#1 HIC NEWS OF THE WEEK

We are pleased to introduce our HIC NEWS OF THE WEEK to you.

Here, together with our partners, we bring together current and informative content from the industry to keep you up to date and inspired.

Our aim is to provide a platform where you can not only keep up to date with the latest developments in the industry, but also find educational content and useful information. We are constantly on the lookout for interesting topics that will help you to expand your skills and knowledge and offer you new perspectives.

We very much look forward to your feedback and suggestions to improve our content and meet the needs of our readers.
So feel free to contact us to share your opinions or let us know what topics you would like to see in the future.

We hope you like our first post and look forward to seeing you back here next week. Same time, same place.

Happy week!
Laura and Jess

New AI tool to detect anomalies in the hotel market.

– by HQ revenue

Anomaly Alerts:
AI is on everyone’s lips – not just since ChatGPT, but especially since this success. There is an excellent discussion about how AI tools can and should be used and where the dangers are. For us in the hotel industry, it is above all the very practical benefits that become apparent: Because machine learning algorithms are excellently suited for recognising patterns – and that also means: they are very very good at recognising deviations from patterns. Often better than we humans.

How that helps us:
Well, we encounter patterns in the hotel market. Depending on the location and target group of the hotel, these patterns are narrower or broader. The more confusing the market is (for example, because volatility is high, because the competitor set is broad, or because the destination lacks clarity), the harder it is for us humans to see these patterns – and the harder it is for us to see deviations from these patterns.

HQ revenue Anomaly Alerting:
The new HQ revenue widgets currently alert hoteliers and revenue managers to anomalies in the hotel market in up to six different categories – up to 356 days in advance. The tool also provides recommendations for appropriate responses.

Will thinking for yourself now be superfluous? Not at all – we gain more time for exactly that!
The HQ revenue Anomaly functions can be added to all HQ revenue users;
Users who already connect their PMS will benefit most quickly, as the widgets can use the historical data as a training set.

→ More info

Hotellistat & Romantik Hotels collaborate.

– by Hotellistat

Romantik Hotels have decided to work together with Hotellistat as a partner in the area of revenue management. The all-in-one system covers all areas of the revenue management workflow and is intended to offer the hotels comprehensive support in digitalisation and resource utilisation. Romantik Hotels hope to save time and money through this cooperation and thus rely on a future-proof solution.

Hotellistat feat. dailypoint Product Webinar in DE and ENG .

– by Hotellistat

Hotellistat provides and analyses data from all areas of the hotel management workflow, such as revenue management, market analyses and/or online reputation management.

Julia Schröder (Head of Sales & Marketing at Hotellistat) explains what the solution can do and what advantages the cooperation between Hotellistat and dailypoint offers.

Webinar on 09 May 2023 from 11:30 a.m. to approx. 12:00 p.m.

You can join the webinar free of charge.

Here is the link for the Webinar in english:
https://ts-and-c.webex.com/weblink/register/r7376d35d8e767c6e4f420e5ae2c1ed74

How to do E-Mail Marketing in a hotel (10 best practices).

– by Oaky

Email marketing is a tried-and-tested method of digital marketing that has been around for decades. It is also one of the most cost-effective and successful ways to promote products and services in any industry, including the hospitality industry.

With over 4.7 trillion global email users expected in the next three years, integrating email marketing campaigns into your hotel’s marketing strategy is a no-brainer. A hotel email marketing strategy is a crucial tool that can help you engage with your current and past guests, build brand awareness, and generate revenue.

To help you improve your hotel email marketing results, here are ten best practices:

Create an email signup form on your website: Encourage people to give their consent to receive your email communication by setting up a signup form on your direct booking website.
Segment your audience to improve personalization efforts: Tailor your emails to address specific interests and needs of different subscriber groups to avoid generic communication.
Nail the timing: Send pre-arrival emails 12 days before check-in and follow up 9 or 10 days before checking in, with the best click-through and conversion rates.
Focus on deliverability and engagement: Deliverability and engagement are critical metrics that measure your campaign’s success. Ensure that your emails are delivered to your subscribers’ inbox and that they are engaging.
Personalize subject lines and sender names: Use personalized subject lines and sender names to increase the open rate of your emails.
Keep your content short and sweet: Keep your emails concise and to-the-point to avoid overwhelming your subscribers.
Use attractive visuals: Incorporate attractive visuals that match your branding to enhance the overall look and feel of your emails.
Include clear CTAs: Include clear and visually-appealing CTAs that lead to your website or booking page.
Test and measure your campaigns: Test and measure the effectiveness of your campaigns by analyzing metrics like open rates, click-through rates, and conversion rates.
Automate your email marketing efforts: Automate your email marketing campaigns to save time, ensure consistency, and improve efficiency.

