417 items found for ""
- 5 Top-Notch Revenue Management Strategies For Your Hotel
Revenue management discipline was non-existent until a few years ago. Started in the 1980s from the airline industry, the techniques are now adopted across industries and businesses are growing exponentially ever since. The hotel sector today is more competitive than ever. With increased global competition, hoteliers and property owners are now seeking an analytical overview and strategic knowledge of customers and markets, to make informed decisions that only revenue management can provide. Revenue management refers to the strategies the hotelier needs to frame to sell the inventory to the right guests at the right time and through the right channel to boost revenue growth. Modern travelers with increased purchasing intelligence, are pressurizing the hoteliers to make accurate forecasts relative to booking demand, room pricing, and promotions. Thus, hotel revenue management is crucial to the success for any property, irrespective of its size. Here are some guidelines to help understand the basics of Revenue Management and incorporate them into your property: 1) Pricing in accordance with Perceived Value We have in our earlier article highlighted the need for value-based pricing, and we reiterate. When managing hotel revenue, one must understand that the offering should revolve around the perceived value. If your guests feel like they are getting maximum value for their money, they’ll likely be willing to spend more. To increase this value, managers can make improvements to various touchpoints in the customers’ journey. Revenue management helps monitor and measure what customers from different segments are willing to pay and capturing as much of this value as you possibly can. 2) Right Mix of Distribution Channels While it is important to determine the best distribution strategy for your hotel, it is equally important to analyze several different channels and utilize them, as all channels bring value in terms of their marketing capacity. It is also a good idea to check what your competitors in the area are doing, and if they’re targeting the same markets as you, for the same segments and at the same time. If you can anticipate their strategies, making your own adjustments becomes much easier. 3) Focus on Direct Bookings & Website Experience It is easy for OTAs and other external partners to lure your guests away as they offer competitive pricing and various reward and loyalty programs. While you might be content with the fact that the booking is finally coming to you, it is important to realise the downside of this arrangement. You are letting your guests become loyal to your partners instead of you! Address this issue by developing a direct booking strategy, that provides an additional level of service to the guests who book directly with you. The main goal of this strategy would be to attract, engage, and convert visitors to bookers, directly through your official website. Offering loyalty programs are another great way to rope in customers for life and ensure repeat visits. Rewarding direct booking guests, with discount vouchers on food and drinks, spa and pool usage, free upgrades, etc., are also encouraging ways to build loyalty and increase revenue. 4) Forecasting Forecasting is important for both rate setting and budgeting. Accurate mapping helps the hotel to strategize future pricing and planning, as it gives out metrics such as average customer spending, location, the origin of booking, type of reservation, average customer stay per chosen category, etc. By budgeting and forecasting in advance, you’ll have plenty of time and opportunity to make strategy adjustments that can help increase your hotel’s revenue. 5) Knowledge-based Decision Making With a raft of information available at their fingertips, hotel revenue managers should always make their decisions based on the most recent and accurate data. Feeling-based decisions or outdated data influx can only cause confusion and invalid observations. Having access to relevant data helps keep a tab on customer behavior and market trends. The detailed analytics and insights derived from STAAH’s Channel Manager, makes this process seamlessly easy and critical to success, as it helps in informed decision-making. STAAH Channel Manager for its ease of use and real-time data has won much love and is one of the favorite tools for hoteliers. No matter your property size, Revenue Management has become crucial to be successful. We have highlighted just five of the many factors that form the core of successful revenue management. Reach us at firstname.lastname@example.org with your suggestions and input. Source: www.staah.com
- How Much is Your Hotel Paying in OTA Commissions – and How to Reduce it?
