Hotel executives taking part in HSMAI’s Chief Sales Officer Executive Roundtable in December discussed the role of the sales professional as analyst. Roundtable facilitator John Parke of Leadership Synergies discussed how an analyst is one who uses data to make informed decisions like a consultant. They mine data to find the trends that can lead to better decisions and changes that can enlighten your perspective, justify your position, or provide the basis for making smart change.
Parke led the group in a discussion about what types of data points and information they have analyzed to make discoveries that have proven valuable to them and their teams, including:
- Sales contribution
- Year over year
- Cost of sales
- Number of transactions
- Year over year growth of intermediaries
- Customer contribution/profitability
- Source market data
- Retained business vs. new business
- Commission growth
- STR data
- Account production and segmentation
- Sales person training
Many companies are adding an “air traffic controller” of data – someone with accounting, revenue management, and analysis background – to their sales team. Many have also created a data warehouse role to keep the data clean and secure.
Whatever data is gathered, it has to be cleaned up and packaged, and that has to be directed by sales or sales operations. This same person or committee can make the decision about what’s no longer relevant. Companies need to constantly look at the return on investment of their data: what will it take to collect, what will it take to keep doing it, and what will it take to make it readable.
There are still areas where more data is needed, such as additional market share information and conversion rates, as well as other metrics benchmarked against competitors such as compensation and performance metrics.
HSMAI Executive Roundtables provide senior executives access to experts and an opportunity to interact with their peers. HSMAI brings together Chief Marketing Officers, Chief Digital Marketing Officers, Chief Sales Officers, Chief Revenue Officers, and Hotel Management Company Sales & Marketing Executives through the year. A full Leadership Insights report on this roundtable from the HSMAI Foundation will be available shortly.
Visit www.hsmaifoundation.org for findings from other recent HSMAI Executive Roundatbles via HSMAI Foundation Leadership Insights.
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