How long does it take before we receive some form of satisfaction from a product or service? In some cases, results are slow-burning while others show their users immediate results. In the SaaS world, we call this metric Time to Value. Time to Value (TTV) is the amount of time it takes a new customer to realise a product’s value.
At upselling engine Oaky, we have a foot in both worlds. Our goal is to provide hoteliers with a reliable stream of incremental revenue, while creating convenience for hotel guests. We’ve always seen our product as in it for the long run, with our focus set on producing sustained results for hotels. While we work towards enhancing guest experience and generating regular income, we know that our product, by virtue of its USP, can also produce revenue fairly quickly
So we set out to determine our own TTV – how soon do Oaky customers see the results they came for?
Based on what we discovered, we’d encourage every hotel tech platform to explore this metric. It could, as it did for us, shine a light on an aspect of your product that previously went unnoticed. While we continue to think of Oaky as a long-term partner to hoteliers, we learned that a surprising proportion of our customers actually started earning revenue the day they went live, pushing our product further into ‘quick fix’ territory than we previously would have imagined.
Over the last three years, we learned that:
- An average of 70% generated revenue on the day of going live
- An average of 16% generated revenue between day 1 and 5
- An average of 14% generated revenue after 5 days
We dove deeper into the data to see how this performance differed during pre-pandemic and pandemic periods.
Even during the pandemic, 60% of our customers generated revenue the same day they went live! In a period where every bit of revenue matters, we thought this finding was all the more poignant. While we were pleased to see how frequently our customers earned revenue on their day of going live, what we found out next was even more telling. Head to the Oaky Explores blog to find out more.