Using past data to predict future revenue during a pandemic might seem counterintuitive to many hoteliers. After all, hotel revenue management is always a complex science. How can you predict anything during a pandemic? In this article, you’ll learn how fellow hoteliers dealt with the Corona pandemic. Three Different Paths During the Pandemic As a hotelier, you’ve faced an unusual
Revenue Management After COVID-19 Revenue management after COVID-19 refers to adapting pricing and inventory strategies to the post-pandemic market conditions. Businesses must recover losses, cater to changing consumer behaviors, and seize new opportunities, ensuring sustainable growth and resilience in the face of future challenges in the hospitality and travel industries. Key Takeaways The Role is More Important Than Ever: Post-COVID,
Online Travel Agents Online travel agents (OTAs) are digital platforms that allow consumers to book travel services such as flights, hotels, and car rentals online. They are important because they offer convenience, competitive pricing, and a wide range of options, simplifying the travel planning process for millions of users globally. Key Takeaways Online Travel Agents as Marketing Channels: OTAs serve
Hospitality Jobs Hospitality jobs encompass various roles within the service industry, including hotels, restaurants, and tourism. These positions are vital for ensuring exceptional customer experiences and driving the success of businesses in the hospitality sector. They offer diverse career paths, skill development, and the opportunity to work in dynamic environments, making them crucial for economic growth and cultural exchange. Key
Over the past year, many discussions about revenue management have come up. This raised the debate around the relevance and importance of historical data. And, of course, the corona crisis tested revenue professionals’ trust in automated tools like Revenue Management Systems (RMS). The latter brought many hotels great results despite the pandemic. This article describes how revenue managers can make
Question for Our Revenue Management Expert Panel: With rising trends of staycations & workcations, is there a greater appetite amongst guests for upselling (e.g., room upgrades) post-pandemic to maintain physical distancing or to “treat” themselves? Our Revenue Management Expert Panel Patrick Wimble - Managing Director, Lightbulb Consulting Theresa Prins - Founder, Revenue Resolutions
Contactless Payments in the Travel Industry Contactless payments in the travel industry refer to the use of technology enabling transactions without physical contact, such as NFC and QR codes. They are crucial for enhancing guest safety, streamlining operations, and improving the customer experience by offering a convenient, fast, and secure payment method, pivotal in adapting to new health and safety
Safety in Marketing & Guest Communication in Travel Safety in marketing & guest communication in travel involves strategies to ensure clear, accurate, and reassuring messaging about safety measures to travelers. It's crucial for building trust, encouraging travel during uncertain times, and ensuring guests feel secure. Effective communication enhances customer satisfaction and loyalty and supports the recovery and growth of the
Question for Our Revenue Management Expert Panel: Amid changing travel guidelines and restrictions, flexibility has become essential for travellers. How are you addressing this? How has your revenue management strategy adapted to meet those needs? Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant, TSA Solutions Dian Tristyanti - Revenue Management Professional
Question for Our Hotel Marketing Expert Panel Keeping well connected with our guests has been particularly challenging during the pandemic. What tips can you share for maintaining guest interest and keeping engagement high? Our Marketing Expert Panel Kaylie Holley - Founder, Up Travel Marketing Teri Freisen - Director Brand Management, Accor for Mövenpick
As a revenue manager, analytics and automation probably aren’t new to you. But recent developments in tech, like predictive analytics, forward-looking data and live insights, take revenue management to a whole new level. Especially in the looming recovery phase, these capabilities can drastically increase your chances of success even with unpredictable markets. Leaving Historical Data Behind Before Covid-19, your historical
During the coronavirus (COVID-19) crisis, there is a lot of uncertainty in the travel industry. Billions of damage are imminent for the travel industry. The only relief from measures against the Corona (COVID-19) virus can ease the economic pain. The hope of travel organizations is focused on summer and autumn business. But how do you deal with online marketing during
In the wake of the COVID pandemic, it is fair to say that the hospitality and tourism industry has been hit hard. It has dealt with an unprecedented economic fallout as international travel became restricted, flights reduced, events cancelled or postponed, and attractions and entertainment venues closed for extended periods. This article addresses whether hotels should remain open or suspend
The global hospitality industry has had its fair share of large-scale disruptions since COVID-19 first struck, and the hotel sector faces an uncharted recovery period ahead. Hoteliers can gain ground by using agile, accurate, and holistic revenue forecasting. Modern Tools for Modern Challenges Are you using outdated technology at your hotel? Advanced, cloud-based solutions will help fulfil your security, connectivity,
Destination Management Destination Management involves coordinating and managing all aspects of a destination, including attractions, amenities, and services, to enhance the visitor experience. It's crucial for sustainable tourism, ensuring that destinations remain attractive, competitive, and economically viable while preserving natural and cultural resources. This strategic approach benefits local communities, businesses, and tourists alike, by fostering responsible travel practices and promoting
In 2020, revenue managers were forced to make a massive shift. Instead of leaning 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.
Hospitality revenue management teams have long been expected to manage demand. But for the hospitality industry's new climate in 2021 and beyond, revenue leaders will need to do more than manage demand—and now it’s up to hoteliers to find creative ways to align their marketing and revenue teams to generate new business. Break Down (or at Least Align) the Silos
With the expected big recovery in the travel industry ahead, it's a perfect time to re-evaluate your marketing strategy and tactics. Many hotels are going through their harshest times ever, and there's little margin for error when it comes to being prepared for when demand returns. In this article, you can learn how to use the Hotel Marketing Canvas©, a