Thanks to modern data collection capabilities, hotels can now track performance indicators in-depth and in real-time, giving hoteliers unparalleled insights into their own strengths and weaknesses. The problem is that with so much data available, it can be easy to get lost in the numbers. In order to leverage data intelligently, it’s important to know
Employees are more than just the backbone of a hotel’s operation. They’re its smiling face, its helping hands and the heart of its character. Without experienced, reliable staff, a hotel is just a set of very nice rooms—it’s the staff who take the guest experience to the next level. Knowing this, the current talent shortage
Social media is an inescapable aspect of modern life, but for hotels it’s more than that. It’s a marketing strategy that can boost your business more than you might realize. 63% of companies who use social media marketing attribute it to greater marketing efficiency. After all, you want to reach your audience where they are,
Technically speaking, rate shopping is nothing new. For years hotels have been comparing their room rates to the rates at competing properties, and making adjustments to be as attractive as possible to price-conscious travelers. But even for those who actively engage in rate shopping, the process can be daunting. It’s a time-consuming task to
Revenue management systems (RMS) give hoteliers fresh insight into the financial health of their hotel. So it’s surprising to learn that, according to one estimate, only 7% of hotels rely on RMS technology. Manually managing room rates, booking guidelines and revenue targets is possible—but it’s also difficult and unreliable. By measuring supply and demand to
Cancellations are a fact of life in the hospitality business. Hotels are making it harder for guests to cancel consequence-free by requiring at least 24 to 72 hours notice to change a reservation, but even so, plans change and dropped reservations are often unavoidable. With the right strategy in place, however, cancellations can also be
Overbooking was once a problem caused by glitches in automated booking technology—but these days, it’s become not only an opportunity that technology presents, but a pillar of smart hotel management. In the quest to reach 100% nightly occupancy, and generate as much revenue as possible, hotels now purposely book more reservations than they can
Peak travel season is the best of times and the worst of times for the hotel industry. On the one hand, months of being at or near full occupancy contribute immensely to the bottom line. On the other hand, having to operate at capacity for weeks at a time puts huge stress on hotel operations.
Who says overbooking is a bad thing? After all, most hotels are dealing with a rise in last-minute cancellations, often within days or even hours of when a guest is expected to arrive. Meanwhile, they’re turning away guests under the assumption that those rooms are accounted for. As a result, hotels never reach full occupancy—and
It takes a concerted effort to bring guests to the point where they’re ready to make a reservation. Hotels have to invest extensively in marketing, price strategically, offer up extra amenities, optimize their loyalty programs and appeal to guests across multiple online channels. When a guest finally makes the decision to book, hotels must to
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