OTAs are powerful marketing machines that provide hotels and vacation rentals great online exposure. But this exposure comes at a cost. Online travel agents (OTAs) form an integral part of your distribution mix. The balance may have tilted in favor of direct bookings as the leisure segment leads the recovery from COVID-19, but don’t underestimate the value OTAs bring, despite their cost (a.k.a. commissions). However, like every other business, now is the time to drive up efficiency – in hotel speak, REVPAR. This means finding the sweet balance between direct and OTA bookings by focusing on driving up the former yet leveraging the reach of the latter. Let’s see a few ways you can achieve this. First, understand your OTA costs Before you embark on a mission to reduce your OTA spend, calculate what your OTA commissions are here. Assess for the value (not just volume) of bookings brought in by the OTAs. This cost versus value should determine what role OTAs play in your distribution mix. Remember, direct is not the only channel or the best one. It’s a strategy. Commissions can be an emotional issue for hoteliers. No one likes to pay out their hard-earned money. However, direct is just one point in the booking journey of a guest. You can optimize for it and try to get more direct bookings, but you can never replace it. Key reason guests prefer OTAs for bookings is because of the choice they offer – and that factor is here to stay. Instead spend time understanding your audience and their online booking journey through tools such as website analytics or insights from your channel manager and property management system (PMS). Place yourself in each of the relevant channels on this journey, optimizing each to drive up revenue. It is important to understand that a direct channel may be commission-free, but it is not free. There are booking engine and marketing costs to consider. Similar to OTAs, assess the cost of this channel versus the value of bookings it brings to define its share in your distribution mix. Find out more on commission-free direct booking tips here Become a proactive digital marketer OTAs win over customers with their smart and omnipresent marketing techniques. While you cannot remove or replicate them from this space, you can set up smaller-spend campaigns. Some other digital marketing activities to focus on are social media and search marketing. Remember, user experience on your website is a marketing tool too; the better your site, experience, the more click-throughs you could get. Focus on loyalty The best way to get repeat business from your customers is by building up loyalty amongst guests and encouraging word of mouth marketing. When guests trust and like you, they are more likely to book directly. Simply communicating with them, either face to face or through email after their stay, could do the trick. You can, for example, offer them special deals or rewards programs if they book their next stay directly through them. In a soon-to-be cookie-less world, first-party data – i.e. your customer database in your PMS or CRM – are crucial for smarter growth. Embrace guest-facing digital technology A guest could come to your website from any channel or platform. If you fail to engage them and they go elsewhere to book, that’s a gap you need to fill and work on your conversion rate. Is your website optimized for mobile? Are you offering a personalized experience based on your understanding of the guest, especially if it is a repeat customer? Is it easy to book on your website? Are you using your website to sell value-added experiences? Are payments secure? Is online check-in enabled? Conclusion In an interconnected digital world, how you look at your channels cohesively is what matters. Don’t look at rates and bookings from a transactional view, i.e. guest acquisition cost of a single booking. Instead, switch your view to relational, i.e. what is the lifetime value of a guest? You may have acquired him through an OTA but have grown and increased his value via direct channels. What matters most is your channel mix. Each channel has its singular characteristics. Hotels must be keenly aware of these qualities and harness them accordingly. The ultimate goal is a channel mix that provides the strongest demand at the highest rates, most consistently and at the lowest distribution cost. Make this all possible with the right technology. All hoteliers want more direct bookings more than any type of bookings, Find out how commission-free-direct bookings be a boon to accommodation owners. Source: www.staah.com
- What is Hotel Distribution System and How Does it Works
Let us take you to the basics if you are a beginner or new to hotel distribution, hotel software and online hospitality technology. Gone are the days where travel booking and reservations were only possible by visiting travel agencies or ordering by phone. Travel websites and mobile apps have been making digital travel arrangements increasingly easy. The hotel distribution technology is a complicated beast. Plus, it changes constantly. Let’s take a look at this complex ecosystem and its key elements. Before we explain the key elements have a look at the image and refer the connecting points to how things integrate and make your Hotel management so much easy. Whether you are a Hotel, Vacation Rental, or any sort of accommodation provider you can connect your property to a number of systems and manage inventory and increase revenue from one place. Key elements to hotel distribution are: Online Travel Agents and Metasearch