Weekly Insights. February 10, 2024

Weekly Insights. February 10, 2024

Best hospitality industry articles focused on 💵revenue, 📊markets, and 🎯strategy (Feb 4 - Feb 10, 2024).

Alex Kapichin

Hyper-Personalization: the future of hotel marketing

Modern consumers expect personalized experiences in many aspects of their lives - from online shopping to streaming services - making it very important that hotels find ways to offer the same level of personalization that travelers expect in their next hotel stay. Due in part to the advances of marketing technology and the wealth of customer data available due to online bookings, hyper-personalization has come front and center, as a must-do for hotels to secure more bookings, encourage repeat customers (more revenue!) and boost ongoing profitability.

Strategic success unveiled: How competitive sets lead hoteliers to informed business decisions

A Competitive Set, commonly known as a Comp Set , comprises a collection of hotels with which a property competes for business. STR first introduced the industry to Comp Sets in the 1980s. The concept has evolved over the years alongside the industry, but the significance of Comp Sets in a comprehensive benchmarking experience remains unwavering.

Hotels included in Comp Sets are typically located in the same geographic area and offer similar services and amenities. By analyzing these properties in aggregate, revenue managers, owners and a host of additional stakeholders can better understand market position and adjust strategies accordingly.

Hospitality at a crossroads: Is a remote work model essential to retain talent?

The COVID-19 pandemic accelerated hospitality’s shift towards remote work, challenging the sector to adapt roles for remote environments, ranging from customer service to event planning. While remote work offers advantages for both employers and employees, it also presents multiple challenges for them. Companies must balance attracting younger talent with the limitations of remote work, identify roles suitable for remote settings, and invest in the infrastructure necessary to support this model.

Hospitality revenue management: 10 ways to boost hotel income in 2024

Despite signs of recovery in 2023, the hospitality sector's 2024 outlook is unpredictable. Deloitte's Hospitality Industry Outlook 2023 identified the hospitality sector's key challenges for 2024 as a drop in consumer confidence, continuing labor shortages, and the inability of hotels to raise prices despite escalating costs. However, by leveraging strategic hospitality revenue management, hotels can navigate these hurdles and even drive revenue growth in the coming year. While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel's revenue in 2024.

Google kills metasearch commission bidding (CPA): What next for hotels?

Google announced it's ending commission-based metasearch models. Learn everything you need to know to navigate these changes.

7 key features your online booking engine needs to have

Hoteliers often pour immense effort into crafting their websites, yet the true test of this investment isn't just in the browsing—it's in the booking. The booking engine is where the guest's journey transitions from interest to action. As a result, it’s crucial that this tool not only matches your website's appeal but enhances it to seamlessly turn lookers into bookers.

Whether you're in the market to upgrade your existing booking engine or venturing to select your very first one, understanding the essential features your booking engine needs is crucial. This guide delves into the must-haves. From personalisation to seamless mobile compatibility, these features not only enhance the guest experience but also support your hotel's efficiency and marketing success. Let's explore what features make a booking engine ideal, and why these features matter.

Four ways to use ChatGPT4 in travel marketing

In the past year, I have had the opportunity to speak at various events, coach and consult with clients, on the specific topic of generative artificial intelligence (GenAI). For many, the question is quite simple: beyond the hype, how can I use ChatGPT and similar tools in my day-to-day?

So let’s dig in and look at four specific use cases you may want to try out today!

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