In addition to the above best practices, here are six campaign ideas for inspiration:

Welcome emails: Welcome new subscribers to your mailing list with a personalized email that includes a special offer or discount.
Promotional emails: Promote your hotel’s services and offers, such as room upgrades or special packages.
Seasonal emails: Create seasonal-themed emails to showcase your hotel’s services and offers, such as holiday packages or summer specials.
Loyalty program emails: Send exclusive offers and discounts to loyal customers to reward them for their business.
Event emails: Promote events happening in and around your hotel to generate interest and boost attendance.
Feedback emails: Send post-stay emails to gather feedback from guests and use this information to improve your services.

In conclusion, a well-planned and executed email marketing strategy is an indispensable tool for hotels to engage with their guests, build brand awareness, and generate revenue. By following the best practices outlined above and experimenting with different campaign ideas, hotels can unlock the full potential of email marketing and achieve their business goals.

Here you can see the full article.

The seven deadly sins of distribution.

– by Mirai

Hotel distribution can be complex and challenging, and there is no one-size-fits-all solution. However, controlling your hotel’s distribution is essential for greater profitability and revenue, especially in times of crisis or uncertainty. Unfortunately, the lack of transparency in distribution and the price war for the end customer can make this control very difficult, if not impossible, to achieve.

To help hotels achieve a healthy and profitable distribution, it’s important to avoid the seven deadly sins of distribution:

1. Greed: The more channels, the better. Over-contracting certain types of channels can lead to channel mismanagement and unprofitable distribution, increasing commissions to third parties.

2. Ignorance: Not knowing the real profitability of each channel. Understanding the true cost of distribution and the net revenue of each channel is essential for making the right decisions.

3. Overestimation: Assuming that all channels have more capacity to engage customers than you do on your own. Capturing all the demand that will keep your direct channel within the right profitability margins through a good visibility strategy is crucial.

4. Neglect: Neglecting your online presence and reputation. Taking care of your online reputation can tip the balance in your favor and be visible to your audience in the showcases where customers are looking for your accommodation.

5. Laziness: Letting other channels build customer loyalty for you. Gaining customer loyalty allows you to take control of the relationship with the direct customer, develop more effective communications, have access to their data and buying habits, allowing you to personalize your message and reduce the cost of acquiring that customer in the future.

6. Underestimation: Assuming that direct sales are cheap. Direct sales may be one of the most profitable, but your costs may also rise to the level of other intermediaries.

7. Mistake: Believing that intermediaries will respect your price. Controlling price distribution is essential, as is presenting a competitive price and value offer on your website in line with customer expectations.

In summary, to achieve a healthy and profitable distribution, hotels must take control of their distribution channels and their profitability, take care of their online presence and reputation, build customer loyalty, and consider the real cost of direct sales. By avoiding the seven deadly sins of distribution, hotels can ensure greater profitability and revenue, and be more responsive to market challenges.

Here you can read the full article.

Hoteliers, Raise Your Prices!

– by Suitepad

Hotels managed to successfully pass on inflation costs to guests—yet only for room rates, not ancillary services. The Hospitality Inflation Report 2023 shows that hoteliers can increase prices for room service and spa treatments in particular. Take advantage of data-driven insights to modify your pricing strategies accordingly!

Here you can read the full Inflation Report 2023.

Price integrity in hotel revenue management: strategies and tips.

– by BeonX

Price integrity refers to the practice of ensuring that the prices displayed on your hotel’s website are consistent, accurate, and up-to-date, including room rates and additional fees and charges. It helps establish trust with customers and avoids pricing inconsistencies, which can damage a hotel’s reputation and revenue growth strategies.

To achieve price integrity, hotels need to implement fair and consistent pricing strategies that align with market value, meet customer expectations, and reflect the quality and experience the hotel has to offer. Hotels should review their pricing strategy to ensure that the prices offered throughout the year are accurate, transparent, and consistent, and use an ascending pricing strategy that increases closer to the arrival date in line with fair market value ranges.

