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Question for Our RevenueManagement Expert Panel: What are the advantages of participating in special OTA deals? What advice can you offer to maximise your ROI? Are there any pitfalls to avoid?
The uncertain economy, combined with the increased supply of vacation rental properties, not to mention more online travel aggregators (OTAs) and direct booking options, is creating more competition than ever among vacation rentals. Can you maintain an effective revenuemanagement strategy without software?
What is an OTA channel manager? An OTA channel manager is a tool used to manage online travel agents (OTAs) in a single platform. It is commonly used by hotel sales and revenuemanagers to update rooms and rates in real-time. Table of contents Why use a channel manager for OTAs?
Failing to stay top-of-mind means you risk losing them to online travel agencies (OTAs) or competitors. This enables marketing teams to recoup revenue lost from cart abandonment and increase direct bookings. Instead of paying commissions to OTAs, hotels can redirect this budget into their own digital marketing strategies.
The digital transformation era is often discussed in relation to transforming the guest experience with digital engagement tools like OTAs, metasearch, mobile check-in and guest apps. On the business side, we talk about PMS, revenuemanagement software and marketing automation.
A hotel distribution strategy involves selecting and managing the different channels through which a hotel sells its rooms to potential guests. A basic strategy might involve listing your property on a few key online travel agencies (OTAs) like Airbnb and Booking.com and leaving it at that.
Rather, you need to ensure your efforts here are driving meaningful engagement , traffic, (and revenue). OTAs: At TravelBoom we like to think of the OTAs as a new business tool, not a set-and-forget way to fill empty rooms. Are you successfully converting your OTA bookings to direct guests? Don’t skip this step!
For growing hospitality businesses, a channel manager is a fundamental part of successful revenuemanagement and distribution strategy. In this guide for hospitality professionals, you’ll learn all about Channel Managers, from how they work to what makes great software for your business specifically.
According to Eric Nowak, Owner of Lakeside Motel, they managed operations with an Excel sheet, including keeping track of guest details, check-in, check-out, etc. Moreover, they couldn’t sell rooms via OTAs and their website without the right solution.
In today’s digital landscape, managing reviews is about more than just damage control, it’s a powerful tool for enhancing your online presence, building trust, and drawing guests to your hotel. Online Presence: Pictures That Speak Volumes Your website and OTA listings are your hotel’s digital storefront.
Innroad is a cloud-based hotel management solution tailored to cater to a diverse range of property types, from hotels and resorts to inns, BnB’s, vacation rentals, and campgrounds. Some key features of Innroad include its OTA integrations, an all-in-one management solution, and a network of around 500 partners and integrations.
The team analyzes market trends and sub-market segmentation to understand the optimal room product, hotel positioning, and most efficient method to deliver maximum ROI. We caught up with Suzanne Swafford, SVP of RevenueManagement, Tishman Hotel Corporation, to find out what she thinks are the challenges and trends to look out for in 2023.
This means using a mix of online and offline channels, like Online Travel Agents (OTAs), meta-search engines, direct bookings, reviews, Global Distribution Systems (GDS), and more. Using a mix of these channels helps hotels reach more customers, boost revenue, and manage room availability easily while competing in the market.
In fact, simplifying your tech stack might be the best way to maximize ROI from your technology investments. But ROI aside, there’s a practical reason to consolidate that you probably never considered: less switching between apps and windows. Consolidating technology is not the wave of the future—it’s already here.
Trust me, as the CEO of a revenuemanagement consulting company, I can tell you that a balanced and strategic mix of channels is essential to maximize your hotels visibility, profitability, and allows you to attract and convert the right guests. They also avoid the high commissions associated with OTAs.
AI-Powered RevenueManagement Systems Artificial Intelligence (AI) has swiftly moved from being a futuristic concept to a tangible reality, revolutionizing industries across the globe—including hospitality. The cost of implementation, including training and maintenance, needs a thorough cost-benefit analysis to ensure ROI.
