Hotel owners and operators are best positioned for success when they measure their business from every angle. That is why no benchmarking experience can be considered comprehensive without frequent insight into future booking levels in the marketplace.
Through the Forward STAR element of benchmarking, hoteliers can get ahead of the game by measuring rooms booked for the days, weeks and months ahead for both the local market and the competition. Further, Forward STAR completes the performance picture in tandem with top-line historical data, profitability and forecasting.
What if revenue management could be wielded to turn hospitality’s weaknesses (i.e., instability) into strengths (i.e., flexibility)? Indeed, some job seekers value flexibility more than stability. For example, stay-at-home mothers with young children may prefer short-term work in the morning or students may be available to work the weekend shift and earn some pocket money. The hotel industry has long used revenue management strategies to increase profits by capitalizing on the differences between supply and demand. Why not turn the equation around and make revenue management work for people?
Despite some lingering concerns around the broader economy and geo-political instability, we can confidently say that travel has fully recovered in 2023.
While obstacles still remain and will continue to rise, we can look back on 2023 and forward in 2024 with optimism and recognize the potential for growth and innovation.
Here are our key learnings from 2023.
The holiday season is here and 2024 is on the horizon. Consumers are gearing up for travel and, our data shows an 11% increase in flight bookings from Europe to global destinations this December, with hotel bookings soaring by 33% compared to last year. However, with the arrival of the new year, a lull in travel is expected. In January, flight prices tend to decline as demand decreases, with many travelers unable to commit to back-to-back holidays due to time and budget constraints.
For travel marketers, now is the time to hone your 2024 strategy to ensure you can capture bookings all year round. We’ve put together a list of top travel marketing trends to help you get insight into what travelers want in the New Year, so you can kick off 2024 with more bookings than ever.
A customer journey map is vital in this context. It helps businesses understand and manage interactions with their clientele at every touchpoint, from the first encounter to the final transaction. So this post is all about the tool that guides you in creating exceptional customer experiences and how you can get the most out of it.
Major hotel groups in 2023 introduced a wave of brands, including Marriott’s StudioRes, IHG’s Garner, Spark by Hilton, and Hyatt Studios. These brands shouldn’t be confused with other new ones, such as Aman’s Janu, Kerzner’s Siro, Langham’s Ying’nFlo, TAG’s Paradox, and Paliosociety’s Le Petit Pali.
There are now about 1,000 hotel brands worldwide.
A recent discussion on LinkedIn promoted this post. As a regular restaurant eater I have always been surprised that dining establishments are offering fixed pricing - rain or shine - that is the same every day of the week, every season, even on public holidays.
Why the same appetizer, salad or main dish cost the same on a Tuesday evening (super low demand at many restaurants) and Saturday evening (super high demand). At 6pm and 8pm? Or meal pricing for the last available table at the restaurant? The same questions for pricing for drinks and cocktails at the bar.
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