Steps for Success: Evaluating and Pricing Group Business
Group business is an undeniably important piece of the revenue puzzle for hotels. However, not all group revenue is equally valuable or desirable. To achieve an ideal mix of group and transient business, hotels must undergo a detailed evaluation process—one that can be greatly aided with an advanced revenue management system. Ten Crucial Steps to Evaluating and Pricing Group Business In this article, you’ll find key steps and considerations for evaluating group business opportunities. 1. Identify the Market Segment Qualifying group business starts with identifying the market segment into which it falls. While your hotel may serve different types of
ChatGPT Tourism Guide: How the Tourism Industry Can Benefit!
ChatGPT and tourism are a great match. The generative AI chatbot has been taking the world by storm, with more and more industries adopting this exciting new technology for various applications. ChatGPT is set to be one of the top future tourism trends. In this article, you'll learn what ChatGPT is and how it can benefit companies in the tourism industry. Table of Contents: What Is the Tourism Industry? What Is ChatGPT? Is ChatGPT Free
AI in Hospitality: Power Up Your Content with Generative AI
In today's competitive hospitality industry, staying ahead is essential for hotel marketers. The advent of cutting-edge technology has introduced a game-changing solution that is revolutionizing hotel operations: Generative AI (Artificial Intelligence). This powerful technology empowers hoteliers with opportunities to streamline their operations, work more efficiently, and elevate their marketing efforts to new heights. What is Generative AI? Generative AI is a subset of artificial intelligence that involves training models to generate original content, spanning various
9 Essential Hotel KPIs to Optimize Your Upsell Marketing Performance
The hotel industry employs many unique key performance indicators. ADR (average daily rate), RevPAR (revenue per available room) and Occ% (occupancy) naturally come to mind. These metrics reflect the unique nature of our business, but their existence also drives our attention and actions. Watching your hotel’s KPIs translates into optimizing
TripAdvisor Plus: What Are the Advantages for Hotels?
TripAdvisor has recently launched a new service called TripAdvisor Plus, which operates on a subscription model, allowing customers to pay an annual membership fee in return for various member-only benefits, such as discounts on hotel rooms and exclusive perks. Additionally, the service now allows direct participation from hotels too. In
What Forward-Looking Data is Essential for Hotels?
Question for Our Revenue Management Expert Panel: With historic data now less relevant as we move into post-pandemic recovery, what forward-looking data is a "must-have" for hotels? Our Revenue Management Expert Panel Chaya Kowal - Director of Revenue Management, Potato Head Family Paulo