Examples of key performance indicators useful for the hospitality industry
If you operate a hotel, motel, resort, or other hospitality business, keeping your customers happy is your number one goal. After all, you know how quickly one disgruntled patron’s online review can damage your brand. Real-time tracking of KPIs relevant to customer satisfaction—and other important aspects of your business—will enable you to quickly identify opportunities to make changes that will help further your business goals.
Here are some of the KPIs you might want to track, organized by category.
In addition to tracking total revenue, you’ll also want to track metrics like total room sales, room occupancy rates, advance reservations, and advance reservation time.
You’ll want to develop KPIs to measure your employees’ performance, both in terms of their attitude and their output. For example, you might have KPIs measuring appearance and friendliness as well as KPIs measuring speed of service, cleanliness of rooms, etc. Staff turnover is another employee-related KPI that’s important in any business.
KPIs can be used to identify areas where operational efficiency can be improved. For example, are your suppliers delivering on time? Is it taking too long to clean the rooms? Are your staffing costs too high as a percentage of revenue from rooms booked?
Customer surveys are an invaluable source of information about customer satisfaction. You should write the questions on the surveys in a way that elicits specific responses that can be tracked as KPIs. You can also track actions like customer complaints to management or number of customer reviews you get on external websites.
Combine Multiple Data Sources into One View with StoreRanker
The data you use for evaluating your KPIs will come from a variety of sources, from various programs running on your own computer system to site audits to customer reviews. If you analyze each source separately, you end up with multiple reports, which can dilute your attention and make it more difficult to draw conclusions about your business as a whole.
Fortunately, with a tool like StoreRanker you can analyze information from multiple different data streams and then integrate it into one convenient dashboard view. The results displaying on the dashboard can be updated in real time to help you stay nimble in your responses to issues revealed by your performance on KPIs.
To learn more about using StoreRanker for your hospitality business, contact us at email@example.com and request a free demo.