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For years, the gold standard guiding business strategies for hotels has relied heavily on historical data, analyzed a few times a year (at best), making it difficult to swiftly respond to changing market conditions. For hotels, this includes making dynamic rate suggestions and identifying segments and offers for marketing campaigns.
By allowing hotels to better understand and react to price elasticity in the market, the model is projected to increase RevPAR by up to 15% and boost occupancy rates by up to 10%, while maintaining efficient workflows with existing hotel staff.
By deploying this strategy a hotel is insuring itself against possible cancellations by having secured guests who can fill cancelled bookings. Data must be used to inform how many no-shows or cancellations to expect so you can overbook by that much. 2) Use multiple data sources.
This not only adds value for guests but also allows hotels to upsell services and capture diverse customer preferences. Use targeted marketing campaigns across digital platforms and social media channels to promote these time-sensitive deals, driving immediate bookings while creating a buzz around your hotel.
Furthermore, a booking engine can enable upselling and cross-selling opportunities by showcasing additional services, such as spa treatments or restaurant reservations, during the booking process. This data can be analyzed to gain market insights into guest behaviour, identify trends, and create targeted marketing campaigns.
4) Flexible Cancellation Policy Guests are looking for flexibility , now more than ever. People are even ready to pay a better price in order to have the flexibility to cancel. You’ve captured the client; upselling helps grow the revenue from them. It is one of the most important strategies for hotels.
With this in mind, understanding the full impact of travel marketing has never been more essential. Travel marketing targets potential tourists by promoting unique destinations, accommodations, and services through digital channels. Secure your exclusive, free consultation with our luxury marketing experts today.
What do these travel trends mean for hotel marketing? If you get it right, your guests will not only return, but also becomes your brand ambassadors, amplifying your marketing efforts. Direct bookings are on the rise and your website is one of the most effective marketing tools to attract and convert guests (commission-free).
And yet, many hotels overlook metasearch in their digital marketing strategy , missing out on opportunities to reach a broader segment of travelers, compete for business with online travel agencies (OTAs), and drive direct bookings. What is hotel metasearch marketing?
By understanding and anticipating guest behaviour and market dynamics, hotels can optimise their pricing strategies to boost their bottom line. It’s a testament to how industries adapt, grow, and refine their strategies in response to changing market dynamics and customer expectations.
While many property management systems auto-generate simple transactional emails, proper email marketing software for hotels does so much more than the basics. In 2023, hotels need to use email marketing to stay competitive and relevant. It may seem overwhelming, but email marketing does not have to be difficult.
Big data is a way to identify what these hotels do best and market those strengths more powerfully. Big data for hotels is a way to identify what these hotels do best and market those strengths more powerfully. Time- and Location- Specific Marketing Campaigns. Click To Tweet. Identifying Strengths and Weaknesses.
Reduced cancellation risks : The closer the booking is to the stay date, the less likely it is to be cancelled. Market competitiveness : Being able to efficiently handle last-minute bookings positions your hotel as agile and responsive, qualities that modern travellers highly value.
By allowing hotels to better understand and react to price elasticity in the market, the model is projected to increase RevPAR by up to 15% and boost occupancy rates by up to 10%, while maintaining efficient workflows with existing hotel staff.
Importance of Pricing Strategies to Grow Your Hotelier Business Any hotel must have an effective pricing strategy to be successful, especially in a competitive market. Staying Competitive: Finally, hotel pricing strategies are essential to stay competitive in the market.
They get to the heart of what a hotel business is, and are critical to understand if you are to succeed in a competitive market. Market demand Most hotels see a spike in demand on weekends when compared to weekdays. Upselling and cross-selling Grab upselling and cross-selling opportunities with both hands.
It’s when a guest books a room but simply doesn’t turn up without canceling. You’ve got the solo traveler who forgets about the booking, the big group that cancels last minute, and then there’s the mysterious disappearance act – no clue why they didn’t show up. There are a few different types of no-shows.
Revenue management revolves around measurement of what customers from different audience segments are willing to pay, as well as the ever-changing supply and demand within each market. The right distribution channels can have strong marketing power, putting your hotel in front of many customers you aren’t able to contact directly.
This is done by thoroughly understanding your property, its customers, and the market. Understand your Hotel´s Market The success of your revenue management strategy depends on how well you understand your market. This is one of the first steps when creating a revenue management strategy, performing thorough market research.
Independent hotels have seen significant growth since online travel agencies transformed the hospitality market place. The same goes with the reverse, late cancellations are automatically relisted, allowing the hotel to optimise its revenue potential.
Partner with a technology provider that offers both historical and forward-looking insights so you can better understand what’s coming into your market, and how your performance stacks up against your competitive set. Even highlighting “free cancellation” or other flexible policies can work to enhance the hotel’s sales and revenue strategies.
While these vacation planning stages may all sound drastically different on the surface, to a marketer, they all share one thing in common: They’re all part of the guest life cycle. Are you ready to take your hotel’s marketing to the next level? For example, overly strict cancellation policies can deter some potential guests.
