Inn Quest

SEPTEMBER 5, 2023

Meeting and Event Spaces: Many hotels have conference rooms, banquet halls and event spaces. Invest in a Revenue Management System (RMS): RMS software uses data analysis and algorithms to optimize room pricing based on demand, occupancy, market conditions, and competitor rates.

Management 87

Management Overbooking Revenue Hotels 87

Hotelogix

JULY 11, 2024

By leveraging data and market insights, revenue management allows you to make informed and data-driven decisions to drive sales, occupancy, profitability, and sustainable growth. Static pricing involves setting fixed rates based on seasons or days of the week, which does not account for changing market conditions.

Revenue Management 52

Revenue Management Revenue Management Hotels 52

Hotelogix

NOVEMBER 28, 2024

The system's channel manager integration ensures that room rates and availability are consistently updated across multiple distribution channels, enabling hotels to effectively reach their target markets. Successful hotel growth heavily relies on understanding and catering to distinct market segments.

Hotel Marketing 40

Hotel Marketing Market Marketing ROI 40

Cloudbeds

MAY 8, 2024

After reading this article, you will learn how an effective analysis of your property’s booking performance will help you better understand your property’s demand patterns and how to leverage them to maximize revenue and occupancy. Occupancy rate indicates the percentage of utilization of hotel rooms. Is it an event?

Cancellation 52

Cancellation Revenue Occupancy Revenue Management 52

eZee Absolute

MAY 13, 2024

It provides a quick overview of key performance indicators (KPIs) such as occupancy rate, Average Daily Rate (ADR) , and Revenue per Available Room (RevPAR) for the previous day, week, month, or year (depending on the configuration). For example: A hotel’s booking pace report for the upcoming month falls short of the occupancy target.

Revenue Management 52

Revenue Management Revenue Management Forecasting 52

SiteMinder

JULY 13, 2024

By gauging the strengths and weaknesses of other hotels in the vicinity, one can identify unique selling points and potential market gaps. By analysing historical data, current bookings, local events, and even broader market trends to identify patterns, your hotel can anticipate busy and quiet periods.

Revenue Management 98

Revenue Management Revenue Management OTA 98

SiteMinder

AUGUST 1, 2024

Rate shopping your hotel competitor rates gives you the opportunity to: Optimise pricing: Understanding competitor pricing helps you set competitive rates, maximising revenue without sacrificing occupancy. Identify pricing gaps: You’ll be able to spot chances to increase rates without losing market share.

Shopping 52

Shopping Revenue Average Daily Rate Revenue Management 52

Cloudbeds

MARCH 15, 2023

A direct booking strategy is a powerful force in reducing customer acquisition costs , increasing occupancy, and improving profitability by building greater brand loyalty and giving you direct access to guests. These types of promotions are great for when you need to fill occupancy fast and should not be used all the time.

OTA 98

OTA Revenue Travel Hotels 98

SiteMinder

OCTOBER 10, 2023

Demand fluctuations – Analyse room demand throughout the year, taking note of peak seasons, local events, and other factors that could drive demand up or down. Adjusting prices accordingly can ensure maximised revenue during high-demand periods while maintaining occupancy during slower times.

Target Marketing 59

Target Marketing Revenue Yield Management Marketing 59

Hotel Speak

JULY 19, 2024

especially if your comp set is trending ahead on occupancy on the books. All your competitors are now doing 95% occupancy with a good balance of transient and group. The group may require breakfast, lunch, and dinner, and maybe a gala dinner event to close. Your GM is going to ask “What’s going on?,” Sounds good, right?

Revenue 62

Revenue Management Revenue Management Average Daily Rate 62

MediaBoom

FEBRUARY 23, 2024

This desire goes beyond the physical product to encompass the entire purchasing experience, from limited editions to members-only events. Studying Demographics Understand the demographic characteristics of luxury consumers, including age, income level, occupation, and geographic location.

Consumer 90

Consumer Branding Market Research Market 90

SiteMinder

OCTOBER 10, 2022

The company is the recognised leader in hotel industry benchmarking and provides market data including supply and demand and market share information on a global scale. For example, STR data reveals that the average occupancy rate across US hotels in August 2022 was 66.5%, and the average daily rate was US$151.49. STAR summary.

Average Daily Rate 52

Average Daily Rate Occupancy Revenue Hotels 52

Xotels

AUGUST 15, 2022

Hotel Budgets: Where it All Starts… The basis of the target or budget lies in a detailed demand calendar. Map the events, conferences, expositions, trade fairs, concerts, holidays, vacations, long weekends, etc to the following year. What new online marketing initiatives will we launch next year?

Market 59

Market Marketing Hotels ROI 59

Xotels

APRIL 3, 2024

For analysing market situations, the demand calendar includes key indicators such as RevPAR (Revenue Per Available Room) and demand levels from the previous year, along with factors like groups or events, bank holidays, school holidays, and exceptional demand indicators for the current year.

Revenue Management 76

Revenue Management Revenue Management Ancillary Revenue 76

Little Hotelier

AUGUST 29, 2023

For example, if you host cool events or gatherings, this reputation will follow you and spread. By asking your followers to create social posts and blog entries for your brand, you will establish loyalty with your target market segment.

