Revenue Management Hotels for India- Hospitality Minds

What is the role of Marketing in the Hotel Industry? In any organisation, marketing strategy is critical to establish a brand, attracting new customers, and retaining existing clients. Because tourism accounts for the majority of the hospitality industry, a consistent brand identity is extremely critical. Marketers aim to guarantee that clients are aware of their brand so that they would utilise their services again. Because repeat customers account for such a large amount of revenue, your marketing plan should be balanced between maintaining relationships with existing customers and seeking out new ones. Success Methodologies To establish and execute an effective marketing plan , the hotel industry use a variety of approaches. The following are some of the most common brand success tactics used by marketers. Research For a variety of reasons, customers pick hotels and other hospitality services. Marketers' role is to identify what factors influence customers' decisions to use

                     1. ACCURACY & HIGHER MARGINS Rather than relying on human error-prone manual methods, a scientific approach uses statistical algorithms to effortlessly perform the computations necessary to develop optimal pricing and revenue management decisions. An advanced RMS incorporates wide-ranging factors, swiftly processing data to improve decision-making and produce more profitable results 2. SUPPLY AND DEMAND A key function of a science-based RMS is its ability to forecast unconstrained transient demand rooms that could be sold with unlimited inventory available at a highly granular level, i.e. customer segment, arrival date, room category and length of stay. This is crucial for true profit optimization. As an example, a 200-room hotel with demand for 300 rooms would require a very different pricing strategy than if there was a demand for only 100 rooms on a given stay night 3. Precise Forecasting When it comes to optimizing pricing deci

5 Ways to Balance between Revenue Management and Sales 1)     Keep Your eye on the Goal : - Often times sales and revenue Managemen t teams, fail to connect due to conflicting goals. Revenue Management wants to drive average daily rate (ADR) and gets frustrated with sales override decisions and sales gets confused as to why revenue managers quote the rates they do. AN integrated tech stack ensures that sales has access to the big picture and can fully understand the potential of higher-value business that may be competing for the same inventory. 2)     A group is a sum of its parts : - Better evaluate a group’s total revenue opportunity by examining it on an individual level as well. Will attendees be buying contacts or colleagues drinks in the bar? Will they be utilizing spa services? These factors must also be accounted for when considering a particular piece of group business. 3)     Opportunity Cost : - A newer trend that’s occurring is that, groups are asking h

SOCIAL MEDIA MARKETING Social media marketing  is the process of gaining website traffic or attention through  social media  sites.  Your customers are already interacting with brands through social media, and if you're not speaking directly to your audience through social platforms like Facebook, Twitter, Instagram, and Pinterest, you're missing out! Great marketing on social media can bring remarkable success to your business, creating devoted brand advocates and even driving leads and sales. Some Easy Hacks for Social Media Marketing : Start With a Plan: What are you hoping to achieve through social media marketing? Who is your target audience? Where would your target audience hang out and how would they use social media? What message do you want to send to your audience with social media marketing? Great Social Content : Consistent with other areas of online marketing, content reigns supreme when it comes to social media marketi

Looking to increase revenue in 2019? Get in line. The desire to generate more revenue is nothing new to hoteliers, but the journey toward higher revenues and greater profitability requires hotels to take a more holistic approach; one that implements technology that leverages data from disparate sources to develop actionable intelligence to help stimulate and optimize demand. Let’s take a closer look at five important areas of focus for your revenue journey. Channel Segmentation Your distribution channels – online, off-line, direct, and indirect – should be segmented and analyzed by guest type and acquisition cost. This lets you to determine where your most valuable mix of bookings and revenue is coming from. With OTAs charging hefty commissions, sometimes as, high as 30 %  you want a distribution strategy that drives as much direct business as possible. It’s important to regularly review your channel mix to ensure that it’s profitable and aligned with your property goals.

Strategies and Tactics for Online Reputation Management Across all segments of the hotel and hospitality industry, online reputation has become one of the most powerful drivers of revenue and growth. Whether you’re managing a boutique resort with a dozen rooms or an international destination brand with tens or hundreds of hotel properties around the world, your ability to monitor, influence, and improve the way your hotel is perceived online by existing and potential guests can spell the difference between winning and losing. This is where hotel reputation management comes in. To ensure that your online reputation is driving guests to your hotel — instead of away from it — we created a list of hotel reputationmanagement best practices and tactics. 1. Claim your business listing- Whether you like it or not, whether you are aware of it or not, your hotel is probably already listed on a number of social media platforms, online review sites, and search engines. The first s