The Power of Lean Revenue Management; Sophisticated But Not Complex
The global pandemic has sped up a trend in revenue operations (RevOps) throughout the business world. Forrester recently published a study that found that many companies are moving towards more centralized RevOps. They’ve understood that revenue is more than an outcome and instead of a result of a business process where commercial teams come together to achieve their goals. Comprehensive RM Standards are Essential for Both Short & Long-Term Success The Forrester study clarifies that
How can Hotel Chatbots contribute to Contactless Guest Experiences?
Question for Our Hotel Marketing Expert Panel How can hotel chatbots best contribute to a contactless / low-touch guest experience? Our Marketing Expert Panel Dr. Betsy Stringam-Bender - Professor of Hotels & Resorts, New Mexico State University Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Andrew Kavanagh - Group Sales and Marketing Manager, FBD Hotels & Resorts Reshan Jayamanne - Digital Marketing & Sales Strategist, Bnb Optimized
9 Essential Hotel KPIs to Optimize Your Upsell Marketing Performance
The hotel industry employs many unique key performance indicators. ADR (average daily rate), RevPAR (revenue per available room) and Occ% (occupancy) naturally come to mind. These metrics reflect the unique nature of our business, but their existence also drives our attention and actions. Watching your hotel’s KPIs translates into optimizing key activities to influence those KPIs positively. As the old saying goes, “what is not measured cannot be improved.” Hotel Upselling is Becoming More Important
TripAdvisor Plus: What Are the Advantages for Hotels?
TripAdvisor has recently launched a new service called TripAdvisor Plus, which operates on a subscription model, allowing customers to pay an annual membership fee in return for various member-only benefits, such as discounts on hotel rooms and exclusive perks. Additionally, the service now allows direct participation from hotels too. In this article, you will learn more about the service and the specific advantages for hotels that get involved. Table of Contents: What is TripAdvisor Plus?
Maximizing Revenue for Extended Stay Accommodations: Challenges and Opportunities
Extended stay accommodations and serviced apartments represent a small but fast-growing portion of the European hospitality sector, with the market projected to grow (1) at CAGR of 12.3% from 2024 to 2030. The segment’s relatively rapid growth should come as no surprise as more travelers are booking trips that blend both work and play, major hotspots crack down on short-term rentals like AirBnb, and their relatively lean operating models fuel an influx of investment and development across Europe. Key Challenges for Effective Serviced Apartment Revenue Management When it comes to the marketing, operations, and revenue management of serviced apartment properties,
3 Key Strategies for Mastering Revenue Management with PMS Data
Data fuels the commercial operation of a property and empowers hotel Revenue Managers to make informed decisions, outpace rivals, and ultimately boost profits. When discussing data, there's no resource more crucial than your Property Management System (PMS). How to Master Revenue Management with PMS Data: The 3 Strategies Your PMS is the core of your hotel's daily operations, monitoring everything from bookings and guest arrivals to room pricing and invoicing. However, it's also a rich
8 Signals Your Hotel Pricing Needs Adjustment
Recent studies reveal that prices perceived as unfair trigger discomfort in consumers, leading to reduced purchases, complaints, and negative reviews. Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1] This underscores the importance of finding the sweet spot for your hotel's room prices: the perfect balance between attracting (happy) guests and maximizing revenue. Build a Foundation for Effective Hotel Pricing What's the right price for a business traveler might be the complete opposite of the
Top Marketing Tips to Improve Guest Loyalty in Hospitality
Question for Our Hotel Marketing Expert Panel Increasing repeat business for a hotel / accommodation venue is hugely important – but how do we achieve that? How can we build guest loyalty for our properties and brands? (Question by Max Starkov) Our Marketing
Steps to a Superior Hotel’s Online Presence
Before a guest sleeps a night in your hotel, you can be sure they’ve evaluated your online presence. Social feeds, websites, blog posts, and reviews are the digital touchpoints travelers use to get a feel for the guest experience at your property as they consider a stay. In this article,
How to Solve Hotel Staff Shortages and Keep Teams Motivated
Staffing issues are one of the main issues in the hospitality industry, and there are no quick or easy fixes for this problem. As hoteliers worldwide struggle to meet the rising guest demands despite reduced staff, it’s time to unveil some surprising truths about staff motivation. Keep reading to get