Here we are with week 2 of our NEWS OF THE WEEK!
This week you can learn everything about:
Choosing the right Revenue Management Solutions for your hotel’s needs
Now is the time for a restart in hotel tech!
This is how Tripadvisor net commission per stay model works
11 Types of hotel guests and how to tap into their needs
Happy week!
Laura and Jess
– by Beonprice
Hotels can benefit greatly from revenue management solutions, which help automate and optimize their revenue management strategies. These systems use advanced algorithms and analytics to analyze data related to demand, pricing, and inventory, which revenue managers can use to make informed strategic decisions and maximize revenue and profitability. But how do you know which solution is right for your hotel?
First, consider your specific business needs, such as your hotel’s size, budget, data complexity, and whether you need a solution to manage pricing and inventory across multiple channels. Research your options, read reviews, arrange demos, and speak with other hoteliers to learn about their experiences.
Next, ensure the solution can be easily integrated with your existing tech stack, including your property management system (PMS) and customer relationship management system (CRM). Make sure it can be adapted to your business model and workflows, and look for key features like dynamic pricing, rate parity monitoring, channel management, demand forecasting, reporting and analytics, and a user-friendly interface.
Choose a solution with a great team behind the scenes that can offer ongoing technical support, and don’t forget to account for future growth and scalability. With the right revenue management solution, you can continuously optimize your revenue potential and get the maximum return on your software investment.
Here you can read the full article.
– by DailyPoint
Hotels have been relying on Property Management Systems (PMS) for over 40 years to manage their operations.However, with the emergence of new solutions such as CRM, CRS, RMS, and IBE, hotels have found themselves struggling to integrate and standardize guest data across different systems.
In his latest opinion article, Dr. Michael Toedt examines the need for a new IT stack that can centralize and standardize guest profiles, and how this can be achieved through a Central Data Platform (CDP). Hotels must rethink their tech strategy and consider adopting a CDP to achieve the elusive ‘Golden Record’ of guest data.
Here you can read the full article.
– by Mirai
If you’re a hotelier looking to boost your visibility and attract more guests, you may have considered using TripAdvisor. With over 463 million monthly visitors, TripAdvisor is the world’s largest travel website and a popular platform for travellers to research and book their trips. But have you ever wondered how TripAdvisor’s commission model works?
Traditionally, TripAdvisor charged hotels a commission fee for every booking made through their platform. However, in 2018, they introduced a new commission model called Net Commission Per Stay (NCPS). With NCPS, TripAdvisor charges a commission fee based on the total cost of the guest’s stay, rather than per booking. This means that hotels pay a commission fee on the entire amount of the guest’s stay, including room charges, taxes, and any additional services or amenities.
So how does this model benefit hotels? According to TripAdvisor, NCPS provides hotels with greater flexibility and control over their commission fees. With the traditional commission model, hotels paid a commission fee for each booking, even if the guest canceled or didn’t show up. However, with NCPS, hotels only pay a commission fee for completed stays, which reduces the risk of wasted commission fees.
To calculate the commission fee, TripAdvisor uses a sliding scale based on the total cost of the guest’s stay. The commission fee ranges from 12% for stays with a total cost of $2,000 or less, to 14% for stays with a total cost of $5,000 or more. In addition, hotels can reduce their commission fees by offering exclusive deals and promotions to TripAdvisor users.
Overall, TripAdvisor’s Net Commission Per Stay model provides hotels with greater flexibility and control over their commission fees, while also reducing the risk of wasted fees. By understanding how this model works, hotels can make informed decisions about their marketing and distribution strategies and maximize their visibility on TripAdvisor.
Here you can read the full article.
– by Oaky
Are you interested in learning about the different types of hotel guests? Look no further than this article by Oaky! Here, you’ll discover the key characteristics of seven distinct guest types.
Key takeaways:
1. The business traveler: This guest is often in a rush and values efficiency and productivity. They may be more willing to pay for upgrades or add-ons that will enhance their work trip.
2. The leisure traveler: Unlike the business traveler, this guest is looking to unwind and relax. They may be more interested in amenities such as a spa or pool.
3. The family traveler: This guest values space and convenience, as they are likely traveling with children. Family-friendly amenities such as a children’s play area or adjoining rooms can make a big difference for these guests.
4. The millennial traveler: This guest is typically tech-savvy and social media conscious. They may prioritize trendy and Instagram-worthy experiences, such as staying in a unique hotel or trying local cuisine.
5. The senior traveler: This guest often prioritizes comfort and safety, and may be more inclined to choose a familiar brand or location.
6. The group traveler: Whether traveling for a wedding, conference, or other event, this guest values affordability and convenience. Room blocks and group rates can be a big selling point for these guests.
7. The adventure traveler: This guest is seeking excitement and unique experiences, such as hiking or exploring a new city. Offering local activity recommendations or adventure packages can appeal to this guest type.
By understanding the different types of hotel guests and their unique preferences, you can tailor your hotel’s offerings and marketing efforts to better meet their needs. Check out the full article for more in-depth insights into each guest type!
Here you can read the full article with all 11 types of travellers.
– by Allseated
Get ready for the latest buzzword in travel: bleisure! This new trend is a combination of business and leisure travel, where people extend their business trips for a few extra days of fun. In this article, Allseated explores how bleisure travel is transforming the hospitality industry.
Key takeaways:
1. Bleisure travel is becoming increasingly popular, as more and more people want to mix business with pleasure.
2. Hotels and other travel companies are adapting to this trend by offering more flexible booking options and a wider range of activities and amenities.
3. Bleisure travelers tend to spend more money and stay longer than traditional business travelers, making them an attractive demographic for hotels to target.
4. To capitalize on the bleisure trend, hotels should focus on creating a seamless and personalized guest experience that caters to both business and leisure travelers.
Here you can read the full article.
HIC NEWS OF THE WEEK KW 20