The pandemic proved to be the most challenging time for the hotels & hospitality industry. With stringent travel restrictions & curfews, hotels & resorts experienced a period uncertainty in an already competitive field. Yet, some businesses were able to stay afloat amidst the odds. The hospitality market’s worth is expected to bounce back to USD 1.21 trillion in 2023 and having a defined revenue and innovation management strategy is an integral part to that success.
Hotels are also revamping their marketing techniques to cater accurately to the local demographic. For example, the dynamic pricing approach is frequently employed to boost revenue, particularly in the hotel industry which has fluctuating demand. It involves maximizing revenue by adjusting prices according to demand and supply conditions by using uses various algorithms such as seasonality, occupancy and competitor pricing often facilitated by a reliable pricing AI system. Another new technique used now is attribute-based pricing. This represents a fresh perspective on availability. Rather than categorizing inventory into traditional room types like “Standard Room” and “Superior Room,” this involves setting a base room rate per attribute and adding mark-ups based on the specific options the guest chooses to include. In other words, this offers a wider array of personalization options for the guests to choose from. Hotels can also instil Room Service Apps that enable your guests to independently order from your restaurant using a digital menu, scannable with a QR code. It’s an excellent way to boost revenue as guests can showcase photos of F&B items. This helps increases browsing time and the likelihood of the guest spending.
Having an immaculate review on hotel review sites are pivotal to a hotel’s success. Expedia found that 72% of travellers choose a hotel with higher review over one with a brand name or a lower price. In instance, guests have paid 35% more for a hotel that scored 4.4 compared to a hotel that scored of 3.9. Join us at the Hotel & Resorts Revenue and Innovation Management summit to discover how the top hotel chains are keeping abreast with the latest trends to boost profit. Learn from industry leaders & subject experts on how they leverage innovative tools to ensure a seamless & memorable that’ll ensure customer retention and increased profits.