Management to optimize rates based on factors that include past performance by date, booking pace, seasonal trends, and changing factors that impact demand. "We implement rate strategies based on the day, season, past trends, and business mix. We can quickly override a strategy based on emerging trends, such as weather-related issues and other factors. The US dollar affects our business. We monitor this and optimize Yield Management accordingly." Vintage Hotels also holds weekly production & forecast meetings to assess property performance based on data from its Maestro Analytics Business Intelligence module.
Big Data analysis is essential to optimize hotel company performance
"It is essential that a multi-property company leverage 'Big Data' with a BI system like Maestro Analytics," Miller said. "I data-mine performance information to monitor our best-selling rates, most valuable markets, trending guest origins and other factors. We measure revenue by market for promotion analysis. This enables us to invest our advertising budget in more effective promotions in successful markets. We use Maestro's Big Data analysis to track guest spend patterns to help us shape packages to maximize revenue based on real trends."
Vintage exports specific guest data from Maestro Analytics to create mailing lists and promotions. Miller said, "We develop tightly focused email lists for promotions to specific guests based on their spend habits and preferences. These promotions are very effective because they speak to a guest's interests. Maestro Analytics helps us make smarter decisions on rates and marketing."
Four-season resort optimizes rates with trend analysis
Campbell's, a waterfront resort on Lake Chelan in Washington, implemented Maestro Yield Management based on a recommendation from an independent consultant. "We optimize rates based on occupancy across four-seasons," said Libby Stowe, Campbell's Front Office Manager. "We analyze rates in Maestro Analytics by date, occupancy, seasonal variations, and implement optimization strategies in Maestro Yield Management. We monitor booking pace daily and evaluate our market performance in Analytics. If our trend changes, we refine our strategy to maximize rate and occupancy."
Campbell's guests come from the Pacific Northwest and Washington state. "We rely on the Analytics 'Big Picture' report that shows guest origin, pace, total spend by guest type and group with seasonal comparison," Stowe said. "We recently evaluated our banquet segment for family groups to stimulate our family reunion business with promotions. We build our email promotion lists from Analytics. We target individual markets and guests with high loyalty or high spend, to offer special deals." Stowe said the property's targeted promotions have a much higher open rate than general emails.
"Our owners love the Analytics Big Picture Report," Stowe said. "It shows all the metrics they need to measure the success of our promotions in each market and to see where we can develop future markets. It even helps optimize staffing to maintain our service standards. We just acquired another property and we will use Analytics there, as well."
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