Xotels

APRIL 3, 2024

Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.

Revenue Management 76

Revenue Management Revenue Management Ancillary Revenue 76

SiteMinder

JULY 13, 2024

Without it, your business is essentially forfeiting the ability to boost bookings, revenue and profit, offer competitive rates and promotions, and forecast effectively. By gauging the strengths and weaknesses of other hotels in the vicinity, one can identify unique selling points and potential market gaps.

Revenue Management 98

Revenue Management Revenue Management OTA 98

SiteMinder

AUGUST 1, 2024

Here’s what to include in your executive summary: Hotel concept: Briefly describe your hotel’s unique features, target market, and overall vision. Marketing strategy: Highlight your key marketing initiatives, such as online advertising, social media engagement, or partnerships with travel agencies.

Business 95

Business Revenue Hotels Occupancy 95

Hotelogix

AUGUST 6, 2024

Utilize data analytics to forecast demand accurately and adjust prices in real-time. Increasing your Hotel's Market Share Growing your market share requires strategic marketing and distribution efforts. Strategic marketing and distribution: Optimize your presence across all distribution/sales channels.

Revenue 52

Revenue Management Upsell Target Marketing 52

eZee Absolute

MAY 13, 2024

Revenue Forecast Report Looking ahead is crucial for any successful revenue management strategy. Just as the name suggests, the revenue forecast report is all about projecting your hotel’s future revenue potential. 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

Catala Consulting

JANUARY 8, 2024

They began to incorporate a broader spectrum of data, including historical booking information, competitor pricing, market trends, and even weather forecasts. RMS transitioned from merely suggesting room prices to providing a deep analytical view of market dynamics.

Revenue Management 52

Revenue Management Revenue Management Forecasting 52

Hotel Speak

JULY 19, 2024

But what happens when you work in a market where there’s a more delicate balance of supply and demand where it’s difficult to forecast because the demand fluctuates very heavily? Balancing group and transient requires confident revenue management, targeted marketing, and managing risk.

Revenue 85

Revenue Management Revenue Management Average Daily Rate 85

SiteMinder

NOVEMBER 18, 2024

Target market : You need to have a firm vision and understanding of who your hotel is for and how you plan to attract them. Make sure you have a couple and market them strongly to encourage additional bookings and maybe even some local media coverage. USPs : Unique selling points are things that make your property unique.

ROI 96

ROI Revenue Management Revenue Hotels 96

SiteMinder

OCTOBER 10, 2023

Price sensitivity Understanding price sensitivity within your target market can inform your cost based pricing strategy, helping to find the sweet spot that maximises revenue without deterring bookings. Customer perception – Gauge how price changes are perceived by your target market.

Target Marketing 59

Target Marketing Revenue Yield Management Marketing 59

Little Hotelier

FEBRUARY 13, 2025

Market positioning : It helps you to understand where your hotel sits in the market in relation to your major competitors, and can highlight potential points of differentiation, such as untapped target audiences or undersupplied amenities in your area. Identify your competitors The first step is to create your competitive set.

Target Marketing 52

Target Marketing Hotels Marketing Market 52

Hotelogix

JULY 11, 2024

Benefits of hotel revenue management Implementing a robust revenue management strategy leads to several benefits for independent hotel owners like you:  Improved occupancy rates: By accurately forecasting demand, you can adjust your pricing and availability to maintain high occupancy levels.

Revenue Management 52

Revenue Management Revenue Management Hotels 52

SiteMinder

AUGUST 1, 2024

Identify pricing gaps: You’ll be able to spot chances to increase rates without losing market share. Improve forecasting: You can analyse competitor rate changes to predict demand fluctuations and adjust your pricing accordingly. Consider using criteria such as location, star rating, amenities, and target market.

Shopping 78

Shopping Revenue Average Daily Rate Revenue Management 78

Cloudbeds

OCTOBER 23, 2024

We’re not just giving hoteliers data-driven insights; we’re enabling them to take precise actions that deliver a unified, commercial strategy – from setting dynamic room rates to launching targeted marketing campaigns. Cloudbeds Intelligence will unlock new revenue potential for hoteliers across every aspect of their business.”

Upsell 40

Upsell Hospitality Cancellation Forecasting 40

Inn Quest

SEPTEMBER 5, 2023

Additionally, accurate inventory data enables better forecasting, allowing hotels to plan purchases and staffing more effectively. This information enables personalized service and targeted marketing efforts, improving guest loyalty. Analyze this data to refine your inventory management strategies continuously.

Management 87

Management Overbooking Revenue Hotels 87

Cloudbeds

MARCH 23, 2023

Why eCommerce is important for lodging operators According to Statista , 69% of total revenue from the global travel and tourism market is booked online, representing approximately $475 billion in revenue in 2022 and forecasted to surpass $521 billion in 2023. Choose the platforms that best meet your marketing objectives and budget.

