In hotel operation, decision-making must be grounded in solid evidence coming from data. Effective managers rarely make decisions without supporting information.
Whether it's hotel investment, budgeting, or daily operations, reliable industry information is essential.
Where can this information be found? Here are several key sources:
(1)Horwath HTL Reports:
Horwath HTL is a highly respected research and consulting organization in the hospitality industry. They provide services in hotel investment, asset management, strategic consulting, tourism destination investment and more.
(2)STR:
STR is a paid analytical tool. Hotels submit data on room nights sold and room rates, then define one or more competitive hotel groups. STR provides regular analytical reports based on the data.
(3)Travelclick:
This is another paid tool offering products like Demand 360, Revenue Strategy 360, and Agent 360, which provide deep insights into market demand and distribution performance.
(4)Official channels of competitive hotels.
Public websites and communications from competitors often reveal useful operational details.
(5)OTA:
Online travel agencies are valuable sources of data from which hotels can observe competitor pricing strategies, daily rate fluctuations, guest reviews and responses, package deals, promotional compaigns, service offerings and even detect shifts in marketing strategy.
(6)Influential industry media:
Reputable media outlets such as TravelDaily China offer industry insights, expert analysis, and trend reports.
(7)Government websites:
Public reports such as government work reports, census data, statistical yearbooks, annual reports from cultural and tourism bureaus, and regional investment promotion materials can provide macro-level insights.
(8)Peer-to-peer information exchange:
A unique aspect of China's hotel industry is the informal exchange of data among competitors. Though such practices are frowned upon by international hotel groups and may even be considered violations, they are common in China due to pressures from ownership or senior leadership.
Important note:
Different sources carry different weights. Paid data is typically more accurate than free data, and public information is generally more reliable than private channels. All data should be cross-validated when possible.
Finally, while good information is important, it is not a substitute for good judgment. High-quality information does not guarantee high-quality decision-making. Gathering information and making decisions are distinct skills—both are critical for success.
