Revenue Management in 2021 – Basing Every Decision On Data
In 2020, revenue managers were forced to make a massive shift. Instead of relying on in-house on-the-books (OTB) data, historical and compset information, you now need to focus on much broader data sets. But collecting and evaluating more data takes your team more time. In this article, you'll learn how hotels can use data for a successful post-COVID recovery strategy. Data Gives You a Deciding Edge If your hotel is among the 87% of properties
How AI Increases The Profitability of a Hotel’s Front Office
Hotel front offices are often considered cost centers when they should be seen as profit centers. Artificial Intelligence (AI) can filter and solve customer requests and FAQs so that staff can focus only on high-value customer requests. Innovation is Not About Replacing Humans With Machines Complacency is the main obstacle to hotel front office modernization. Hoteliers tend to compare their front office human staff is tasks and try to find a machine that could replicate
Review Management Tips for Companies Operating in The Travel Industry
Reviews play an increasingly important role within the modern travel industry, which is why the concept of review management has become so important. By using the right techniques and strategies, companies can help to amplify positive feedback and limit the damage caused by negative reviews. In this article, you will learn more about the importance of reviews, the value of review management, and 10 tips for companies looking to improve in this area. Table of
Tips for Hoteliers to Grow Bookings With Google Hotels
Business growth and revenue management are top priorities for most hotel owners, and these concepts rely heavily on optimizing demand for hotel rooms. One of the ways hotels can do this is through the Google Hotels platform. In this article, you can find details on how this works and the main benefits. Table of Contents: What is Google Hotels? How Does Google Hotels Work? How Hoteliers Can Grow Their Bookings With Google Hotels What is
Unleashing Data for Personalized Hotel Stays
Hotels are moving from traditional transactional models to relationship-focused approaches, driven by guests’ desire for personalized experiences and seamless interactions. Unleashing data for personalized hotel stays has become the key to unlocking these enhanced guest experiences. Modern technology, especially mobile and cloud-based solutions, facilitates this transformation. Hotel owners, managers, and operators understand that guests’ expectations constantly evolve. Building lasting relationships rather than merely completing transactions is vital to meet these expectations. Understanding Changing Guest Expectations Guests’ expectations vary based on demographics, preferences, and travel purposes. Personalization is key to meeting these diverse needs. To achieve this, hotels must gather and
Hotel Distribution Channel Manager: What Are the Advantages?
For those in the hospitality industry, a key part of any revenue management strategy revolves around distribution channel management. After all, while direct bookings are usually preferable, maximizing bookings and revenue requires assistance from third-party distribution agents. In this article, you will find extensive information regarding distribution channel management in the hotel industry and the role a distribution channel manager can play. Table of Contents: What is Distribution Channel Management? What is a Hotel Distribution
9 Forecasting Tips to Improve Your Revenue Management Strategy
Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips to Improve Your Forecasting 1. Keep Accurate Records 2. Make Use of Historical Data 3.
How to Attract and Convert the Millennial Hotel Booker
A recent study by Boutique Hotelier (1) revealed that 42% of millennials plan to spend more on travel in 2023, presenting a significant opportunity for hotel brands. With this in mind, we've been keeping a close eye on the latest generation of travelers to understand what sets them apart from
Five Ways Lodging Businesses can Prepare for 2023
2022 brought unique challenges for lodging businesses as demand strengthened post-pandemic and ‘revenge travel’ soared. As labor shortages reached all-time highs and hotels struggled to fill roles, management was required to face a significant increase in demand with limited resources. The industry responded to these challenges and ended the year
Choosing the Right Target Market for a Restaurant To Ensure Success
Marketing serves an incredibly important purpose for restaurants because it is the main way to establish brand recognition, attract customers and build a reputation. Nevertheless, marketing needs to be strategic, and selecting the right target market for restaurant advertising and marketing activities is essential. In this article, you can learn