Common reasons preventing accommodation providers from using yield management and revenue management are cost, complexity and requirement of trained staff. What is the difference between the two approaches and how can these obstacles be overcome? What is Revenue Management? Revenue Management applies data science and insights such as
Meta search engines make it easy for price conscious guest to find the best price for what they want to book by comparing prices of various providers in one place with the option to instantly book the best offer. Since meta search engines are getting more
Being fully booked all year around is the dream of every hotelier. In reality most places have slow seasons which require increased marketing efforts. The good news is: The last-minute market is emerging. More and more people travel with mobiles, tablets or laptops and use
Word of Mouth has always been one of the key success factors in the hospitality industry. Online Word of Mouth (eWOM) is an even more powerful marketing tool. We have heard from many new hosts that the first good review changed the game. The more
Mobile devices have become a natural part of most peoples lives. More and more people are browsing the internet on mobile devices like smart phones and tablet. According to Phocuswright mobile travel bookings will account for 27% of the U.S. online travel market by this year
Booking websites have become an important source of bookings. For some hotels or properties even the most important source. Using several sites usually means increased visibility and revenue. The downside to this strategy used to be the management effort involved. Manually keeping multiple calendars up to
An efficient check-in process, a clean room and quality staff are essentials a guest expects. To make a difference hosts need to move beyond the basics. Personalized service is one key to improve guests service experiences. Customer Service is the New Marketing* Service has
The digital currency Bitcoin is growing in popularity. A few days ago Expedia was the first mayor online travel agency to announce they accept Bitcoin transactions. What is Bitcoin? Bitcoin is a decentralized virtual currency introduced as open-source software in 2009. Payments work peer-to-peer without a central
Fifteen years ago bookings were generated through travel agencies, write ups or ads in publications, repeat-customers and referrals. Today travelers go on-line and search the web. Of course, repeat customers and referrals are still important, but in a world where billions are connected to the
The popularity of voucher codes has rapidly grown over the past years. This is because they are an easy and flexible way of promotion. The hospitality industry is no exception. Many hotels already use vouchers and discount codes. With people thinking about what to give at