Benchmarking Within Your Hotel Portfolio
Posted by mdo on November 30, 2018 in Best Practices
As a hotelier of multiple hotel properties, your greatest challenge is setting and managing benchmarks for your business as a whole and for individual properties.
Whether it’s weekly, monthly or yearly metrics, establishing the right short-term and long-term benchmarks can motivate the profitability of your hotel portfolio. Conceptualizing all of this data efficiently and effectively as to not miss important insights, is critical to not only save time, but to generate informed business decisions that improve hotel processes, and overall success.
You and other hospitality executives, franchisees and hotel owners, deeply value your time. If you have more than five hotels to manage, you have to find ways to simplify your decision making process, without compromising its effectiveness.
Why Benchmarking is Necessary for Hotel Management
Implementing the best hospitality business standards should be a given for hoteliers and property management executives, however, best practices should be well known for all hospitality presidents and CFOs. So why are some hotels able to maximize occupancy and profitability, while others, in the same city, suffer to hit the mark?
The key is to consistently set, manage and achieve benchmarks that keep your hotels on-pace to make significant profits. Relying on competent marketing efforts, capable managers and cordial staff simply won’t guarantee success, if the numbers don’t add up.
In an industry built upon courtesy and delighting customers, data still plays the largest role in effective property management. Without the execution of the necessary logistics it takes to operate a 5-star hotel experience, courtesy won’t be enough.
Gain the Critical Omniscient Perspective
Though it can be overwhelming, as a property manager, you need to have a complete scope of how all of your hotels are performing at once, as to not overlook any significant statistics and customer complaints. It’s vitally important to create a process that allows you to make sense of all the data.
Rather than relying on a massive team and creating a slow moving, red-tape business model, find ways to get hands-on with your property management. With your eye in the sky perspective, you will have the greatest insights as to how each hotel can improve visitor satisfaction and overall process execution. This will allow for small changes across your entire portfolio to translate into major profits for your property management company as a whole.
The right, all-in-one property management software can empower you to efficiently and effectively synthesize the performance of all of your hotels. Consider analytics solutions that can consolidate all of your logistics, performance and marketing data to obtain a truly efficient omniscient perspective.
Personalize Your Hotel Management
It can be tempting for larger property management firms to create general standards to apply to all of their properties. It ensures a level of quality assurance and saves you an immense amount of time. However, not all properties are designed to function the same way. Even from neighborhood to neighborhood, various hotels can see significant differences in occupancy numbers from day-to-day.
Differentiating the large-scale initiatives that can make for a successful hotel portfolio, from the minute details that can make for a thriving hotel portfolio is all about nuance. Give your properties the attention they deserve in order to maximize revenue.
Spot Both Universal and Unique Trends
This can often come down to the ability to quickly identify trends and use these key insights to shape marketing and operational decisions. From wide-sweeping changes you can make across all of your hotels, to significant switches within individual properties, both are necessary to properly manage your portfolio of hotels.
Creating the right data analysis and reporting processes and standards will allow you and your team to regularly track and review key figures in individual and overall performance. As the president, trend spotting gives you the most informed perspective in terms of making critical property management decisions for your hotels.
Setup Real-Time Data Tracking
Part of avoiding treacherous stretches of financial decline for your properties, is getting out ahead of the trend. By setting up systems and programs for tracking data in real-time, you’re always able to make the most informed decisions for each property you own/manage.
Waiting to obtain key metrics manually or from a marketing/accounting agency will leave you constantly guessing how best to manage your properties. Without knowing how a particular promotion performed, which days are generating the most traffic, which hours you receive the most engagement, you run the risk missing the key data point that could maximize your profits.
With the right data tracking software that also has the capacity to support instant data sharing across multiple teams, you can ensure that all of your property managers are on the same page. This can help all of your properties learn from each others’ successes and failures.
Establish Alerts to Never Miss A Milestone
Take real-time data tracking one step further with scheduled alerts. These can act as a consistent reminder to analyze your properties’ performances and continue to study essential metrics that are leading to an increase or decline of your hotels’ profits.
These alerts are great for regular analysis, but they can also be implemented to track the performance of seasonal, or irregular ads or process changes. Next time you implement a new tactic or strategy, have alerts sent to your email with the real-time results of your changes to continue to monitor and improve your business decisions.
Save Time with an Inclusive, All-In-One Data Platform
All of these tactics can greatly increase your ability to set, track and achieve benchmarks within your hotel portfolio. However, it’s still a tall task to manage all of these different functions and figures single-handedly or with a team. Luckily, there is a simple and powerful software that can completely reshape the way hotels are managed.
This innovative and transformative platform is the latest release from myDigitalOffice – myPerspective. myPerspective is a all-in-one hotel management platform that allows COOs and property management teams to create and monitor hotel benchmarks in real-time. With a list of powerful features, myPerspective empowers hoteliers to create a completely customized data analysis system and business implementation strategy, all from the same platform.
Streamline your top-to-bottom benchmarking for hotels with myPerspective. Contact myDigitalOffice to set up a demo today!