Ad retargeting tools also allow you to create ads with AI-generated content and set your own investment budget to streamline hotel marketing efforts. Niche OTAs are perfect if you’ve identified the markets that work best for your business, as guests are usually willing to pay more if they’re guaranteed a certain experience.
When travelers book on your website, you can upsell them to premium rooms and cross-sell onsite services and add-ons like breakfast, dining, spa, and recreation. When travelers book through your website, they can make changes or cancel directly with your property, giving them peace of mind. Generate more revenue.
Alternatively, less expensive room rates can be redeemed through more aggressive upselling. Considering offering an early check-in, and / or free cancellation to guests that book direct. A hotel loyalty program would amplify these opportunities to upsell. Higher rates can mean more on-site rewards for guests.
Read more: Upselling as a Way of Improving Guest Loyalty Casting a wide net is one way to ensure full occupancy but it is hardly a profitable marketing approach in the long run. Guest personas can bring down the cost of guest acquisition as they act as a model of what you are trying to gear your marketing strategy towards.
A secure, seamless connection ensures that this data is shared in real time, preventing overbooking and cancellations. Enhanced guest experiences An online booking engine is a convenient way to book 24/7, while promoting relevant upsells and promotional offerings. Why it matters: Data-driven decisions lead to better performance.
Kayak – One of the players in the metasearch market. How to boost booking channel revenue at your hotel You can get the most out of your booking channels by understanding your market, knowing your strengths, targeting the right guests, and using the best technology. Skyscanner – A common choice for travellers on a budget.
Read on to learn how leveraging integrated spa software can enrich guest experiences, improve operational efficiency, and tap into the thriving wellness market to boost profitability. Marketing & loyalty Building customer loyalty for your property’s spa is achievable through effective guest marketing.
This relatively new feature is available in eight main markets – the UK, Germany, Spain, Italy, Finland, Sweden, Ireland, and France. More markets are expected to be available soon. It’s worth noticing that you pay the rate per click, regardless of whether the booking is later canceled. Ready to learn more?
The same happens with a cancellation. It then pushes ARI updates to that channel and, for two-way sync, it imports reservations/cancellations into your Channel Manager, PMS, and/or CRS dashboard. In the case of one-way sync, reservations or cancellations will not be imported.
For an effective pricing strategy, you should look to determine your offerings, including: Variety of rates Discounts Your loyalty program offerings Upsell opportunities Slow periods are an excellent time to understand price fences such as advanced purchase, deposit or cancellation policies, as these can be flexed over time.
Running a small hotel or accommodation can be a rewarding experience, but it’s important to understand the local market to stay competitive. By understanding the broader market landscape, you can position your accommodation for success and maximise your earning potential. Positioning – How you seek to market to guests.
Not only do [these two systems] manage our customer relationships as far as maintaining contact information, email data bases, and email-marketing software, they do all of our online relationship management by monitoring review sites, which let the properties know when they have a review so they can engage appropriately.”
Handle bookings and cancellations smoothly – No long waiting times, just instant action. 👉 Read Also - Hotel Content Marketing: Tips for Guest Acquisition The Future of AI in Hospitality Hotels that adapt to new technology stay ahead. Before AI, response time was slow due to translation issues.
The science of resort revenue management transforms various factors, such as booking patterns, guest behaviour, market trends, and competitor analysis, into tangible insights that drive financial performance. By grasping the market dynamics and customer preferences, they can make informed decisions and seize lucrative opportunities.
Because we get to see how we’re servicing them, how we’re marketing for them, who their customers are, and now with community, here’s how they’re accessing our system.” Dynamic upsell: Hotels can engage guests in advance of their stay, offering enhancements like early check-in, late checkout and room upgrades.
This year, more properties will invest in technology to help create new revenue opportunities, build better websites , manage marketing campaigns, automate services, and improve the guest experience. If you were to invest that 15 minutes (or $47.82) into marketing or technology that earned a new booking, you’d nearly quadruple your money.
This is done by thoroughly understanding your property, its customers, and the market. Understand your Hotels Market The success of your revenue management strategy depends on how well you understand your market. This is one of the first steps when creating a revenue management strategy, performing thorough market research.
It also aids in managing reservation cancellations and modifications, accepting reservations, sending confirmation emails, extending self-service facilities to guests, processing payments, etc. Customer Relationship Management (CRM): It plays a critical role in streamlining marketing activities at a hotel.
This can involve the management of anything related to the hotel industry and requires knowledge of distribution strategy, finance and accounts, customer service, staff management, marketing, catering management, hotel administration and more. It can take time to get everything right and as we can see there’s a lot to be aware of.
This can involve the management of anything related to the hotel industry and requires knowledge of distribution strategy, finance and accounts, customer service, staff management, marketing, catering management, hotel administration and more. It can take time to get everything right and as we can see there’s a lot to be aware of.
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