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We have written extensively about hotel revenue management strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
Remaining relevant to guests is key, and those that don’t are at risk of losing marketshare. How have you adapted your sales and marketing strategy to attract these new segments? . Where are your target marketsresearching and booking their travel? How are you catering for new and emerging segments? . •
When it comes to understanding your customers, marketresearch is essential to the success of any business, no matter if it’s marketresearch for B2B or B2C. ” To understand your target customer, you must understand market and customer research. It’s a hidden-in-plain-sight secret!”
Anyone who has worked in the hospitality industry for a few years would enthusiastically attest to the importance of yield management in hotels, particularly in hotel revenue management. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue.
We have written extensively about hotel revenue management strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
The global luxury travel market is huge, not in the number of guests with substantial buying power but the astonishing level of buying power that these luxury travellers have. The global Luxury tourism market had an estimated total revenue of USD 1,308.15 of marketshare and a revenue of USD 461.65
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Understand Your Audience A deep dive with marketresearch will give you an accurate understanding of the type of content that will resonate with your buyer persona , including what they love and hate. This will help you eliminate a lot of trial and error, allowing you to focus on choosing the marketing channels they frequent.
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