STR—A Powerful Competitive Intelligence Tool in the Hotel Industry

Are you a working professional in the hotel industry wondering how and where you could collect valuable data for your business ? Are you in the process of pursuing research to help you make major marketing decisions ? If it is the case, consider spending time in looking for secondary data from relevant sources in which you can find useful information about the hospitality trends.

Market Research Data Types :

Below is a visual showing the types of data you could collect when doing a market research :

What Does Secondary Data Stands for ?

According to the company Audience Play specialized in data management, secondary data is the data that already was collected for purposes other than your research. Some of the secondary data sources may have relevance with regards to your research needs as they may include the types of information you are looking for.

Collecting secondary data in addition to primary data can help strenghten your research mostly when it comes from reliable sources. There are several sources that you can consider to obtain information about the industry trends as listed in the graphic above. Major hotel chains rely a lot on market research reports to take effective decisions for their organization. A popular report used by hotels globally is called Smith Travel Research so called STR reports.

What is Smith Travel Research ?

Smith Travel Research reports are popular sources of secondary data that are widely used by successful hotels nowadays. STR organization can provide you with benchmarking data for your organization that can help you make the most informed marketing decisions. Thanks to those reports, you can have access to important insights about the competition and the market.

Smith travel research organization collects data about your competitive set (a group of hotel competitors of your choice) that you can compare to your own property. Thanks to STR reports (hyperlink), you are able to see the performance of your hotel versus the competitive set. In this way, you can see how your property stands out in the market. In those reports, you are able to see the main hotel key performance indicators which are the occupancy, Average Daily Rate and the Revenue Per Available Room for your hotel and competitive set in different time periods and by different hotel segments. You can also have access to different trend reports which will allow you to have a better overview of the dynamics in the hotel market.

If you are looking for unrivaled insights from secondary data, you should definitely subscribe with this organization who will provide you with key data for you to make better business decision. Whenever you start looking at those reports, you will see how easier it will be for you to identify the weak areas of your business and implement marketing strategies to win your competition. Start using STR report to be able to guide your team in the right direction and generate more profits to your company.