As the travel and lodging industry booms with a variety of options for convenient and enjoyable travel and stay, a number of obstacles restrict the delivery of seamless experiences to guests in all stages of the booking process. In such a scenario, Ryan Bailey, CEO of Track Hospitality Software, and his long standing partners have zeroed in on an impervious problem that the CEO likes to describe as a 'billion dollar obstacle': Thousands of independent properties lose out on millions of reservations each year because they are losing the booking race to the technology savvy incumbents.
With the extensive growth in peer sharing booking sites, such as Homeaway and Airbnb, the options for booking a room have grown exponentially over the last several years. In many markets the lodging inventory has more than doubled, making it more complex and costly for the traditional hotels and resorts to ac quire new guests.
Traveler Purchase Cycle or the Traveler Buyer's Journey?
Amidst the growing efforts from lodging companies to effectively acquire and nurture prospective guests into customers, the booking cycle has become more complex than ever before. Eighty percent of travelers, who call, email or inquire about booking lodging, fail to book on the first communication. Bailey stresses, “TripAdvisor estimates the average booking cycle to be 81 days across more than 20 different websites, while Google projects 75 percent of the booking cycle takes place across multiple devices.”
Track Hospitality Software is successfully breaking down this 'billion dollar obstacle’. The company's state-of-the-art, cloud-based contact management system is built to meet the unique needs of modern independent lodging companies and helps capture more leads from any channel which ultimately results in increased revenue and better performance insights.
Pathway to Higher Conversion Rates
Track records the guest’s information and captures the elusive 80 percent of prospective guests that don’t book during their first inquiry. Capitalizing on the fact that billions of dollars are currently spent on booking made each year through email and telephone, Track helps capture guest data to deliver automated communication based on the traveler’s behaviors and preferences.
TRACK’s product vision is truly a shared roadmap of the team’s 70 years of collective travel tech experience
Through a series of programmed emails and/or calls the property stays ‘top of mind’ for the duration of the traveler’s purchasing journey to increase booking conversions. The system is built to support enterprise companies—yet still simple enough for small independent properties to utilize with great success. By implementing Track with a systematic lead capture and outbound approach, companies can guarantee themselves the opportunity to follow up with the best leads to convert outbound revenue. In an instance, Brittain Resorts & Hotels, one of the largest independent onsite property management companies in North America, successfully transitioned from an antiquated system to Track, to manage its call center reservation sales staff within a remarkable 40 day implementation period. The ease of use and cost savings were two of the main reasons for Brittain Resorts & Hotels to choose Track. “The transition was a seamless process. We moved over 80 reservation agents to the system and have experienced exemplary results. We attained an increased ROI on the cost of the software in the first 40 days, when compared to our previous system,” says Matthew Brittain, CEO, Brittain Resorts & Hotels. This is not an anomaly, but rather the norm. Bailey adds, “There are countless other instances where our affordable products have become a game changer for the independent hotel, resort or vacation management companies.”
A Stronger, Competitive Advantage
Track’s product vision is truly a shared roadmap of the team’s 70 years of collective travel and technology experience with best-in-class resorts and vacation rental companies. During a series of weekly product meetings with various lodging customers, Track gains insight into guest behavior, viewing the decision lifecycle and booking experience through the lens of the lodging property’s website, as well as through millions of travelers’ trends and preferences via ResortsandLodges. com—Track’s strategic partner.
In another compelling illustration, Southern Vacation Rentals, a Florida-based customer, was using a legacy call center and contact system with a fragmented technology strategy. Stepping into action, Track helped the client save thousands of dollars by bringing in all the antiquated and disparate technologies into a single, easy-to-use cloud based system.
Finding the Right Balance
In an industry where innovation, longevity, and consistency are imperative to stay ahead of ever-evolving competition, it is not only necessary for companies to stay up to date with the emerging technology trends, but also evaluate their management culture. Track is noticeably doing things a bit differently. "A company can stay ahead of the competition by offering their employees the right technology and empowering their employees to serve” states Bailey. “Today, competition is so fierce that we need to have the right people in the right roles—as organizations continue to grow and develop new products,” Bailey says. “It’s all about working cohesively as a team and serving each other.
"It’s all about working cohesively as a team and serving each other"
Track’s team philosophy is rooted in servant leadership a concept made famous by Robert K. Greenleaf, who first used it in an essay "The Servant as Leader". Servant leadership is both a leadership philosophy and set of leadership practices. Traditional leadership generally involves the accumulation and exercise of power by one at the “top of the pyramid.” By comparison, the servant-leader shares power, puts the needs of others first, and helps people develop and perform as highly as possible.
Track, in turn, has flipped the pyramid upside down and strives to ensure that their customers are at the top, while their executive team is at the bottom and serving up the chain to deliver best in class performance for all customers. “To deliver premium value, our leadership view is focused on serving the clients—from product operations and effective execution, to customer success and support,” Bailey explains. By continuing to build on its research and development capabilities, Track is keen on leveraging big data to drive business performance. With a mission to implement Track in thousands of organizations across the globe over the course of the next few years, the company is driving top-notch cloud-based software solutions and effectually comprehending customer qualification and decision processes, giving its clients a bigger slice of pie.