The new terrains to improve revenue management and pricing are limited only by human resourcefulness, experience, and wisdom. AI standalone is not a ticket to more revenue. Hence, we need to plan a correct mix of human and artificial brains. Both have to work as a team to make it work
Hotel distribution is an intricate and painstaking process exposed to a myriad of market forces. We can decode some of the governing forces and develop strategies around them to utilize them to our benefit using real-time search monitoring and data analytics to address these challenges.
The hotel industry is extremely competitive and several different hotels will often be competing for the same potential customers. As a result, it is crucial that hotels use a variety of marketing strategies to make themselves visible and to promote their hotel as the best available choice. Read seven fundamental hotel marketing strategies here.
While designing a guest loyalty program that works best for your hotel, there are some broad, guiding principles, which if adhered to, would ensure maximum results besides a significant improvement in the hotel’s repeat business.
Hotels using yield-management practices confirm having gained a sizeable increase in revenue with minimal investment. For this approach to truly work, a yield manager/revenue manager must have a dedicated staff for research and analysis of the required data and a strong tool to provide right insights and actionable.
RATE PARITY PERFORMANCE REPORT AUGUST 2017 – USA
Where does your City Stand?
3 – Star Hotels: All 12 cities surveyed had less than 10% of hotels in Parity
4 – Star Hotels: All 12 cities surveyed had less than 10% of hotels in Parity
5 – Star Hotels: 8 cities had less than 10% of hotels in Parity out of a total of 9 cities surveyed