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Overbooking can be a cost-effective strategy if implemented correctly. What is a hotel overbooking strategy? The hotel overbooking strategy is a revenue management technique that hotels use to maximise occupancy and revenue. Tips to make your overbooking strategy a success 1) Be data-driven in your approach.
Charleston, SC – (October 10, 2024) – SalesAndCatering.com and Cloudbeds have announced a two-way integration that will empower hotels, resorts, and conference centers to optimize hotel group sales and event management. This two-way integration optimizes group sales and event management.
For example, during peak travel periods, an efficient reservations manager using a modern property management system (PMS) can swiftly allocate room blocks for group bookings or special events, maximising occupancy without overbooking. Problem-solving : Quick thinking helps resolve booking issues and guest concerns.
Read also: Guide on Customer Retention in Hotel Industry Encourage Group Bookings: Offer discounts or packages for weddings, business events, or group travel bookings. For example, you can charge higher rates when demand is high, like during peak seasons or local events, and lower rates when your hotel has empty rooms.
New partnership streamlines group bookings, event management, and catering to boost hotel efficiency and revenue Charleston, SC –SalesAndCatering.com and Cloudbeds have announced a two-way integration that will empower hotels, resorts, and conference centers to optimize hotel group sales and event management.
Hotels can leverage CRM data to drive repeat bookings, upsell experiences, and build stronger guest relationships. Demand Forecasting & Analytics Platforms Demand forecasting is not simply a matter of historical data it’s a case of identifying patterns within seasonality, events, and booking trends.
While revenue management is more focused on a hotel’s pricing and availability to maximize revenue, revenue optimization takes a broader approach to include a full range of revenue sources that includes food and beverage, spa services, events, classes, and other ancillary revenues. This ensures rate consistency and prevents overbooking.
This includes offering tailored packages, suggesting room upgrades, promoting in-house dining experiences, and even curating special entertainment events. For instance, if a hotel expects high occupancy due to an upcoming event in the city, they can ensure adequate staffing and inventory to cater to the influx of guests.
From exquisite rooms, amazing dining options, and fabulous event venues, Chatrium is truly a premium accommodation choice. Collecting data, prioritising attention to detail, and optimising personalisation are all keys to perfecting upsells and ancillary services. Pawarisa said the key to this is creating authentic connections.
By preventing overbookings, independent hospitality providers are allowing their establishments to seem more exclusive and in turn, increase their value on the hospitality market. A hospitality solution such as a hotel self-service app would allow hoteliers to upsell their property in a more subtle and natural way.
It can be customized to fit your brand, cater to international audiences with multi-language and currency options, and offer add-ons or upsells to help you increase revenue. Upsells and add-ons. Consider offering weeknight rates, promo codes for special events, or loyalty discounts for repeat customers.
This will save you from the hassle of manual updates and reduce the risk of overbookings or missed payments. Upselling integrations Maximise your revenue by integrating upselling tools into your PMS. Look for a system that automates key operations like updating room availability, managing bookings, and processing payments.
The simple SiteMinder GDS user experience reduces the risk of overbooking and simplifies reservation management for hotels. As a consequence your hotel can earn and efficiently manage more large bookings, helping you to more effectively cater to events, conferences and group travel.
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. This will help you increase occupancy, maintain rate parity, and prevent pricing errors, overbookings, and lost sales. Many third-party sites don’t offer this flexibility.
Overbooking: Though counterintuitive, it helps mitigate revenue loss due to last-minute cancellations or no-shows. Seasonal Pattern Analysis: Resorts can capitalize on fluctuating demands driven by seasons, holidays, and local events, by adjusting pricing and operational strategies accordingly.
It begins with laying out realistic targets, then on-point upselling and cross-selling, culminating in the art of tailoring unique sales alternatives. Key strategies for upselling and cross-selling Upselling and cross-selling aren’t just about making quick sales, but rather enhancing the guest experience while maximizing profits.
Having complete control over occupancy 24/7 will certainly cut down on the manpower it takes to keep inventory in order and prevent unwanted overbookings. Your staff will always be able to find out which room at which establishment can meet a guest’s demands and use the information to secure the booking.
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.
And even then, manually-managed distribution is risky: any delays in updating rates and availability on a channel’s extranet could mean selling a room that isn’t available or selling at a lower rate, which can lead to overbooking and sub-optimal yield management. In the case of one-way sync, reservations or cancellations will not be imported.
Reservations made on your website should automatically sync with your hotel property management system and across all your OTA channels so you don’t get overbookings. No more overbookings. Integrate with your PMS and channel manager. Can be added to your social media profiles. Pre-arrival.
At the same time, a well-executed hotel guest messaging strategy drives revenue by increasing direct bookings, upsells, and loyalty. Instant access to accurate guest data enables proactive service, faster issue resolution, and minimizes risks like overbookings or miscommunication.
For example, if a hotel notices a spike in no-shows on weekends during peak season, they can adjust their staffing or overbooking strategy. Begin by tracking no-show rates over time, identifying peak periods, and correlating them with events, holidays, or seasonal fluctuations. It’s like detective work, but with spreadsheets.
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.
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