Sadie Garside, CRME, Director, Client Engagement at Kalibri Labs; HSMAI Rising Revenue Optimization Leader Council Member
How do we know that we’re doing well compared to competitor hotels in our area? The HSMAI Rising Revenue Optimization Leader Council grappled with measuring performance with limited competitor data and unreliable year over year data. Here are ways that we are measuring success:
1. More conversations around profitability.
2. Looking for trends by comparing performance week over week or month over month vs year over year. Are we improving? Are we declining?
3. Comparing both business mix and channel mix to gain a better strategic understanding of performance, whether it be as a brand or as an individual hotel.
4. Moving away from old metrics, especially now. We need to take more time to set goals as a team and agree on our definition of success for our specific property together.
The only thing that everybody can agree on is that there’s no one KPI to agree on. Our industry has lots of KPIs out there and choosing the right ones depends on what you need to measure. The key is picking the right tool and measurement activity that speaks to your stakeholders and accurately reflects what you’re trying to accomplish.