Hotels should also use data analytics to manage inventory and pricing strategies through the analysis of supply, demand, market trends, and competitor pricing, determining fair prices that align with fair market value ranges. Additionally, hotels need to clearly justify any discounts they offer and resist the urge to slash prices at the last minute to boost occupancy rates. Discounts should be clearly defined with guidelines, and exclusive discounted rates can be offered to guests who have joined the hotel’s loyalty program or time-sensitive offers for special dates.

Finally, the most effective way to develop price integrity is by offering guests value for money. The more a guest feels they have received quality products and services, the more likely they are to trust the hotel and become loyal customers.

Key takeaways:
– Price integrity helps establish trust with customers and avoids pricing inconsistencies, which can damage a hotel’s reputation and revenue growth strategies.
– Hotels should implement fair and consistent pricing strategies that align with market value, meet customer expectations, and reflect the quality and experience the hotel has to offer.
– Use an ascending pricing strategy that increases closer to the arrival date in line with fair market value ranges.
– Use data analytics to determine fair prices that align with fair market value ranges.
– Clearly justify any discounts offered and avoid last-minute price slashes to boost occupancy rates.
– Offer exclusive discounted rates to guests who have joined the hotel’s loyalty program or time-sensitive offers for special dates.
– Offer guests value for money to develop price integrity and generate consumer trust and loyalty.

Here you can read the full article.

What is revenue management automation and why is it important?

– by BeonX

Revenue management automation is an innovative way of managing data in the hospitality industry.

With advancing technology, revenue managers can now access the predictive and prescriptive data they need to create successful strategies more efficiently, rather than relying on intuition alone. This automation streamlines internal revenue processes, allowing revenue managers to focus on revenue growth instead of repetitive data collection.

Revenue management automation relies on AI and machine learning technology to enhance a hotel’s processes. This type of automation enables revenue managers to access real-time analytics, make accurate predictions, monitor distribution channels, and design data-driven strategies. In short, revenue management automation optimizes the revenue management process to generate maximum revenue growth.

Benefits of revenue management automation include enhanced predictive and prescriptive analytics, improved decision-making processes, and more profitable long-term revenue strategies. Prescriptive analytics uses current data and demand forecasts to identify effective revenue management strategies. Revenue management automation also automates daily decision-making processes, which frees up time for revenue managers to work on revenue growth. By using human input to add knowledge and expertise to the system, managers can manage by exception and automation, which is the future of revenue management.

Overall, revenue management automation is essential for businesses that want to stay ahead of the competition. It’s a valuable tool for revenue managers who want to access in-depth awareness and gain valuable business insights. By leveraging the power of technology, businesses can optimize their revenue management processes and grow their revenue more effectively.

Here you can read the full article.

5 essential hotel software tools you need for effective revenue management:

– by BeonX

The key to managing revenue growth and total profitability is by building an effective revenue management tech stack. Here are five essential hotel software tools that can help achieve that goal:

1. Online Reputation Management tools to monitor guest reviews and ratings and make positive changes that will improve brand reputation.

2. Direct booking growth tools to boost your direct channels and cut distribution costs by personalizing the booking experience and adding perks to your website.

3. F&B revenue systems to develop dynamic pricing and menu engineering strategies that boost revenue from ancillary services.

4. Sustainability management systems to measure the impact of climate change, improve sustainability reporting capabilities and attract guests and investors.

5. Profitability management platforms to collect all data gathered by various software tools and display it through a central interface, allowing you to design and implement actionable strategies for revenue growth.

By utilizing these tools, hotel and revenue managers can automate and streamline their processes, personalize their guests’ experience, and optimize their revenue streams at each touchpoint in the guest journey, boosting overall profit.

Here you can read the full article.

#1 HIC NEWS OF THE WEEK

New AI tool to detect anomalies in the hotel market.

Hotellistat & Romantik Hotels collaborate.

Hotellistat feat. dailypoint Product Webinar in DE and ENG .

How to do E-Mail Marketing in a hotel (10 best practices).

The seven deadly sins of distribution.

Hoteliers, Raise Your Prices!

Price integrity in hotel revenue management: strategies and tips.

What is revenue management automation and why is it important?

5 essential hotel software tools you need for effective revenue management:

INFORMATION

CONTACT

PARTNER

SUSTAINABILITY PARTNER