SESSION 2 WEBINAR: REVENUE STRATEGY MANAGEMENT FOR
HOTELIERS
By watching this webinar I learn some facts about the
importance of guests’ ratings when deciding prices.
First the reviews are one of the most important
element that drive guests in their booking decisions. More than half of the
consumers won’t make a reservation if there are no reviews because reviews
appear as being references among customers. And because the offers of hoteliers
are more and more numerous and similar, the reputation of a specific hotel can
make the make the difference among all of its competitors. An increase in
reviews can lead to in increases in occupancy and in RevPar for a significant
amount.
Furthermore, the revenue management is essential for
hoteliers as it defines which service to sell to the different kind of
customers and at the most profitable price. But because the increasing numbers
of distribution channels and online reviews, the revenue managers are facing
difficulties to manage and forecast the rates. The hotels are spending more and
more on guest acquisition and retention because of the volatility of the
demand. This phenomenon impacts a lot on the total revenue.
Then in order to keep businesses profitable while
acquisition costs are rising, hoteliers could use some techniques such as:
- Integrate digital marketing processes in the guests purchase decision
- Make sure than previous customers made good reviews about the hotel and so focus on guest satisfaction before, during and after the stay
- Anticipate customers’ demand by offering them as much choice as possible when they are booking rooms
- Focus on increasing direct booking by focusing on guest services offered at the hotel and offering incentives
- Use metasearch to adapt to new trends
- Update your online websites as often as possible
- Get out of your comfort zone and create new services that will lead to the attraction of new demands
- Replace the RevPar by the ProPar to focus more on the profitability of the rooms and not only the revenue
Finally the most important things today is to
diversify across several channels of distribution, take into account the acquisition
which is higher and higher and finally listen to the customers in order to
create services that would create guests loyalty and that would also make a
hotel stand out among the competitors.
