Revenue Management

Negotiation-based pricing: the future of hotels' direct bookings?

Apr 11, 2019 / Pricing
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Shutterstock

Just as deregulation and the digital revolution gave birth to Yield Management, the current hospitality climate is ripe for disruption and innovation.

The rise of OTAs, Airbnb and changing traveling habits (especially for Millennial travelers) have without a doubt made the life of many hoteliers more difficult over the last few years and, thus, call for new approaches in revenue management.

Instead of solely relying on economic and internal indicators to set a hotel room's price, hoteliers - thanks to ever growing technologies - now have many opportunities to adopt a more customer-centric approach.

Revenue Management

Pricing psychology for hotel revenue managers

Apr 11, 2019 / Pricing
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Shutterstock

Here we balance proven theories on pricing psychology with practical takeaways that you can utilize in your revenue strategy.

When it comes to pricing psychology, perception can be more important than reality. And frames of reference will differ across individuals. So, your guests’ perceptions may be very different from our own perceptions of your pricing and products – and will even vary from guest to guest.

Hotels must clearly communicate the value they offer. It’s crucial for hotel revenue managers to understand how and why their guests book, so you can adjust rates accordingly. By considering the psychological pricing factors that influence travelers’ behaviors, you will enjoy healthier revenues and more robust profit margins.

Products & Services

How to build a digital culture at your hotel

Apr 11, 2019 / Cendyn (sponsored)
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Shutterstock

Managing digital transformation doesn’t always have to be complicated and slow. A methodical approach can actually deliver simple and speedy results.

There are three key areas that will encourage a digital culture change at your hotel - employee engagement, guest preferences, and data-driven decisions. Looking at them in detail will see increased productivity, stronger profitability and provide more memorable moments of true hospitality for your guests.

Revenue Management

Upselling across the guest journey

Apr 11, 2019 / Upselling
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Shutterstock

By being presented with opportunities throughout the guest journey, guests are more likely to choose upgrades for rooms and ancillaries.

By breaking accommodations choices down and offering them throughout the guest journey, hotels will experience fewer instances of cart abandonment, discover more opportunities for upselling, and with customized, AI-generated offerings, see an increase in conversions on upselling and cross-selling opportunities.

This is to say, that when hotels rely on the moment of booking for all of their upselling, they will not only miss out on opportunities to make the guest experience better and generate revenue, but they also risk overloading the customer.

However, when options are broken down throughout the journey, hotels help guests get more of what they want in smaller bits when their mindset about what they want, when they want it, and how much they're willing to spend has inevitably evolved along the path.

Digital Marketing

How to master social listening for sales

Apr 11, 2019 / Social Media
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Shutterstock

Salespeople should have a pulse on customer conversions on social media. That’s exactly why social listening for sales is a must-do for modern companies.

Social listening for sales can be incredibly daunting because there are so many conversations happening at once. Given that consumers aren’t shy about calling out brands for being too “salesy,” it’s important to listen to conversations before barging in on them.

That’s why it literally pays to hone your search for prospects and leads. The “best” networks for sales vary from business to business. Chances are you won’t confine your search to a single platform, though.

Digital Marketing

Independent Hotels: An action plan to win the direct booking

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Shutterstock

The traveler’s customer journey has become increasingly complex, which necessitates independent hoteliers to rethink and overhaul their marketing and technology stack strategies and investments.

To begin with, independent hoteliers must understand that digital marketing consists of three distinct, but interconnected and interdependent categories: Guest Engagement Marketing, Guest Acquisition Marketing and Guest RetentionMarketing. Second, independents must “play” in all of these three categories – not in one or two, but in all three categories.

Only and only then they will be able to re-establish a relationship with the digitally-savvy customer in all phases of the customer journey: Dreaming, Planning, Booking, Experiencing and Sharing and win the direct booking, resulting in decreased OTA dependency and lower distribution costs.

Distribution

Best practices for successful hotel metasearch efforts

Apr 11, 2019 / Screen Pilot (sponsored)
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Shutterstock

Having a robust digital strategy not only allows for potential guests to easily find your property but allows you to properly compete with OTA’s within the various digital channels.

Because metasearch only shows up when a user searches for your property name specifically, it is an ever-evolving and powerful tool that can do both: increase direct bookings and take business away from competitors.

Any hotel can participate in metasearch. It’s based on a CPC model, so allotting a monthly budget to metasearch allows you to compete within a particular metasearch channel for a customers business.