The big guys. The online billboard to reach millions of users out to book their accommodation. Online Travel Agents (OTAs) like Airbnb, Expedia, Booking.com, MakeMyTrip, Agoda, and CTrip, etc are among the many intermediaries that bring in bulk bookings, primarily because of their reach and also metasearch engines can help in this. Did you know STAAH Channel Manager connects with 100+ OTA’s? Find out all the integrations here A good hotel distribution strategy is about balance and working with multiple offline and online travel agencies, as well as multiple distribution partners. Hoteliers should aim to promote their most profitable distribution channels; however, it is unrealistic to think that consumers would only search and book direct, or that direct channels are always the most profitable. We can help you on how to choose an OTA partner here Direct Bookings The low-cost way to get guests into the door is via a hotel booking software. These are bookings made directly through your website via your STAAH Booking Engine. With no commission on them, hoteliers are increasingly turning to optimise their website and leverage direct marketing spend to pump up this channel. Features such as WatchMyRate by STAAH and STAAH ReviewMinder (an online reputation management tool) are designed to improve your conversion rate via this channel. For more tips and tricks to drive direct booking click here Group Distribution System (GDS) The traditional go-to guys for corporate and group bookings, who’re nowhere close to losing their grip on the distribution framework of hotels. The likes of Sabre, Amadeus, Pegasus, Galileo and Worldspan are key operators. Like OTAs, they charge a pass-through fee per booking as well as a participation cost, making it a ‘high-cost’ channel if you’re a small accommodation provider. Plus, there is a consortia cost. Not for everyone, but a must for the medium to large players. Find out the advantages of GDS here Voucher Engine Another key way to grow your direct bookings is by developing a loyalty program and enabling gift vouchers via the STAAH Gift Voucher Engine to grow the bottom line. For hoteliers, gift vouchers present an instant injection of cash into (now) ailing businesses. For guests, the offers are almost too tempting to resist. Driven by direct (commission-free) revenue and the need for cash, hotels offer fantastic packages via gift vouchers. For travel buffs, these promotions are too good to miss out. The buy now, travel later combined with flexible terms for redemption is suddenly very appealing. Read more here Connecting the dots with the Channel Manager Any robust distribution strategy for a property would include multiple channels within each of the above distribution streams. Now, if you’re property with even 15 rooms, think about the time spent in updating the listing for each across your chosen channels! We haven’t even looked at multiple rate plans yet. Enter the STAAH Channel Manager. The Channel Manager also known as hotel management software becomes your single source to distribute your inventory across multiple channels, avoid booking errors, and more importantly maximize the revenue from every room you have. With two-way, real-time updates and integrations with a number of popular payment gateways, you can manage and get paid for your booking via one single platform. Smartly, you can even ‘stalk’ your competitors with the STAAH RateSTalk feature – so your rates are always as good as the guy next door (even better!). Since these days everything is mobile friendly why not use the hotel management app via the STAAH MAX app to manage from any time anywhere. As a conduit of sorts, the channel manager also has a two-way seamless connection with your property management system (PMS), making management of the booking process even simpler. You can also refer to our Beginners guide to Channel Management If the hotel distribution network was an orchestra… Think of your channel manager as the orchestra conductor. Every member of the orchestra has a role to play in the symphony. But, if you go without a conductor, you risk going out of tune very quickly. If you need any help regarding your hotel distribution we can help you. Book a FREE DEMO with us today. Source : www.staah.com
- Free Consultation: Dynamic Hotel Website
We offer comprehensive and tailored Website Consultation services designed to optimize your online presence and drive the growth of your business. Our team of experts is committed to understanding your unique goals, challenges, and target audience to deliver customized solutions that maximize the potential of your website.
- Schedule a Call: Lombok Investment Info
Invest in your dream lifestyle with Tropik Resort Lombok. Schedule a call with us to learn about our high-end villa investments available for sale. Our team will explain the investment process and answer any questions you have, helping you make the best decision for your future. Discover the beauty of Lombok and secure your luxurious villa investment today with Tropik Resort.
- Consultation : Hotel Digital Marketing
Get expert advice on hotel digital marketing with IDHotelier's consultation service. As a hotel owner, it's essential to understand the importance of digital marketing for your business. Our experienced consultants will guide you through the process, providing you with valuable insights on how to improve your online presence, attract more customers, and increase your revenue. Schedule your consultation today and take the first step in boosting your hotel's success.
