In the ever-evolving landscape of destination marketing, a successful season can hinge on effectively utilizing accurate and insightful data. For destination marketing organizations aiming to drive memorable and high-value visits, navigating the vast sea of available data becomes paramount.
Here are a few data points we recommend tracking regularly.
RevPAR (Revenue per Available Room)
Tracking the revenue per available room serves as a comprehensive snapshot by combining Average Daily Rates and Occupancy. Monitoring RevPAR over time empowers DMOs to forecast future revenue, identify trends impacting market conditions, and adequately prepare for anticipated visitors.
Understanding the origin of high-value visitors allows destination marketers to allocate their marketing budget more efficiently. By identifying their ideal audience, DMOs can maximize the impact of their advertising spend. Destinations can utilize geo-targeting in marketing efforts and anticipate how many guests might be flying or driving.
Monitoring booking windows offers valuable insights into when visitors secure accommodations, informing strategic marketing allocation. Effective campaign timing can be achieved by comparing booking windows for both hotels and short-term rentals in your destination.
This is a crucial data point that monitors the actual number of bookings, preventing misinterpretations when occupancy rates drop. This metric becomes especially relevant in growing destinations where an increase in rental options can result in a drop in occupancy rates.
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These are just a few of the data points that can provide insights as to what is happening in the market and what to expect from your own performance Want to see our full list?
By harnessing the power of these data points, DMOs can accurately gauge demand and actively contribute to its increase. Key Data's DestinationData dashboard emerges as a valuable tool, providing real-time updates and a holistic view of both short-term rentals and hotels. With this resource, destination marketers can confidently compare their performance to competing destinations, ensuring informed decision-making and sustained success.