The importance of revenue optimisation or revenue management in the hotel industry cannot be overstated due to its critical importance to the Hotel bottom line. Basically, revenue optimisation is being able to sell the right room to the right guest, at the right price and at the right time. It requires plenty of actionable information in a timely manner, which is so often unattainable.
These are the lifestyle trends that will be shaping the hospitality industry in the next 12 months, according to Muriel Muirden, a renowned hotel designer and trend forecaster.
Online Travel Agencies (OTAs) such as Expedia, Agoda or Booking.com have become a crucial source of hotel revenue. Independent hotels are particularly dependent on OTAs for their revenue. While this is not necessarily a negative trend, hoteliers should avoid relying too much on this channel for it may hurt the hotels’ profitability. OTAs usually demand around 10-20% in direct commissions. Additionally, the rate parity agreement with OTAs limits the hotels’ pricing options.
The Hospitality industry increasingly appreciates the significance of personalisation in improving customer satisfaction and loyalty. As guests today are getting bombarded with information and offers from both hotels and online travel agencies (OTAs), personalised services could well be the ultimate goal that every Hotel aims to achieve.
This is a long and challenging journey; but hoteliers can start by understanding the fundamental principles and practices, as well as associated legal and ethical implications of hospitality personalisation.
The hospitality industry is a multi-billion dollar industry that typically relies on the availability of people’s leisure time as well as their disposable income. This industry – which includes, hotels, pension houses, restaurants, theme parks and others – usually thrives when there are enough people who are capable of spending money as well as willing to use them to pay for leisure services and facilities.
As discussed in the latest blog, 3 ways to increase profits in hospitality management were matching staffing levels to demand; utilising the value of your inventories and understanding ROI of Marketing. Now let’s uncover part 3, which is the last one of the series 9 ways to increase your hotel profits.
After years of slow and stubborn recovery, with constrained capital budgets, hotel owners and hotel operators are facing huge pressure to increase hotel profits as investors are becoming more confident for trade propelled growth, thus fuelling an increase in transaction activity and worldwide improvements in hotel operations.
Today, the hospitality industry in general and hoteliers in particular are faced with a daunting road that requires great flexibility especially in terms of finance.
Nowadays, travellers are also becoming more tech-savvy. Hence, self-service technology namely mobile apps, check-in kiosks and lobby touchscreen become the important tools that bring opportunities to increase sales and bookings for hotels. According to Taylor Short, who researches hotel management systems for Software Advice, hotels are figuring out that meeting a tech-savvy travellers’ expectations for connectivity and independence not only increase customer satisfaction, but also open up new revenue channels that didn’t exist before. In this article, we will walk you through how these self-service technology can help hotel boost revenue and increase customer satisfaction.
The non-stop development of technology has influenced almost every industry including hospitality. Since technology has been playing an important part in boosting revenue in many hotels, how technology provide great experience and convenience to hotel guests and help them stay engaged via social media platforms are a crucial key that contributes to the success of the hotels. In the last post, our guest blogger discussed generally about these emerging trends that can help drive hospitality business forward. This article will mention a bit deeper about social media and mobility trends for hotel managers to keep their businesses remain connected with their customers and choose the strategy that fits most them.