Source of Business Definition / Meaning - Xotels (2024)

What is the meaning / definition of Source of Business, in the hospitality industry?

Source of Business is a term used to determine how a guest heard about the hotel in order to further expand marketing and promotion efforts to maximise profitability. Simply speaking, a Source of Business provides a hotel with a breakdown of how or through which channel the business arrived to the hotel.

The business can typically come from the following sources:

Travel agents and tour operators, OTA and other 3rd party booking websites, airlines and other transportation companies, NGOs, embassies and consulates, private companies (for business travel), educational institutions, FITs, chain hotels and referrals from their houses.. Reservations can come through CRS or GDS and can be generated by a specific call to action, a marketing campaign, online marketing, ads, social media, promotions, blogs, Tripadvisor, word of mouth and more.

Determining the main source of business allows hotels to cater their marketing and promotion efforts to the various streams and to develop them for increased future revenue.

To determine where the source of business lies, many hotels will have an option for guests to provide them with the answer. This can be a simple question (usually at the time of booking), a survey or a complete page-dedicated questionnaire. Through this, accurate data can be collected for future marketing campaigns to specific target groups.

Example: If you know that your business comes mainly from recommendations you can develop strategies to encourage guests to recommend your property to their friends and family. This can be in form of discounts or vouchers in exchange for referrals, a specific campaign to incentify your guests to share your hotel experience with others, to write a review, a hotel-related social media post etc.

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About the Author:

As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. XOTELS´ diverse expertise and deep-knowledge across revenue management consulting, hotel management, asset management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.

Source of Business Definition / Meaning - Xotels (2024)

FAQs

Source of Business Definition / Meaning - Xotels? ›

Source of Business is a term used to determine how a guest heard about the hotel in order to further expand marketing and promotion efforts to maximise profitability. Simply speaking, a Source of Business provides a hotel with a breakdown of how or through which channel the business arrived to the hotel.

What is a business source in the hotel industry? ›

A hotel has dozen of sources from which it can receive bookings. These sources are considered hotel distribution channels and include Online Travel Agencies (OTAs), Global Distribution Systems (GDS), the hotel's own website, travel agencies, metasearch platforms, word-of-mouth marketing, etc.

What does it mean to source a business? ›

Sourcing, also known as procurement, is the practice of locating and selecting businesses or individuals based on set criteria. Sourcing is carried out in business in many different areas and for different reasons. One of the most common uses of sourcing is in supply chain management.

What is the source of the word business? ›

It comes from the Old English bisignes. It combines the term busy, meaning “engaging in work,” and the suffix –ness, which turns adjectives into nouns related to quality or state.

What is the meaning of business hotel? ›

A business hotel is a property that mainly focuses on guests traveling for business (as opposed to resorts and other hospitality types that cater to leisure travelers).

What is another word for source in business? ›

What is another word for source?
originderivation
prefacestock
essencebackground
parentagedevelopment
producerancestor
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What are the two main sources of hotel revenue? ›

When it comes to bringing in revenue, hotels typically rely on four primary sources: rooms, meetings and events, food and beverage, and ancillary services. In hospitality, typically, the performance of each pillar will determine a property's financial success.

What is the main source of business? ›

The sources of business finance are retained earnings, equity, term loans, debt, letter of credit, debentures, euro issue, working capital loans, and venture funding, etc. The above mentioned is the concept, that is elucidated in detail about 'Fundamentals of Economics' for the Commerce students.

What is sourcing business? ›

What do you mean by sourcing? Sourcing is a specific segment under a procurement cycle that refers to identifying, evaluating, and selecting suppliers or vendors to obtain goods, services, or raw materials required for a business's operations.

What is the source of company? ›

Sources of company finance include equity capital, debt capital, and retained earnings. In this section you will look at share capital in the form of ordinary and preference shares, and debt capital in the form of bank loans and debt securities such as debentures (corporate bonds).

What is a primary source of business? ›

In business, primary sources provide information about what a company or industry says about itself. Examples include annual reports, financial statements, press releases, interviews, speeches, blog entries or tweets. Secondary sources provide information about what others think about a company or industry.

What is the source of business idea? ›

The following approaches to generate business ideas can be used by an entrepreneur while exploring the different sources of business ideas: (i)Brainstorming. (ii)New ways of doing old things. (iii)Converting hobby into business. (iv)Improving an existing product.

What is the origin of your business? ›

An origin story is a simple, digestible narrative explaining how your company was started. Your business's origin story might include the who, what, where, when and how of your business's beginnings. The most memorable origin stories focus on the 'why' of how the company came to be.

What type of business is a hotel considered? ›

One of the largest and most diverse parts of the hospitality industry is the accommodation sector, which includes everything from lodging to event grounds and special event venues. Numerous different types of hotels and venues fall into this sector, including: Chain hotels.

Is a hotel a business or company? ›

A hotel business is simply an establishment that offers guests a place to stay.

What is another name for hotel business? ›

According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, equivalent to NAICS code 72, "Accommodation and Food Service".

What is the major source of profit in hotels? ›

Room Revenue: The primary source of revenue for any hotel is room revenue, generated through the “sale” of guest rooms. Select-service hotels typically offer room rates at a more affordable price point compared to full-service hotels, making occupancy a critical factor in revenue generation.

What is hotel sourcing? ›

Hotel sourcing or procurement is the process of identifying, negotiating and contracting with hotels to secure accommodations for a specific group, event or organization.

What are the resources of hotel industry? ›

The main categories of the key hotel resources that have been identified are: physical resources, financial, human, technological and marketing resources, knowledge, information technology, reputation and brands (Casanueva, Gallego, & Revilla, 2015).

What are the six hotel data sources? ›

Top sources of hospitality data
  • Booking engine.
  • Call center interactions.
  • Digital invoicing.
  • Guest surveys and polls.
  • Messaging interactions.
  • On-property purchasing behavior.
  • PMS.
  • Review sites.
Jun 18, 2023

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