Would you like to enhance operations and increase the profitability of your inn? We commend you for this! It’s important to always set your sights higher, seek new information, and look for opportunities to improve your business. One of the essential skills you’ll need to learn involves measuring the performance of innkeeping. Whether you’re a new innkeeper or a veteran of the industry, we’ll provide you with some tips and tricks to accomplish this task with ease.
Read through this blog to discover some of the best ways to measure key hotel performance indicators, and feel free to attend one of our Current Innkeeping Workshops to learn even more. These workshops are specifically designed to help you achieve a higher level of success with your business by discussing the latest trends, marketing best practices, how to stand out from the competition, and more.
4 Strategies for Measuring the Performance of Innkeeping
Keep an Eye on Pacing Reports
Pacing is one of the most important hotel benchmarking metrics. It’s crucial to check your occupancy and pacing reports often. Look ahead at the next month, quarter, or even year. How do your bookings compare to the past? If you see a decline, see if you can identify the factors contributing to the negative performance. Then, figure out how to fix them and get back on track!
View Revenue by Channel
Do you know where your bookings are coming from? We suggest diving deeper into your reports to see the actual sources of your bookings. Use tools like Google Analytics to see revenue by channel, including direct traffic, organic traffic, social media platforms, and emails. It’s helpful to know which channels are doing well and which ones are underperforming.
Check Conversion Rates
Take a look at other hospitality KPIs while you’re digging through analytics, including e-commerce conversion rates. These numbers tell you the percentage of people who make a purchase after viewing your content. It gives crucial insight into how your website, emails, and social posts are performing. Low conversion rates might mean that you need to make your content more enticing, improve your booking process, or enhance your marketing tactics.
Tip: Make sure you’re targeting the right audience with your content to optimize conversions!
Make sure you don’t overlook this one. Reviews on Google, TripAdvisor, and even Facebook offer a wealth of information about how your inn is performing. People are typically very honest and transparent about what they did or didn’t like about staying at your bed and breakfast. Of course, not every guest leaves a review, so simply add this to the list of hotel metrics you track and take some of them with a grain of salt.
Improve B&B Performance With Inn Partners
Now that you know how to measure performance, it’s time to find out how you can improve! Luckily, Inn Partners is here with over 40 years of experience in the hospitality industry. Not only do we help people buy and sell inns, but we also provide guidance to people like you who wish to get the most out of their current business. Feel free to contact us with specific questions or attend one of our Current Innkeepers Workshops. We look forward to working with you!