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5 KEY COMPONENTS TO AN EFFECTIVE REVENUE & PROFIT STRATEGY- Hospitality Minds

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.
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HOW TO GROW HOTEL BUSINESS - Hospitality Minds

Everyone is planning to grow their hotel business but there are many obstacles to grow business in hospitality industry. And this time, we've got just the right tips for you to have your way around the industry.  The hospitality industry is the one which is ever evolving; being at the forefront in comparison with other hotels. Every other day, you will find new competitors and new challenges to grow you business and make your hotel good in comparison with your competitors.   All you need to do is start with new ideas to grow your business. Here are top 5 tips to grow your hotel business.

1.  Work on Online Travel Agents (OTAs) strategies OTAs plays very important role in growing your hotel business online. Every hotelier should build connections with at least 2-3 OTAs for managing hotel business efficiently.  An appropriate hotel description, listing out your amenities and posting clear and relevant images of your hotel will keep you in the forefront and make you visible to others …

ONLINE REPUTATION MANAGEMENT- Hospitality Minds

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 reputation management 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 step to protecting a…

STRATEGIES TO DEVELOP A WEBSITE- Hospitality Minds

STRATEGIES TO DEVELOP A WEBSITE Since its popularisation, back in the 90's, the Internet has come a long way. In the last 25 years, websites have changed dramatically and these changes have also generated new dynamics of personal and professional interactions, influencing consumer habits and requiring new marketing strategies in which brands have to quickly adopt an approach centred on the users. In the hospitality industry, the changes caused by the new digital dynamics are huge. Nowadays, consumers have total control of all steps of planning a trip: from searching for a destination to booking the accommodations. This makes it mandatory for any hotel to have a solid online presence, in order to lead the consumer from the search engine directly to the hotel's official website – the main online sales channel and the primary point of contact between a guest and the hotel. Here are the 7 steps that you should follow to make your website more powerful, 1. Content is (still) king- Cont…

Revenue Management Strategies- Hospitality Minds

Revenue Management  Strategies For Hotels Revenue Management has contributed millions to the bottom line, and it has educated our people to manage their business more effectively. When you focus on the bottom line, your company grows.— Bill Marriott Jr., Chairman and CEO, Marriott International  The standard definition simply has to be mentioned: Revenue management is selling “the right product to the right customer at the right time to the right price.” Furthermore I would like to add; through the right channel. Hotel Revenue Management is about becoming the architect of your own fortune. A hotel room is a perishable product, since the number of hotel rooms is limited. As a result, customer satisfaction and pricing remain the most important dynamic variables, which are subject to Hotel Revenue Management. It is all about balancing demand and capacity by forecasting prices for the purpose of maximizing the effectiveness of hotels’ resources.
However, the rise of the internet during the 2…

Strategies for Hotel Social Media Marketing- Hospitality Minds