Weekly Insights. May 18, 2024

Weekly Insights. May 18, 2024

Best hospitality industry articles focused on 💵revenue, 📊markets, and 🎯strategy (May 12 - May 18, 2024).

Alex Kapichin

How data science can transform conventional hotel hierarchies

Surprisingly, many hotel groups and brands have yet to integrate data scientists into their core marketing and IT teams despite the explosive growth of data-driven decision-making in other industries. These hotel groups seem entrenched in traditional, hierarchical organizational structures that are not conducive to integrating data science, as these rigid frameworks often lack the flexibility required to incorporate and fully utilize innovative analytical roles. The absence of specialized data professionals means these hotel groups are not leveraging available data to its fullest potential to predict trends, understand customer preferences, and drive revenue growth. This oversight represents a significant opportunity for these companies to gain a competitive edge by embracing data science to unlock innovative strategies for market differentiation and operational efficiency. 

What are your thoughts and experiences around this topic? How can hotel groups restructure to incorporate data science into their core-orgnaisation?

Why hospitality businesses win by putting people first - A mindset shift

In this article, we explore the key challenges hospitality businesses face and the strategies they can implement to align corporate culture and human values. We also discuss some of the benefits they can achieve by successfully navigating the transformation to become a human-centric business.

As Gorin debuts as CEO, Expedia Group launches new AI assistant, content creator shops

Following remarks from outgoing CEO Peter Kern at the opening of the Expedia Explore event in Las Vegas Tuesday morning, Gorin took the stage to outline the new products that are part of the company’s 2024 Spring Product Release, including an AI travel assistant and “Travel Shops” - marketplaces where content creators can earn commissions on their travel recommendations.

How fan and event tourism can be a gold mine for hoteliers

What do Taylor Swift, Game of Thrones and Formula 1 all have in common? Besides being at the core of some of the most devoted fandoms in the world, they’re also the beginning of great opportunity for hoteliers worldwide. Pop culture is stronger than ever before, and globalisation is in full force. Fans everywhere are eager to see their favourites in front of their very eyes.

While we predicted TV tourism as a travel trend already in 2023, 2024 has brought event tourism in all its might. In this article, we’re looking at how hoteliers can make the best of what pop culture has to offer. From understanding what brings the fans to your doorstep and how to attract them with appropriate messaging.

How hotel reception staff influence revenue management

Revenue management is a crucial aspect of the hospitality industry, focusing on maximizing income through strategic pricing, inventory control, and demand forecasting. However, an often overlooked element in this equation is the role of hotel reception staff. These frontline employees are instrumental in shaping the guest experience, impacting occupancy rates, and ultimately driving revenue. This blog post explores how hotel reception staff influence revenue management and why their role is pivotal in the overall financial health of a hotel.

Tourist taxes: How these hidden figures impact travel

Tourist taxes have been a fixture in many countries for decades, evolving alongside the rise of tourism. However, numerous renowned destinations, from Venice to Bali, have implemented new or increased existing tourist taxes in the past year. These political decisions have sparked vigorous debates in the press and social media.

The surge mirrors the mounting pressure of over-tourism amid growing climate concerns. But do tourist taxes really provide solutions? Let's try to understand how they affect the travel industry.

9 hotel revenue management consultants you should know

Need some help with revenue management at your hotel? For some hotels, it might not make sense to hire a full-time revenue manager to be based on-property, and other hotels might benefit from contract revenue management services for specific projects, temporary coverage, or strategic guidance. But it’s not always easy to find revenue management talent; you need to find a mix of education, experience, local expertise, and familiarity with the software your hotel uses. Revenue management consulting firms can be a great choice for hotels in need of revenue management services; in this article, we’ll introduce you to five leading firms and explain what responsibilities revenue management consultants can handle for you. With a trusted revenue management partner, you can be on your way to achieving higher ADR, RevPAR, and profitability while potentially spending less than you would on a full-time revenue manager or team.

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