Most online travel agencies, OTAs, offer you loads of data to help you boost your sales and find ways of getting more bookings. Usually, this data is put in one platform that is called, depending on the OTA, analytics dashboard, dashboard, insights, or something similar.
Found within your OTA extranet, these platforms offer you access to business reports with real-time information, helping you to monitor past and future sales. You can usually also compare your results against your competitors and find information on your current bookers, which will help you to better understand who your customers are.
There are three key principles in making the most of your OTA data:
- Decide your Key Performance Indicators (KPIs).
- Set realistic goals with timelines and track your progress on a regular basis.
- Regularly read your OTAs analytics and reports advice.
If you can’t measure it, you can’t improve it.
Key Performance Indicators (KPIs) to measure your OTA performance
You should run your basic KPIs on a regular basis. They allow you to gain an overall insight into your performance and create benchmark metrics against industry standards and competitors.
In the end, you must decide the KPIs that work best for you. If you struggle getting started, here are a few tips:
- Booking ratio
- Customer satisfaction
TIP: It’s wise to align your OTA KPIs and business KPIs.
Setting goals and tracking your progress
Alongside deciding your KPIs and finding out where your business currently stands, it’s wise to set realistic goals. By realistic we mean goals that you are able to invest in by taking action. Use the resources your OTA provides to make progress.
SMART goals are Specific, Measurable, Achievable, Realistic and Time-based. SMART goals guide you to focus your efforts by eliminating distractions and unproductive actions. A SMART goal tells you what’s working and what’s not.
TIP: Make tracking your performance a habit and mark it on your calendar.
Making use of OTA resources and data
Many OTAs offer you resources to meet your goals. Here you can see Airbnb’s tips on “becoming your best host”.
Booking.com explains what impacts your ranking, search results and visibility. And how you can improve your performance on their platform. All OTAs have something similar. Staying up to date with their rules and guidelines is something well worth investing in.
TIP: Invest in always reading your OTA newsletters as the rules and algorithms keep changing.