It’s an essential part of a successful revenuemanagement strategy and is implemented via the use of data and pricing intelligence tools. Hoteliers are able to combine historical data with real-time insights to get a full picture of their revenuemanagement opportunities. What is pricing intelligence?
Integrate with your PMS and channel manager. 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. Also, you’ll be able to find smaller, more niche OTAs that will attract your ideal guest and charge lower commissions.
For example, if you found that your GAC for OTA bookings is 41%, whereas your GAC for direct bookings is 7%, where would you want to prioritize bookings? Not all distribution channels are made equal, the channels that generate the most profitability (revenue minus costs) should make up the majority of your channel mix. Merchant model.
Google is taking the hotel industry by storm to gain market share and grow their advertising revenues. We will take a look at how Google is penetrating the hotel distribution vertical with Google Hotel Ads, and what opportunities this gives in terms of hotel revenuemanagement and marketing. From Hotel Finder to GHA.
Revenuemanagement The software often includes revenuemanagement tools, providing insights and recommendations on pricing strategies, which can help maximise revenue by adjusting room rates based on demand, seasonality, and local events. Easy listing management. Wow your guests.
Balancing direct room sales with third-party websites and online travel agents (OTA’s) is one of the challenges the hotel industry faces in 2023 and beyond. While the ideal scenario is to handle everything independently, relying solely on your own revenuemanagement and hotel marketing strategy may not be sufficient.
For hotels, that involves collecting and analyzing data across various sources, including your hotel website, social media channels, online travel agencies (OTAs), surveys, and more. This data can then be used to make changes to improve revenuemanagement, occupancy, guest experience, and operational efficiency. Marketing KPIs.
Online travel agencies (OTAs) : Hotel rating systems play a crucial role in online booking platforms. Many OTAs prominently display star ratings, and travellers often use them as a decision-making factor when choosing a hotel. Make life easy for your guests, and you’ll quickly find your ranking improved.
Don’t put all your eggs in one basket Statistics from HSMAI show 76% of independent hotel room nights are reserved through OTAs, costing hotels billions in commissions every year. In order to increase direct bookings , hotels need to think about their overall web presence, not just OTAs.
But to my surprise, Arjun said he was living his dream as his hotel’s ROI is always high! Dynamic pricing is an important aspect of revenuemanagement and is one of the most innovative hotel pricing automation technologies that hoteliers cannot miss. I thought he was joking at first but then he spilled the beans.
Finding an answer will require some careful research, particularly around what your competitors are doing and the potential ROI of such an effort. So ask yourself: how many direct bookings is an investment in sponsored placements likely to generate in comparison to sending the user off to an OTA listing for the property?
An integrated channel manager is an example of such a tool, as it suggests it creates a two-way integration between the various distribution channels representing the hotel and the hotel’s inventory as registered in its PMS. The benefits of this level of automation are instant.
On top of that, you can launch an online marketing campaign to attract bookings, since these strategies provide a quick ROI. For instance, business decisions to spend for promotions on OTAs, interiors, room rates, and room types aren’t decided on the basis of actual statistical reports.
“When I developed HotelIQ Decision Cloud, it was very important to me to make data more accessible to the entire commercial team by breaking down the walls that traditionally exist within a hotel’s sales, marketing and revenuemanagement departments,” said Apo Demirtas, founder/CEO, HotelIQ.
If these keywords match the kind of experiential stay you offer – especially if it is a more niche experience concept – you will be able to position your hotel for optimal ROI. Moreover, your hotel can benefit by outsourcing revenuemanagement and operations management to specialist providers.
Channel manager integration : Keep Online Travel Agencies (OTAs) and your booking system in sync without effort. RevenueManagement Systems (RMS) Dynamic pricing strategies Demand forecasting : Use data to predict busy periods. One click to manage everything! It's like your hotel's own superhero squad!
In this article, we’ll explore why AI messaging is becoming a must-have for hotels, how it enhances operational efficiency, and how it helps drive direct bookings while reducing reliance on OTA. Hotels with a strong digital strategy get 36% of their online booking revenue from direct channels.
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