Introduction - Analyzing Marketing KPIs for Competitive Insights
Performance analysis is the method of assessing how well a person, group, or system performs in comparison to predetermined objectives, criteria, or norms. Performance analysis is used to assist long-term planning as well as judgment by highlighting points for enhancement, strengths, as well as growth potential. Performance analysis in a corporate setting often entails looking at key performance indicators (KPIs) as well as other measures linked to sales, revenue, profitability, customer happiness, employee productivity, as well as other elements that are crucial to the organisational progress (Nicholls, 2018).
Thus, it can be clear from the discussion that one of the main notions behind conducting this study is to select one management function from the given option as well as based on the need to conduct a data-driven approach to make a performance analysis with deliberations of two key competitors' performance, for future managerial decision-making. In order to do so the department that has been selected is the marketing department of the Courtyard Oxford City Centre. The two key competitors' performance that has been selected is mainly client satisfaction as well as promotional activities.
The Marriott International hotel chain, which manages inns as well as resorts in more than 130 nations worldwide, features the Courtyard Oxford City Centre. Because of its good location, as well as an emphasis on contemporary facilities, visitors to Oxford for business or pleasure, frequently choose this Courtyard Oxford City Centre. The property has 151 contemporary rooms as well as suites for guests, each with complimentary Wi-Fi, a flat-screen Television, a mini-fridge, as well as amenities for preparing espresso as well as tea. In addition, the Courtyard Oxford City Centre provides conference and event rooms, a restaurant, a bar, and a gym facility ( Oxford, Courtyard, 2023).
Overall, with the help of the data-driven approach, it will be easier to analyse the key performance indicator of the Courtyard Oxford City Centre which will be helpful in understanding the actual business operation against its competitors.
Based on general marketing principles and a data-driven approach, here are five metrics that could be examined in an analysis of the Courtyard Oxford City Centre's marketing function, along with their purpose and justification for relevance:
Conversion Rate
This statistic identifies the proportion of site visitors who carry out a targeted activity, like making a reservation or subscribing to a subscription. It may be employed to assess the efficiency of any marketing initiatives that increase site traffic, as well as the quality of the Courtyard Oxford City Centre's website design and user experience.
Client Lifetime Value (CLV)
This is the entire revenue a customer is anticipated to bring in for the Courtyard Oxford City Centre over the length of their relationship is calculated using CLV. By calculating CLV, the Courtyard Oxford City Centre can identify which customer segments are most valuable and allocate resources accordingly, such as targeting them with special offers or loyalty programs (Horng, 2022).
Net Promoter Score (NPS)
NPS gauges a client's propensity to refer the Courtyard Oxford City Centre to others. It can provide insight into areas where the Courtyard Oxford City Centre can enhance its services or amenities and assist assess overall client happiness and loyalty.
Return on Ad Spend (ROAS)
It is a metric for comparing the revenue from a marketing campaign to the cost of running it. It can assist the Courtyard Oxford City Centre in assessing the success of its marketing initiatives and in making data-driven decisions on the distribution of its marketing budget.
Social Media Engagement
This metric measures the level of audience engagement on the Courtyard Oxford City Centre's social media channels, such as likes, shares, comments, and direct messages. It can help the Courtyard Oxford City Centre gauge the effectiveness of its social media content and engagement strategies, as well as identify potential opportunities to improve customer engagement and brand awareness (Jang, 2018).
Overall, these metrics are relevant and appropriate for evaluating the effectiveness of the Courtyard Oxford City Centre's marketing efforts and identifying opportunities for improvement. However, the specific metrics that are most relevant and appropriate for the Courtyard Oxford City Centre may depend
Identifies and evaluates the possible data points
Below mentioned are the key data points:
Conversion Rate
To analyse the conversion rate, the following data points may be required:
Website traffic: the number of visitors to the Courtyard Oxford City Centre's website, broken down by source (organic search, paid search, social media, referral, etc.)
Click-through rate (CTR): the percentage of website visitors who click on a call-to-action (CTA) button or link, such as "Book Now" or "Learn More."
Bounce rate: the percentage of website visitors who leave the site after viewing only one page, indicating low engagement or poor user experience.
Conversion tracking: data on the number of bookings, sign-ups, or other desired actions taken on the website, broken down by source and demographic data such as location or device used (Shaik, 2018).
Customer Lifetime Value (CLV)
To analyse CLV, the following data points may be required:
Customer demographics: information on the age, gender, income, and other relevant characteristics of the Courtyard Oxford City Centre's customers.
Purchase history: data on the number of bookings, length of stay, room type, and other purchase information for each customer.
Average order value (AOV): the average amount spent by a customer per booking.
Customer retention rate: the percentage of customers who return to the book again after their first stay (Talabi, 2015).
Net Promoter Score (NPS)
To analyse NPS, the following data points may be required:
Customer feedback: data on customer satisfaction and feedback, gathered through surveys, reviews, or social media monitoring.
Customer loyalty: data on the number of repeat customers, as well as customer referrals and recommendations.
Competition analysis: data on the NPS of the Courtyard Oxford City Centre's key competitors in the same location or category.
Return on Ad Spend (ROAS)
To analyse ROAS, the following data points may be required:
Advertising spends: data on the Courtyard Oxford City Centre's advertising budget and spending, broken down by channel (search, social, display, etc.)
Revenue generated: data on the revenue generated by the Courtyard Oxford City Centre's advertising efforts, broken down by channel and campaign.
Cost per acquisition (CPA): the cost of acquiring a new customer through advertising.
