Whether it’s one hotel or an entire portfolio, there are certain revenue management tasks that are simply too repetitive and add little value for the time they take. Think about manually gathering data in an Excel spreadsheet for pricing decisions or manually keystroking rate recommendations into the Property Management System (PMS).
Duetto recently connected with nearly 100 revenue managers - users and non-users - for specific research on what keeps them up at night. Through surveys and interviews with DORMs, Area DORMs, corporate-level revenue executives and management companies from across the globe, some new trends emerged.
Examining the challenges and opportunities facing hoteliers in 2019, it might be easy to say, “New year, same old story.” In attempts to drive revenue and increase profitability, hoteliers—like they have for seemingly the past decade—continue to focus on less costly ways to acquire guests.
It is not uncommon that I speak to a fellow industry colleague on the hotel operations front that - sooner or later - we come across the topic of OTAs and distribution of flat, albeit seasonal contract rates.
Revenue management and marketing have long operated independently within hospitality—with revenue management focused on driving revenue and marketing tasked with creating awareness. But therein lies the opportunity: A look at each discipline’s evolution in the last decade reveals that these necessary skill sets are increasingly complementary, according to this Lodging Magazine report.
Faced with tight competition for traveler dollars and more demanding, better-informed consumers, travel and tourism companies are turning to next-generation technologies such as robots, data analytics, artificial intelligence and augmented reality, according to this consumer Globe and Mail report.
Earlier this year I was invited – along with other RMS vendors and senior hotel executives – to speak at a roundtable hosted by none other than RM-veteran Sherri Kimes. As was to be expected, the conversation was robust and engaging, with viewpoints shared from a variety of perspectives for a holistic view.
Norwegian hotel chain Nordic Choice has almost 200 properties in Scandinavia and the Baltics, all under one owner - Petter Stordalen and his company Strawberry Group.
Hype surrounding blockchain technology continues to climb, despite the volatility in related cryptocurrencies like Bitcoin seen earlier this year. While it’s still too early to know how these distributed-ledger technologies might change the hospitality industry, experts are starting to share details of what could be effective use cases in distribution and hotel loyalty.
To truly drive hotel innovation in the right direction, we should all start by understanding what travelers and our guests really want. For example, here’s a perspective on hotel personalization from an older gentleman we can only assume travels often and stays in a lot of hotels.