Technology

BCD Travel on innovation, new tech, threats to legacy TMCs

Sep 01, 2019 / Blockchain
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Phocuswire talks to BCD Travel's Yannis Karmis about emerging technologies impacting the sector, like blockchain for hotel commission settlement.

A key benefit of blockchain is the ability to allow partners to share transaction information with each other in a common, immutable format - a smart contract.

One obvious use case is the settlement of commissions. To accurately settle commissions, there needs to be an agreed truth between the agency and hotelier on what was booked, the appropriate commission, whether the stay occurred as planned and if the commission was remitted.

A byproduct of this complex process is that agencies and hoteliers both spend a lot of time and money to track and reconcile commissions. Blockchain lets us rethink the process.

Distribution

Airbnb starts to play nice with cities

Sep 01, 2019 / Airbnb
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The short-term rental startup has settled lawsuits with Boston and Miami, agreeing to turn over data officials say they need to police the industry.

Airbnb settled its lawsuit with the city of Boston on Thursday in a surprising about face, agreeing to turn over twice-monthly user data reports to the city, proactively police listings, and even audit its own enforcement efforts. The settlement followed nearly a year of allegations, injunctions, and appeals in objection to those very requirements.

It’s one of many recent moves that suggest the company is moving to put some of its litigation behind it. Airbnb settled its lawsuit against Miami on August 1, agreeing to comply with city rules requiring it to purge any illegal listings, be subject to fines for failing to follow the ordinance’s stipulations, and pay the city $380,000.

Distribution

User-generated content builds trust, inspires bookings

Sep 01, 2019 / Social Media
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Potential guests want content they trust when making their booking decisions, and more and more frequently that means content created by other guests.

What was just marketing material is now a two-way communication channel. Now there’s far more integration of user-generated content - not just a section of the hotel website showing the most appealing images.

The rise in user-generated content comes down to it having a high built-in trust factor for consumers.

That mentality, especially among younger travelers, has also led to a decrease in consumer trust in social media influencer content or other marketing messages that are clearly bought and paid for.

Revenue Management

Revenue management must focus on profit, not everything

Sep 01, 2019 / Pricing
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Hoteliers are asking their revenue managers to use their magic to harness every feasible revenue stream.

But while revenue management has evolved and diversified, the discipline shouldn’t stray too far from the basics, according to panelists at a Hotel Data Conference session titled “Stop revenue-managing everything!”

Panelists said in hotels, rooms revenue is still revenue management’s biggest obsession. Perhaps food-and-beverage revenue gets a slice of attention, but panel moderator Chris Crenshaw, VP of digital data solutions at STR - the parent company of Hotel News Now - said the airline industry remains so much better at concentrating on fee revenue.

Digital Marketing

Putting contextual advertising in context for hoteliers

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When it comes to maximizing bookings and revenue, a hotel’s digital advertising plays a vital role, now more than ever when implementing a direct-booking strategy.

It also serves as a key in reaching guests and sharing why they should stay with you. In other words, it allows you to reach out and build customer awareness, convey core values that reflect your brand’s image, communicate unique selling points and encourage customer loyalty.

For hoteliers competing for travelers’ mindshare in the hospitality industry, there is a wide range of digital marketing strategies to turn to. However, there’s one strategy gaining momentum you need to be aware of to help drive increased bookings - contextual marketing.