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
Revenue Strategy for Resorts and All-Inclusives: Exploring the Challenges and Opportunities
Wouldn’t it be nice if effective revenue management for resorts and all-inclusive properties were as relaxing as the guest experiences they offer? While commercial success at these complex properties will likely never be akin to sipping mojitos poolside (one can dream, though), today’s advanced revenue management technology can simplify and streamline the elements needed to make it happen. Key Challenges for Resort Revenue Management Before getting into the weeds of how this is accomplished, it can help to first take a step back, survey the landscape, and better understand the unique challenges and opportunities resorts face on the path to
Top Tips for Leveraging Tiktok to Attract and Engage with Guests
Question for Our Hotel Marketing Expert Panel How can hotels leverage Tiktok (boasting 1.7 billion active users in 2023) to engage with and attract guests? In your opinion, which strategies can they apply, and what are the best practices? Our Marketing Expert Panel Luminita Mardale - Director Of Marketing And Business Development, Vienna House Thom de Graaf - Online Marketing Specialist, Orange Hotel Marketing Moriya Rockman - Chief
An Overview of Metrics Every Revenue Manager Should Track
Navigating the complexities of hotel revenue management isn't easy. From demand forecasting and rate negotiations to inventory management and competitor analysis, there are plenty of challenges to keep revenue managers on their toes. But technology is changing the game. Today's revenue managers have powerful tools at their disposal that can help them streamline operations and focus on strategic optimization. The one-dimensional metrics that were used for decades are being replaced by more sophisticated measures that,
How to Use Stay Restrictions in Hotel Revenue Management to Drive More Revenue
Restricting your guests’ ability to book the stay dates they want may not sound like the best idea initially. But depending on your hotel, audience, and market situation, stay controls can be a vital revenue management tool. On top of driving reservations on slower days, they can increase revenue, reduce
Metaverse Travel: How the Metaverse Will Change the Travel Industry
Metaverse travel could revolutionize the way that people engage with the travel industry. Picture a scenario where you can explore a hotel in virtual reality (VR) while you sit in your home on the other side of the world. By creating three-dimensional models of real locations, metaverse travel will create
Hotel Packages: Tips to Optimize the Use of Hotel Package Deals
Hotel packages are helpful for hotels and their guests because they bundle a hotel room with other products or services that may interest them. For hotels, this provides upselling potential, while for guests, it means an improved guest experience and, often, greater value for money. In this article, you can