Social Media Engagement
To analyse social media engagement, the following data points may be required:
Social media metrics: data on the number of followers, likes, shares, comments, and other engagement metrics on the Courtyard Oxford City Centre's social media channels.
Competitor analysis: data on the social media engagement of the Courtyard Oxford City Centre's key competitors in the same location or category.
Content analysis: data on the type and frequency of content posted on the Courtyard Oxford City Centre's social media channels, as well as engagement metrics for specific posts or campaigns (BHUIAN, 2021).
In evaluating the data points for each metric, it is important to consider the sources and structures of the data, as well as the relevance and reliability of the data to the specific marketing goals and objectives of the Courtyard Oxford City Centre Courtyard Oxford City Centre. It may be necessary to collect data from multiple sources and formats, such as web analytics tools, social media monitoring platforms, customer surveys, and competitor analysis tools. Additionally, the data may need to be cleaned and transformed in order to make meaningful comparisons and draw actionable insights (BHUIAN, 2021).
Potential sources of the datapoint
There are a number of potential sources for the data points required to analyse the selected marketing metrics for Courtyard Oxford City Centre Courtyard Oxford City Centre as well as its key competitors. Some potential sources are:
The Courtyard Oxford City Centre's own website and booking systems
This can provide data on website traffic, click-through rates, bounce rates, conversion tracking, customer demographics, purchase history, and other metrics related to the Courtyard Oxford City Centre's own marketing efforts.
Social media platforms
Social media platforms such as Facebook, Instagram, and Twitter can provide data on social media engagement metrics, such as likes, shares, comments, and followers.
Online reviews and rating platforms
Online reviews and rating platforms such as TripAdvisor, Yelp, and Google Reviews can provide data on customer satisfaction and feedback, as well as overall ratings and rankings compared to competitors.
Competitor analysis tools
Tools such as SEMrush, Ahrefs, and SimilarWeb can provide data on competitor website traffic, search rankings, advertising spending, and other metrics.
Customer surveys and feedback forms
These can provide data on customer satisfaction, loyalty, and willingness to recommend the Courtyard Oxford City Centre to others (SEJ, 2023).
To access the data, the Courtyard Oxford City Centre may need to use a combination of internal systems and external tools to gather the necessary data points. For example, website analytics tools like Google Analytics can be used to track website traffic and conversion rates, while social media monitoring tools like Hootsuite or Sprout Social can be used to track social media engagement metrics. Competitor analysis tools may require subscriptions or access to paid data sources.
However, collecting and using data can come with potential risks. Some of these risks include:
Privacy concerns: Collecting and storing customer data can raise privacy concerns if the data is not properly secured or used in ways that violate data protection laws.
Accuracy and reliability: The data collected may not always be accurate or reliable, particularly if it is collected from a variety of sources with different data structures or quality.
Bias and sample size: Data analysis may be biased or inaccurate if the sample size is too small, or if the data is not representative of the overall population.
Legal issues: The use of competitor data and analysis may raise legal issues related to intellectual property, trademark infringement, or other forms of unfair competition. It is important to ensure that the data is collected and used ethically and within legal guidelines (Oxford, Courtyard, 2023).
Now after identification of the issues, it is also important to find out ways to mitigate the issues so that they can better give client service and work on their KPIs. Thus, in order to mitigate these risks, it is important to establish clear data collection as well as management protocols, ensure that the data is accurate in addition to the representative, as well as use the data in an ethical and responsible manner. It may also be helpful to consult with legal and data privacy experts to ensure compliance with relevant laws and regulations.
Conclusion
So, from the overall study, it can be said that using a driven approach is said to be a useful tool in identifying the actual performance of a company. From the overall analysis, it can be identified that based on the selected function of the hotel which is the marketing function a lot of parameters of the key performance of the company have been analysed. The marketing function is usually identified to be as one of the important functions of any company that help in dealing with the customer as it is one of the main parameters for running a business. Also, in the study, the top five metrics have been analysed with regards to the two-management function of the company from which it has been evaluated that in order to get the best data the need to focus on various calculative issues.
References
Oxford,Courtyard, 2023. Courtyard Oxford. [Online] Available at: https://www.marriott.com/en-us/hotels/uoxcy-courtyard-oxford/overview/?scid=fd3be0ee-f2bd-4c80-b3f6-90e509355e64&gclid=CjwKCAjw5dqgBhBNEiwA7PryaJL5pXErv3jH7ASZpzF60y7HoIlT_KtgpoSyahcq45zr14MVF3oKKBoCCyQQAvD_BwE&gclclass="lazy" data-src=aw.ds [Accessed 19 March 2024].
BHUIAN, D., 2021. The Impact of Service Quality on Customer Satisfaction in Hotel Business Development, s.l.: KBS.
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Nicholls, S., 2018. The implementation of performance analysis and feedback within Olympic sport: The performance analyst's perspective. International Journal of Sports Science & Coaching, 14(1).
SEJ, 2023. 10 Of The Best Social Media Marketing Strategies For Hotels. [Online] Available at: https://www.searchenginejournal.com/social-media-marketing-strategies-hotels/456949/ [Accessed 19 March 2023].
Shaik, J. P., 2018. Digital marketing in hotel industry. International Journal of Engineering & Technology 7(2.21):288.
Talabi, J., 2015. THE ROLE OF MARKETING IN HOTEL INDUSTRY, s.l.: CENTRIA UNIVERSITY OF APPLIED SCIENCES.
