Reputation Management touches the hotel property as a whole and needs to be the responsibility of every department. ORM should go hand in hand with Revenue Management. Your hotel reputation should also guide you to use reviews to influence your decision-making process and effect change where required.
Building the Perfect Revenue Strategy Is Not Enough; Advanced Hotel Revenue Management Tool is a Must!
An efficient and cutting-edge Hotel Revenue Management Solution not only increases the revenue and profitability, but also ups efficiency of sales and marketing efforts. This directly leads to improvement of market insight, guest demography & current trends in the occupancy of hotel inventory.
Geo-location prices of different hotels are being taken into account by industry players both hotels and OTAs as it gives them a sense of how competition is pricing their property in different regions and then, accordingly set (or change) their own prices.
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.
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.
Hotels must comprehensively embrace technology in order to have solid analytics, drive business improvements, enhance guest experiences & deliver results. It is the hotelier’s job to keep up with rapid technology changes. The success of these adoptions will differentiate successful hotels moving forward.
Widespread use of technology has given birth to a new generation of millennial travelers leading to birth of multiple millennial-inspired hotels, which are fully equipped with technology to woo this special stream of guests. Needless to say, there is an immense unprecedented opportunity for the hotel industry to grow their business by leaps and bounds.
Selecting competitive set wisely is important for any hotelier. Eliminating or including hotels for consideration as you select your primary competitive set as well as develop secondary or dynamic competitive sets.