3 Steps to Fight Price Disparities on Your Hotel Website
As travel comes back in full force, everyone is trying to claim their slice of the pie. So it’s no wonder you are running into price disparities between your hotel’s rates and those available on OTAs (online travel agencies) and metasearch engines. They’re inevitable, and as a savvy hotelier, you’ve got two options: accept them, or take action. In this article, you'll find actionable tactics you can use to fight price disparities and boost your
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 turnover and drive profitability. Read on below to discover more about using stay controls to improve your property’s results. How Restriction Management Works at Hotels
Considerations When Setting Stay Extension Pricing
Most revenue managers are well aware of the latest industry trend of monetizing the requests for early check-ins and late departures. Why is this activity now trending? Before the pandemic, generally, favorable market conditions made normalized stay extension offers operational challenges simply not worth the effort. However, owners and asset managers are now pressing the commercial teams to find 'recovery revenue' amidst record-low occupancy rates. So, if new bookings are hard to come by, then
How to Solve Staffing Shortages in the Hospitality Industry with Technology
Staffing shortages within the hospitality industry can hurt the quality of a business and the experience that customers or guests receive. However, the consequences of staffing issues can be greatly reduced through intelligent investment in technology. In this article, you can learn more about how technology can be deployed to solve staffing shortages or reduce the impact of lower staff numbers. Table of Contents: COVID-19 and Staff Shortages in the Hospitality Industry Reducing & Solving
Time To Value: A Key Metric to Help You Identify The Best Tech for Your Hotel
Technology is becoming more and more ingrained into the daily operations of today’s hoteliers, with hotel technology itself evolving in leaps and bounds. As hotel tech platforms and tools become more advanced and marketing-savvy, it becomes increasingly difficult for hoteliers to sift through the noise to find the best tools to meet their specific needs. In this article, you'll learn how the Time to Value metric can help hoteliers to decide which technology or software
TikTok Hotel Marketing: Tips, Strategies and Examples
What is TikTok hotel marketing? Social media strategies for the hospitality industry are continually evolving. Right now, TikTok is one of the biggest platforms around. While TikTok's bite-sized videos might not seem like an obvious way to promote your hotel brand, many brands are enjoying significant success. In this article, you'll learn about the tricks and strategies to get the most out of TikTok. Table of Contents: What is Social Media Marketing? What is TikTok?
What Is TikTok GO for Hotels and What It Means for Bookings
TikTok GO is TikTok's in-app booking feature that lets users discover and book hotels, attractions, and tours without leaving the platform. For hotels, it is a new discovery surface, not a new distribution channel. Every reservation still routes through a partner OTA. That distinction should shape exactly how much you invest in it, and where. Key Takeaways: TikTok GO turns TikTok travel inspiration into a booking path for hotels, attractions, tours, and experiences. Hotels can
Revenue Management Automation; Does it Answer All Your Questions?
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 Vital Role of Revenue Management and Brand Reputation
It’s an antiquated idea that revenue management works independently from sales and marketing. Each department impacts the other and influences the hotel’s overall profitability. Every business goal contributes to the bottom line. When the revenue-generating departments work together on shared goals, they can contribute to a fatter bottom line. In
Revenue Management After COVID-19 – “Innovating Through Uncertainty”
Never before has a single event affected the global economy to the extent that the ongoing COVID-19 pandemic has. Revenue managers, owners, and operators have been thrown into disarray within the hotel industry, and all are facing a less predictable future. In this article, you will learn more about revenue
The Basics of Revenue Management Explained!
Revenue management is concerned with optimizing financial results and is especially popular in industries like hospitality, which must contend with high fixed costs and a perishable inventory. For example, hotels have a certain number of rooms and fixed costs, which must be met regardless of how many rooms are sold.
Revenue Beyond Rooms: A Guide to Maximize Total Guest Value
Hotel revenue management is no longer limited to pricing rooms and protecting RevPAR. Rising costs, changing guest behavior, and growing demand for experiences are pushing hotels to rethink where revenue comes from and how value is captured. Today, guests spend across multiple touchpoints, both on and off property, creating new
How to Use Guest Messaging to Increase Your Return on Experience?
Return on Experience (ROX) has been discussed widely and it is being referred to as “the new ROI” (Return on Investment). Compared with ROI, which directly measures the amount of return on a particular investment, ROX measures the soft business results that a great experience can generate. In this article