Market 95

Market Marketing Target Marketing Marketing Strategy 95

SiteMinder

JANUARY 8, 2024

The entertainment businesses can include attractions of special interest such as zoos and museums, or spectator events such as theatre performances or sports games. Promotions are special rates that can change depending on: – The season or holiday period; – If the guest is a VIP; or, – You want to capitalise on an event. –

Operations 59

Operations Management OTA Hotels 59

SiteMinder

JANUARY 8, 2024

The entertainment businesses can include attractions of special interest such as zoos and museums, or spectator events such as theatre performances or sports games. Promotions are special rates that can change depending on: – The season or holiday period; – If the guest is a VIP; or, – You want to capitalise on an event. –

Operations 52

Operations Management OTA Hotels 52

Cloudbeds

MARCH 20, 2023

Rather than depend on one or two booking channels, hotels can target market segments on multiple distribution channels such as OTAs, the GDS, and bed banks. Market segmentation plays an important role in a property’s revenue management strategy. Maintain a diverse distribution strategy. and corporate (meetings, conferences, etc.)

Hotel Marketing 52

Hotel Marketing Market Marketing Average Daily Rate 52

Cloudbeds

MARCH 3, 2023

With this information, you can improve your hotel’s offerings and implement targeted marketing efforts. POS systems help improve safety by encrypting payment data and recording every transaction, which can be helpful in the event of theft or fraud. Data tracking. Expanded service. Improved security.

Sales 98

Sales Hotels Revenue Services 98

Inn Quest

AUGUST 15, 2023

This real-time inventory synchronization prevents overbooking and ensures that the hotel’s occupancy data is consistent across all platforms. Rate Management: Thereafter, channel management systems help hotels set different room rates for each channel based on demand, seasonality, events and other criteria.

Management 52

Management Global Distribution System Overbooking OTA 52

MediaBoom

AUGUST 23, 2024

It involves crafting a compelling brand narrative, understanding guest preferences, and delivering targeted messages across multiple channels. The ultimate goal is to create a strong brand identity, generate demand, and maximize occupancy rates. Partner with travel influencers whose audience aligns with your target market.

Resorts 86

Resorts Market Marketing Marketing Strategy 86

SiteMinder

DECEMBER 20, 2023

Simply multiply your predicted average daily rate (ADR) by your occupancy rate. Leverage your location by showcasing it with high-quality website images, hash-tagging it on social media and taking part in local events. RevPAR , or revenue per available room, is one the easiest ways to predict revenue for a hotel.

Business 59

Business Hotels Management Revenue 59

eZee Absolute

JANUARY 9, 2023

This can include things like offering discounts to local attractions, partnering with local restaurants to offer special deals or menus, or hosting events that highlight local culture and traditions. In that case, accommodation providers can offer special discounts to attract these travelers and increase occupancy.

OTA 52

OTA Hotels Accommodation Travel 52

Hotelogix

OCTOBER 18, 2023

This leads to better utilization of room inventory and maximizes occupancy rates. Helps You Make Data-Driven Decisions Reservation systems offer detailed reports and analytics on occupancy rates, revenue, and guest preferences. Rate Management: Adjusts room rates based on demand, seasons, and events, optimizing revenue generation.

Business 40

Business Global Distribution System Cancellation Hotels 40

SiteMinder

AUGUST 29, 2023

Think about introducing occupancy sensitive cooling and heating systems that adapt to when people are present in the room. It’s something to carefully consider and may come down to who your target market is. Host events and functions Similar to the last point, if you have the space to host special events you should do so.

Revenue 52

Revenue Hotels OTA Operations 52

Hotel Speak

MAY 9, 2023

This in turn can be used to create targeted marketing campaigns that resonate with their audience and drive high-value bookings. Here are a few examples: Better loyalty programs: by tracking guest activity and preferences, hotels can offer personalised rewards such as discounts, free room upgrades, or access to exclusive events.

Hotels 59

Hotels Upsell Revenue Marketing 59

MediaBoom

MARCH 14, 2024

It’s important to stay current on the latest industry trends , including what’s happening in your local market. This can be done as well as national and global events that affect travel demand. One way is by customizing meeting and event spaces so that they appeal to specific audiences like women or young professionals.

Digital Marketing 68

Digital Marketing Services Market Marketing 68

Hotel Speak

OCTOBER 24, 2024

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.

Upsell 96

Upsell Hospitality Cancellation Forecasting 96

Cloudbeds

OCTOBER 23, 2024

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.

Hospitality 40

Hospitality Upsell Cancellation Forecasting 40

Hotelier Magazine

DECEMBER 17, 2024

This engagement can enhance the guest satisfaction and loyalty so essential to our growth and success, he says, adding that segmentation also allows for smarter and more seamless operations through the implementation of dynamic pricing, ideally timed promotions and reduced costs per customer acquisition through more targeted marketing.

Revenue Management 52

Revenue Management Revenue Market Marketing 52

Hotelier Magazine

MARCH 11, 2024

While business events are slower to recover, we know that people and businesses are looking for [an] in-person connection. This slow return is a trend that’s impacting global business events and isn’t just unique to Canada. Occupancy rates have returned to pre-pandemic levels with ships largely at 95 per cent occupancy.

Tourism 52

Tourism Business Marketing Market 52