Weekly Insights. January 6, 2024

Weekly Insights. January 6, 2024

Best hospitality industry articles focused on 💵revenue, 📊markets, and 🎯strategy (Dec 31 - Jan 6, 2024).

Alex Kapichin

The hospitality industry’s key historical metrics

Performance benchmarking is paramount in the hospitality industry, and whether measuring success against yourself, the competition or a specific segment of the market, the process involves foundational historical metrics. 

Benchmarking is the foundation of any decision making. If you don’t know where you have been, you don’t know where you are presently and you don’t know where you are heading. Historical data centers you to what is working and where opportunities exist. The utilization of historic data tells any revenue, sales, or marketing strategy where it should be focused and whether a strategy is delivering improved market share over time.

In the wide-ranging Food and Beverage industry, global trends are increasingly important. As cultures intertwine and borders blur, the industry must cater to a palate that is constantly evolving and universally connected. Here, we delve deep into the international choreography that makes F&B a globally harmonized experience.

Welcome to the 2024 edition of Hotelchamp’s travel industry insights, where we delve into the trends shaping hospitality's future. As the industry continues to evolve at a rapid pace, it's crucial for hoteliers to stay ahead of the curve. This year, we're seeing a dynamic shift in guest preferences, marketing strategies, and technological advancements that are transforming the way we approach the hotel experience. From the growing influence of video content and Gen Z's spending power to the rise of sustainability and fan tourism, these trends offer a roadmap for innovative and successful hotel operations. Join us as we explore these key trends and provide actionable insights for hoteliers to navigate this ever-changing landscape.

Upselling in hotels: Proven techniques and how-tos

Mastering the art of upselling in hotels has become an integral strategy for elevating the guest experience and maximising revenue. While the concept of upselling is not new, still many hotels are struggling to implement it in an effective and profitable way.

Discover why optimising your upselling strategy is paramount for scaling your hotel business and how you can start getting positive returns by establishing a robust upsell process.

Hotel distribution 2024: Why hotels should ride the GDS wave

In the intricate tapestry of the hospitality industry, Global Distribution Systems (GDS) have long been the favored tools of major players—hotel chains, airlines, and travel agents. However, as we stand on the cusp of 2024, the spotlight turns toward independent hotels and small groups. Should they venture into the realm of GDS as a pivotal element of their business strategy? Let’s unravel the potential and key considerations for these entities as they embark on the GDS Odyssey.

Embracing the scientific method: The future of hotel management

In the hospitality industry, hoteliers are constantly seeking innovative strategies to enhance guest satisfaction, optimize operations, and boost revenue. As we step into 2024, one transformative approach stands out: adopting a mindset similar to that of scientists. This article delves into why and how hoteliers should embrace experimentation, the test-and-learn approach, and continuous innovation to stay competitive and successful.

In recent years, the hospitality industry has seen rapid changes in guest expectations, largely driven by technological advancements and changing consumer values. Guests now seek personalized experiences, seamless technology integration, and sustainable practices. To meet these evolving demands, hoteliers must adopt an innovative mindset, continuously seeking new ways to delight guests, improve operations and increase hotel performance.

How to create a hotel marketing plan

In this comprehensive guide, we’re covering the ins and outs of hotel marketing. We explore what a marketing plan is, what your hotel marketing plan should include, how to create one, and more. From identifying your target audience to measuring the success of your efforts, this guide takes you through the world of hotel marketing and provides actionable tips for improving your property’s strategy.

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