How High and Low Can You Go With Your Hotel Room Pricing?
Behavioural economics is the study of people’s decision-making processes and how they are not always entirely rational. By understanding people’s reactions to the choices available, you are better able to make pricing strategies that maximise your revenue. For example, evidence dictates that ending your prices with the number ‘9’ increases your revenue. If you charge $119, you should see more bookings than if you charge $117 or $120. This is not ‘rational’ as economists would
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 you can learn why ROX is important and how you can use it to benefit you hotel. What is Return on Experience (ROX)? ROX is
10 Travel Agents for Hotels to Gain More Corporate & Leisure Guests
Travel agents represent a major distribution channel for those in the hotel industry, helping them connect with more leisure travelers and corporate guests. To capitalize, hotels need to list their properties with online travel agents and connect with the main global distribution systems so that a travel agent can view real-time inventory information. In this article, you will find out about eight key travel agents to work with. Table of Contents: What Are Travel Agents?
SEO vs CRO: What Gives Hotels a Higher ROI?
How much should you invest in Search Engine Optimization (SEO) or Search Engine Marketing (SEM) for your hotel to increase your sales by 5%? If you have a limited budget, what is the smartest way to use it? Can Conversion Rate Optimization (CRO) be a better solution? In this article you will learn the meaning of SEO and CRO, and what you should focus on. How To Best Spend Your Limited Resources Today, available resources
5 Revenue Management Tips for Beach, City, Mountain, or Countryside Hotels
As a hotelier, you know your hotel faces unique revenue management challenges. Your location, primary types of travelers, and the season of the year all play into profitable pricing strategies. This article addresses specific ways to improve your revenue and profitability, regardless of location or seasonality. Revenue Management Tips for Beach, City, Mountain, or Countryside Hotels Some of these tips are essential to savvy revenue management practices regardless of location or seasonality. For instance, the importance of online visibility is universal. Without it, your guests won't find you, and you'll struggle with low bookings. Others focus on the specific concerns
Hospitality Business: How to Start a Successful Hospitality Company
Hospitality can be a challenging industry for a new business owner. If you're thinking about starting a new business in the hospitality sphere, this is the article for you. Read on to discover everything you'll need to know about the basics of starting a hospitality business, with key tips and important resources to help you get off to the right start. Table of Contents: Defining the Hospitality Industry: Food, Leisure, Accommodation and More The Hospitality
Restaurant Podcasts: 14 Excellent Podcasts for Restaurant Owners
Restaurant podcasts are a great way to learn from industry leaders and experts. Whether you're an aspiring restaurateur or an industry professional with decades of experience, there is a podcast out there for you. Restaurant podcasts cover every imaginable topic and bring in experts from throughout the restaurant industry. In this article, you'll learn about some of the top restaurant industry podcasts. Table of Contents: What Is the Restaurant Industry? What Is a Restaurant Podcast?
Tips to Take Advantage of Changing Booking Behavior Before Your Competition
While the Omicron variant slowed market recovery in 2021, STR's data reveals a strong positive trend for the hospitality industry for 2022 and beyond. In this article, you'll learn how to stay ahead of the competition by understanding the three data pillars of a forward-looking revenue strategy. Global Occupancy Increased
Hotel Owners: Understanding the Role of a Hotel Owner
Hotel owners have an important role, as they are ultimately responsible for the business and ensuring the right employees are working in the right areas. In this article, you will learn about the role of a hotel owner, find out about hotel management companies, and explore different hotel management structures.
Night Auditor Duties & Responsibilities in Hotel: Everything to Know
Night Auditor duties and responsibilities in hotels involve helping guests during the night hours and balancing the day's accounts. Guests arriving at night may be checked in by the night auditor, who will also take reservations and see any requests that might arise. The night auditor's duties involve processing the