If you are a business owner in the hospitality industry, then you know how your marketing relies heavily on understanding and predicting your customers’ buying behavior. To successfully market your hospitality products and services, you should be able to recognize the processes that your customers go through before they reach a decision on what, why, and when to proceed with a purchase. Traditionally, in order to capture this behavior, you and your staff would have to undergo a set of manual procedures that are often both time-consuming and repetitive. However, using today’s tools such as marketing analytics software, enables your business to benefit from faster processes. You’ll be able to implement and track your marketing efforts easier, invariably giving you an edge over your competition.
Identifying Your Marketing Processes
Formulating marketing strategies starts off with problem identification and researching for feasible solutions. In a hospitality business, the traditional means of observing customer buying behavior would be to do surveys, undergo market research, look through sales trends, etc. While these are still tried and tested methods that are indispensable, utilizing modern tools to speed up their preparation is technology’s gift to hospitality marketing.
- Marketing Strategy
A marketing analytics tool can assist you in fast tracking the creation of your marketing strategy plan. This plan integrates your services and goods, as well as creating the best impression for your customers. As with any hospitality business, you are not only selling tangible goods, but also an experience that your brand alone can offer to your customers. Their satisfaction is one of the foremost intangible commodities that you are trying to sell. Marketing your brand means that you should live up to your claim to fame of delivering efficient, competitive, and affordable service delivery processes.
- Market Research
To come up with an effective marketing strategy, you need to conduct market research, the purpose of which is to remove or reduce any uncertainty when making important business decisions. This systematic gathering of data also entails its analysis, which aids decision-making. An analytics tool can help improve the redundancy and the speed in completing the following:
- field work
- data preparation
- data analysis
- generation of reports
- presentation of reports.
The faster that the data is presented, the quicker insights can be made, and the easier it is to make business decisions.
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Data from your analytics, especially if these are available in real-time, can improve processes in your business, especially under marketing. “In real-time” is a common phrase that means it is immediate and quickly calculated. Software solutions can easily access and compute your data especially if all of it is in one manageable source or location.
If you want to collect all your customer data through your POS, website, social media channels, as well as through traditional means, uploading them all on the cloud is the fastest, most efficient approach. You can now retrieve, collect, analyse, and implement action steps within days, or even hours. Before, it could take weeks or months to identify issues and determine weak links in your marketing efforts, but now you can adjust and make much-needed, instantaneous adjustments.
Learn more about maximizing your POS for data collection here.
One of the best uses for real-time analytics is for targeted, personalized marketing. You’ll have on-hand access to each of your customers’ purchase history, and unique preferences. You’ll be able to make adjustments on-the-fly if you want to offer any new packages that they may potentially purchase. The likelihood of a new sale can occur right there and then.
As you employ new and more agile processes, you also inevitably facilitate the opening of new opportunities. Come up with new products, services, events and activities, as well as launch into other markets. Expect your business to procure more revenue, which is the final goal of your efforts.
Real-time data analytics shows you live metrics which should be the basis of your business decisions, especially now when the trend for hospitality businesses. The most important take-away is how it molds your strategy about marketing processes that can lead you to more, better opportunities while letting automation do the hard work so you can, in turn, work smarter. It’s time to make full use of technology, not only to catch up with the competition, but also to surpass them and gain a significant presence in the hospitality industry.