Business Analysis That Matters
What is business analysis, and what value does it have within the world of Hospitality?
Business analysis is the set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems.
Business analysis simply assists executives in formulating informed decisions. Many hospitality professionals don’t recognize the significance of quantitative, specifically inferential, statistical analysis such as regression analysis; as service and statistics are not always easily associated.
In case of Hotels or Cruise Ships, guest’s overall satisfaction is based on various factors, and is formed based on all different services and products guests are exposed to along the way starting with reservation, to check-in, bar service, room service, and food quality, etc. It is however also based on price…
One facet of business analysis is quantitative research that examines guest’s feelings and attitudes toward each service and product they experience, and how these experiences affect guest satisfaction, and therefore, their loyalty. In order for companies to obtain most accurate results with their research, they must be able to understand the impact of all services and products, and how it influences guest’s experiences.
The best performing companies invest great deal of time and resources on understanding guest’s experiences and overall satisfaction because they understand and observe the direct link between guest satisfaction and guest loyalty. Undisputed research on guest service proves that: 1) Companies with higher guest satisfaction display higher guest loyalty; 2) companies with higher guest loyalty demonstrate better financial returns compared to their competition
So, if you are uncertain as to what drives the ‘overall satisfaction’ of your guests, you will not have a clear vision of what areas to improve on, and will face the possibility of losing guests to competition.
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