Introduction
Smith Travel Research (STR) is a leading provider of performance benchmarking and research data for the global hospitality industry. Founded in 1985, STR collects, verifies and reports hotel occupancy, average daily rate (ADR), revenue per available room (RevPAR) and other key performance metrics from more than 65,000 properties worldwide. With this information, STR helps businesses make informed decisions, optimize strategies and maximize profits.
Exploring the History and Evolution of Smith Travel Research
In the early years, STR focused primarily on the North American market. Over time, however, the company expanded its reach to include Europe, Asia Pacific, the Middle East and Africa. By the late 1990s, STR had become a global leader in hospitality data and research. Today, the company employs more than 250 people and serves more than 6 million customers in nearly 200 countries.
According to Mark Lomanno, President of STR, “Our mission has always been to help our customers make better decisions. We’re proud to be able to provide them with the most comprehensive, accurate and timely data and insights they need to be successful.”
Examining Smith Travel Research’s Data and Insights
STR collects data from a variety of sources, including hotels, resorts, management companies, government entities, airlines and online travel agencies. This data is then analyzed to identify trends and patterns in the hospitality industry. STR also produces proprietary analytics tools and reports, such as its Hotel Trends Report, which provides monthly insights into the performance of the hotel industry.
In addition to its own data, STR also offers access to third-party providers such as TripAdvisor and Expedia. This allows businesses to gain a more comprehensive understanding of the hospitality industry, including customer preferences and competitive pricing. As Lomanno explains, “We are committed to providing our customers with the most up-to-date and reliable data available, so they can make the best possible decisions.”
The Impact of Smith Travel Research on the Hospitality Industry
By providing detailed data and insights, Smith Travel Research helps businesses in the hospitality industry understand customer preferences and optimize their strategies and operations. This includes identifying customer segments, understanding booking behavior, measuring competition and tracking industry trends. According to Lomanno, “STR’s data and insights have helped countless businesses in the hospitality industry make more informed decisions that lead to greater success.”
STR’s data and insights have been used to inform business decisions around pricing, marketing, operations and more. For example, one study found that hotels were able to increase their RevPAR by 8 percent by using STR’s data to adjust their rates. Another study found that hotels were able to reduce their cost per acquisition by 10 percent by leveraging STR’s insights to refine their marketing strategy.
Innovations in Smith Travel Research: What’s New?
STR is constantly innovating and leveraging new technologies to improve its data and insights. The company recently introduced artificial intelligence (AI) to enhance its analysis capabilities. AI algorithms are used to analyze large amounts of data and uncover deeper insights and patterns. This allows STR to provide its customers with even more detailed and accurate data.
In addition, STR has invested heavily in new technologies such as cloud computing and big data. These technologies allow STR to process data faster and more efficiently, resulting in more timely and accurate insights for its customers. As Lomanno explains, “With these new technologies, we are able to provide our customers with the most up-to-date and reliable data and insights they need to succeed.”
Conclusion
Smith Travel Research is an invaluable source of data and insights for the hospitality industry. By providing detailed data and insights, STR helps businesses make more informed decisions that lead to greater success. The company has also invested heavily in new technologies such as AI and cloud computing, which allow it to provide its customers with even more accurate and timely data.
From its humble beginnings as a small North American company, STR has grown to become a global leader in hospitality data and research. Its data and insights have been used to inform business decisions around pricing, marketing, operations and more. With its commitment to innovation and accuracy, STR will continue to be an invaluable resource for businesses in the hospitality industry for years to come.
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