Cornell comes up with analytics for Hotels

Cornell comes up with analytics for Hotels

Every company knows the value of marketing and advertising. The two usually go hand in hand, without advertising your business correctly or not directing it at the right market, you could be missing your niche.

In the past it was adequate to advertise your company or business in local newspapers or fliers, and while this can still be an effective tool for advertisers, more business owners are realizing that by using internet marketing they have the potential to reach thousands more potential customers.

Whether you are selling a product or a service, online marketing can make a world of difference when it comes to increasing profits and revenue, as more and more hotel owners are starting to realize.

The Cornell Center for Hospitality Research* (CHR) has developed a tool that lets hotel marketers who record their number of web clicks by potential customers analyze how effective their search engine marketing is when it comes to revenue and room sales. Search engines provide an advertising medium that allows business owners to evaluate effects of marketing expenditure. Customers clicking on a hotel website leave a record of any purchase activity or requests for information. This in effect means that companies that have purchased advertising space on web search engines are able to discover if that search engine marketing is actually attracting business or not.

Spreadsheet tools have been developed that enable hotel owners and marketers to utilize freely available information from Google Analytics and make rough calculations on any revenue that may result from possible sales through search engines. It can also help to determine booking levels that consequently stem from the same search process.

Hotels can use this spreadsheet to calculate their returns from investments concerning expenses from the hotel marketing by inputting particular costs of search engine marketing. The corresponding report then provides hoteliers with advice and guidance on how to evaluate search marketing and goes on to explain the tools and how to use them to get the best result.

There are numerous companies, such as those offering Boston SEO for example, that are able to provide business marketers with the necessary tools and information they need in order to maximize the potential of their hotel or company. While hotels may need a differently structured spreadsheet or program than say a car dealer would, the concept is still the same. The internet is one of the worlds most valuable marketplaces, and using it to advertise your company or business, whatever that may be, holds tremendous potential.

*The Venter for Hospitality Research is a part of the Cornell School of Hotel Administration, and sponsors research that is designed to help improve the hospitality industry and its practices. Experienced scholars, under the supervision and guidance of 81 corporate affiliates, work with business executives in order to discover new strategic, operating and managerial practices.

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