OTA 98

OTA Digital Marketing Marketing Market 98

Cloudbeds

AUGUST 8, 2024

Common operational data metrics include: Occupancy history and forecast Capacity Housekeeping efficiency Maintenance response time Food and beverage cost percentage Out-of-service rooms Marketing data Your marketing data captures how well your channels are performing and reports on visitor data to help guide future marketing campaigns.

Business 40

Business Revenue Management Forecasting Revenue 40

Social Tables

APRIL 17, 2019

Just as importantly, they need to pinpoint the right customers to target with those offerings. Finding your hotel target market group segment is crucial to success, and it all starts with the type of events that your space is best suited for. Hotels and other venues have to be realistic about the things they can offer well.

Events 149

Events Business Sales Sales Process 149

Xotels

APRIL 3, 2024

Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.

Revenue Management 40

Revenue Management Revenue Management Ancillary Revenue 40

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. Revenue management system (RMS) to forecast occupancy and better understand booking patterns and profitability across different demographics.

Hotel Marketing 52

Hotel Marketing Marketing Market Average Daily Rate 52

Cloudbeds

MAY 8, 2024

Searching for demand patterns for your property is like traveling to the past and then going to the future to forecast how to set up your hotel for success. You might consider offering special promotions or targeted marketing campaigns to attract guests during these quieter times and ensure your rooms aren’t sitting empty.

Cancellation 52

Cancellation Revenue Revenue Management Occupancy 52

MediaBoom

APRIL 3, 2023

The luxury watch market is taking the world by storm. Understanding the luxury watch market will help you increase sales and know your target market and what appeals to them. Each carefully-designed watch’s style, characteristic, design, and brand defines the luxury watch market. CAGR in the forecast period.

Marketing 52

Marketing Market Digital Marketing Sales 52

Hotelogix

OCTOBER 11, 2024

Hotels that work with Hopper can tap into a younger audience, especially those who prefer using apps and make decisions based on price forecasts.   Additionally, Hotelogix enables you to build a loyal customer base through targeted marketing campaigns and promotions, enhancing guest engagement via social media and email.

Occupancy 52

Occupancy Hotels Travel Management 52

Little Hotelier

JULY 16, 2024

Of course, you need to balance this with the market you’re in and what your competitors are doing. Identify your target market It’s imperative that you know who your property and your rooms appeal to. Think about what a healthy occupancy rate will look like for you, and also how much revenue and profit you want to aim for.

Management 52

Management Hotels Revenue OTA 52

MediaBoom

NOVEMBER 14, 2023

Because most digital ads are charged by the click, this metric is crucial to forecasting your budget as well. Average Duration/Page Views per Visitor Once members of your target audience get to your website as a result of clicking on your ad, what happens? In that effort, lead conversion rate will be an important metric.

Cost Per Click 52

Cost Per Click Marketing Strategy Business Real Estate 52

gcommerce

FEBRUARY 13, 2023

As some hotels pull back their budgets on paid search, there is a real opportunity to win market share. Work with your internal team or digital marketing agency to refine your target markets, keywords, and messaging to get the biggest bang for your buck.

Digital Marketing 52

Digital Marketing Market Marketing Cost Per Click 52

SiteMinder

SEPTEMBER 4, 2024

Consistent conversion rates allow you to better forecast occupancy and manage revenue strategies more effectively, leading to a healthier financial position for your hotel. When more visitors convert to bookings, it means less reliance on aggressive discounting or last-minute offers to fill rooms, which can erode profitability.

Hotels 75

Hotels Revenue Market Marketing 75

Hotelier Magazine

MARCH 11, 2024

This represents the recovery of the tourism sector from the pandemic, one year earlier than forecast. As a result of COVID, Canada lost 90 per cent of air passenger capacity into Canada, or 27 million inbound seats from our key target markets. billion by the end of 2023.

Tourism 52

Tourism Business Marketing Market 52

SiteMinder

OCTOBER 10, 2022

Generally speaking, an optimal compset includes 3-5 hotels that: Are located in the same geographical area as your hotel (some exceptions to this would be if your hotel is in a very remote area or the other hotels in your area have a distinctly different target market). Have similarly priced rooms.

Average Daily Rate 52

Average Daily Rate Occupancy Revenue Hotels 52

Hotelogix

AUGUST 27, 2024

  No Marketing Costs: No need for digital marketing or advertising to acquire these guests. Cons: Unpredictable Revenue: Walk-ins are hard to forecast, leading to fluctuating occupancy rates. Walk-ins Pros:  Instant Revenue: Walk-ins generate immediate bookings resulting in increased revenue. 

Global Distribution System 52

Global Distribution System OTA Revenue Hotels 52

Hotel Speak

MARCH 18, 2025

For airlines, data-driven insights have enabled route planning based on customer demand, predictive maintenance to reduce unexpected delays, and demand forecasting to optimize capacity on-board each flight. Digital marketing driven by data-informed audience characteristics sparks demand by pinpointing your best target customers.

66

66