- Lunch in LombokTickets: $10.25 - $15.38Lombok, West Nusa Tenggara, Indonesia
- Hotelier Night LombokTickets: IDR 0.00 - IDR 75,000.00August 25, 2023 | 9:30 AMJl. Raya Senggigi, Senggigi, Kec. Batu Layar, Kabupaten Lombok Barat, Nusa Tenggara Bar. 83355, Indonesia
- Corporate Meet-Up 2023Tickets: IDR 3,500,000.00 - IDR 9,225,000.00July 26, 2023 | 1:30 AMJl. H. R. Rasuna Said No.Kav.C-22A, RT.2/RW.5, Karet Kuningan, Kecamatan Setiabudi, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12940, Indones
- English For Hotel
The goal of an English class for hotel staff is to help the students to improve their English skills so that they can provide excellent customer service to guests. By covering a variety of topics and providing a variety of activities, the class can help the students to reach their full potential.
- Room Type
The URLs that you use for your site are just as important as the words everywhere else on the screen. Which URL looks better to you? www.website.com/filename7/iewjiqoq_infsjdfh www.website.com/productname/details The second one is clear about what that page will show. Think of URLs like a thread running through the site, showing people exactly where they are and where they came from. Go through your website and make your URLs as clear as possible. Use those keywords, too, to let Google know what it’s all about.
- Noisy Room
Words aren’t the only things that Google reads. Any images on your site are also analyzed by search engines. How fast your site loads has a big impact on SEO, and images are part of that. Compress and resize your photos so that they load quickly, and place images as close as possible to related content. Use keywords in the name and caption.
- Diving Package Labuan Bajo
Diving Package Labuan Bajo 4 Days / 3 Nights Price Per Adult : USD 550 Embark on an unforgettable underwater adventure in the mesmerizing waters of Padang Bai, a diver's paradise nestled on the eastern coast of Bali, Indonesia. Our diving package offers an exciting opportunity to discover the breathtaking marine life and stunning coral reefs that make Padang Bai a must-visit destination for divers of all levels. BOOK NOW YOUR HOST ITINERARY INCLUSIONS & EXCLUSIONS BOOKING PROCEDURES PAYMENT & CANCELLATION Made Lembar Made Lembar has been doing the diving since he was kids and now he is the most professional diver in the ilsna d comments debug Review (1) Write a comment Write a comment Sort by: Newest Askar DG KAMIS Admin Aug 06 cool... nice package, good companion during the trip Like Reply
- Hotel Business | IDHotelier
Business Your Trusted Source for Tourism Business information and updates The Tourism Business is facing significant challenges in the current economy. Technology is playing an increasingly important role in helping businesses succeed. Automation, digital marketing, and data analytics are all being used to streamline operations and enhance customer service. Read Tech Updates Askar DG KAMIS 4 hours ago 3 min Ribas Hotels Group is your reliable partner in Bali The international hotel operator Ribas Hotels Group is your partner in the field of integrated hotel management. ID Hotelier 1 day ago 3 min Hotel Overbooking Strategy : What You Need To Know It may seem bad at the outset but overbooking has its pros too. Here’s a quick guide to a hotel’s overbooking strategy ID Hotelier 2 days ago 2 min Top Upselling and Pricing Intelligence Platforms That Can Drive Your Online Revenue With STAAH’s integration to Upselling partners, STAAH customers can seamlessly drive more revenue and upsell efficiently to their guests Are Morch 3 days ago 4 min How to Achieve Guest Satisfaction in the Hotel Industry – 7 Easy Tips! When running a hotel, one of the critical factors that can make or break your business is the hotel guest experience. ID Hotelier 3 days ago 2 min How Gift Vouchers Can Make Your Holiday Season a Thumping Success? With a little bit of planning, a carefully thought-out strategy and armed with a powerful gift voucher management system ID Hotelier 5 days ago 1 min Unique Perfume Creation Experience at Stephanie de Bruijn, Paris Stéphanie de Bruijn grew up in the Grasse region and it is in this place with such special scents that she fell in love with Perfume 1 2 3 4 5
- Frequently Asked Questions | ID Hotelier
For Further Questions, please let us know Call Us