[VIDEO] Mathlete Mondays- Campaign Tracking & Impact Report

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Welcome to this episode of Mathlete Mondays.  I’m Mike Medsker, President of Focal Revenue Solutions, and whether you’re a data nerd like me, a fierce competitor, or a little bit of both- I’m here today to help you unlock the insights you need for the week ahead in order to outrun your competition and take your hotel’s revenue optimization efforts to the next level without breaking a sweat.

For the past few years, there’s been a ton of buzz around the need to get sales, marketing, and revenue working together hand in hand.  However, we find that many of the companies we work with struggle to develop a cohesive approach for their marketing campaigns.

While the marketing and revenue teams are finally starting to talk to each other, all too often the discussion often focuses primarily on the creative side–what the name of the campaign will be, for example.  Or perhaps, which images will attract the most attention?

Yet when it comes time to determine the type of offer to run or the discount off BAR, the teams are often still haphazardly guessing as to what will sway customer behavior.

Today we’re going to explore a few ways in which marketing and revenue management can continue to refine their partnership approach in order to deliver better outcomes.

The first step towards improving collaboration is to ensure that you’re recording the results of any ongoing initiatives in a centralized location.  By getting everything into one place, you’ll be able to identify the common features successful campaigns shared, while gaining a better understanding of the types of offers that do not work.  This step doesn’t need to be super complex.  Maybe start by keeping an Excel document containing the rate production details along with limited metadata including the campaign’s booking dates and channels utilized.  I’d recommend storing this data in a format that can be sorted and filtered easily in order to make analysis easier in the future.

It may also make sense to categorize your marketing campaigns into different types, such as advanced purchase vs. length of stay.  This will come in handy down the road when we are determining what type of offers to run for future campaigns.

Now all of this data is helpful, but doesn’t necessarily tell us how a marketing campaign impacted the bigger picture.  For example, perhaps we had a promotion that generated strong occupancy levels, but displaced more profitable business over high demand nights.  Or vice versa, perhaps we ran a campaign that produced fewer room nights, but drove incremental occupancy over need dates.

In order to determine the efficacy of each campaign, I’d recommend comparing the production levels during the offer’s booking window against the periods immediately before and after.  While your natural tendency may be to only focus in on the segment impacted by your promotion, I’d encourage you to analyze all booking segments in order to determine whether there were any unintended impacts.

For example, as you can see here with the twenty four hour sale, it appears that we had some loss in the retail and net retail segments, likely as the result of a promotion that was not properly fenced with advanced purchase restrictions or other characteristics.

Once you’ve analyzed each promotion, I’d recommend rating the quality of each in terms of its overall impact to the hotel for future reference.  After completing this process, you’ll be in a better position moving forward to analyze historical performance in order to determine which promotions you should run in the future.  For example, if you’ve identified a hole 180 days out, you can sort your records in order to see the type offers that have produced well for that lead time in the past.

From there, since you have an accurate view of historical performance, you can also load in a goal prior to running the campaign in order to track your results against the goal in real time.  This will allow you to massage or manipulate the offer if needed in the event that you aren’t seeing the traction from a campaign that you would have expected.

By following this process, you’ll be able to increase collaboration between the marketing and revenue team and deploy your campaigns in a more strategic and surgical way.  As a result, you’ll look like heroes to the rest of your team as you optimize revenues and drive new business towards need periods.

I hope this Mathlete Monday lesson was useful for you.  For more revenue management tips and tricks, please click the subscribe button.

At Focal, we’re keyed into helping our hotel partners improve their revenue optimization efforts by obtaining actionable insights more quickly.  If you have any questions, or are interested in discussing this subject further, please feel free to reach out to me directly at mike@focalrevenue.com or via telephone at 970.471.6722.

Thank you for joining me, and until next time—good luck outrunning the competition!

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