hospitality industry Archives - Ramy Ayoub https://ramyayoub.com/tag/hospitality-industry/ Is a Marketing Professional, Entrepreneur, and Digital Transformation Expert Tue, 27 Jun 2023 11:31:05 +0000 en hourly 1 https://wordpress.org/?v=6.3.4 https://ramyayoub.com/wp-content/uploads/2023/05/cropped-Ramy-Ayoub-Marketing-Expert-modified-32x32.png hospitality industry Archives - Ramy Ayoub https://ramyayoub.com/tag/hospitality-industry/ 32 32 218339335 The Ultimate COVID Recovery Strategy for Every Hotel Department https://ramyayoub.com/the-ultimate-covid-recovery-strategy-for-every-hotel-department/ https://ramyayoub.com/the-ultimate-covid-recovery-strategy-for-every-hotel-department/#respond Thu, 02 Sep 2021 22:03:39 +0000 https://ramyayoub.com/?p=87391 The Ultimate COVID Recovery Strategy for Every Hotel Department

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COVID-19 brought the global hospitality industry to a grinding halt. Now, many destinations are slowly opening up again and the industry is beginning to recover. To help you get the most out of your property during this rebound phase, this article summarizes expert COVID recovery tips for your marketing, revenue management, F&B and front office departments.

Marketing Your Hotel Post-Lockdown

Getting eyeballs on your hotel and motivating people to book once you’re ready to reopen takes more than a simple promotion or two. Times like these require a more fine-tuned approach. Keep the following 4 tips in mind when you plan your marketing.

  • Plan your resources and focus on the marketing activities with the highest return on investment for your hotel. This could include focusing your energy on social media and media relations or paid advertisements and campaigns. Make the best choice for your property by looking at which media your target audience responds best to.
  • Focus on your local community because international travel may take longer to rebound. Offer deals and promotions around school or public holidays and other specials customers can easily take advantage of. Also consider which media best reaches this market and which channels they book through, since this will help you refine your targeting.
  • Offer creative promotions to tap into new markets or provide something unique that will get people’s attention. This can exist of special family packages that include fun entertainment options or renting day-use rooms to people who work remotely but want to get out of the house during the day.
  • Make the most of new trends in consumer behavior, like the growing number of people using voice-activated search when they plan a trip. Attract these guests to your site by adding short articles in a Q&A format that cover topics potential visitors most frequently search for, such as top restaurants, bars and attractions in your area or local COVID-related information.

Marketing Your Hotel Post-Lockdown

Revenue Management in Extraordinary Times

Your approach to revenue management after the lockdown will have a huge impact on how well your property fares during the recovery period. The 4 points below will help you adapt your strategy to the developing demand in this unprecedented situation.

  • Prepare for changing demand patterns. With fewer people travelling internationally, your domestic market will gain importance. Businesses cutting back on corporate travel means a weaker corporate segment. Check your data to see how these key trends have impacted your property and which segments, in turn, have picked up for you, so you can better target them with marketing activities.
  • Continue short-term forecasting. It may seem futile to look too far ahead since nobody can predict how travel restrictions and business recovery will develop in the coming months. To account for this, create short-term forecasts for two or three scenarios to see how your business would fare in different situations. Save time on this task by leveraging revenue management tools.
  • Offer value instead of discounts. Simply dropping your rates will have only a limited impact since demand is lower overall. Instead of giving steep discounts, offer promotions with extra value that promise guests a fun stay and great experiences.
  • Adopt total revenue management. Revenue management is no longer just about room revenue. It’s time to look at the complete customer journey and how to optimize it to drive revenue in other departments as well. This increases in-house spend and gives you more chances to wow guests with your amazing service.

Revenue Management in Extraordinary Times

Food & Beverage: Serving Up the Best Experience

The food & beverage (F&B) department relies heavily on two aspects: close contact with guests and providing memorable experiences. While COVID is making this more difficult, there are creative ways to delight your guests and ensure revenue flows in via your F&B venues.

  • Implement new SOPs (standard operating procedures) that follow local rules and keep your staff and guests safe. Study the guidelines published by local authorities and find ways to implement them that won’t excessively disrupt your service or the guest experience. And don’t forget to communicate about the measures taken to your quests.
  • Analyze your costs and revenue. New hygiene measures and capacity restrictions have a strong impact on your operational costs and your ability to generate revenue. Examine how much it costs to run your venue, how your target market may have changed, how many covers you need to break even and where you can work more efficiently to save costs.
  • Revamp your marketing strategy. Start by getting your online presence in order. Update your Google listing, your website and your social media channels to include new opening hours and feature your hygiene measures. Then, create content targeted at a local audience and begin testing which type of content engages them most. Finally, use your online presence to advertise deals and promotions that will get new guests through the door.
  • Boost your F&B sales. Now is the time to try new ways of generating more sales. Partner with local delivery services or allow guests to pick meals up. Regularly update your menu to include seasonal specials so local guests have more reasons to come back and train your team on upselling to increase your average check.

Food & Beverage: Serving Up the Best Experience-The Ultimate COVID Recovery Strategy for Every Hotel Department

Front Office: Welcoming Guests Back to Your Property

Like most hoteliers, COVID has probably made you change how you handle arrivals at your property. Despite these necessary measures, welcoming visitors in a warm and friendly way has never been so important. Read on to make your front office a perfect COVID-proof starting point for your guests.

  • Implement new hygiene standards in public areas that follow your local health and safety guidelines. Steps to take can include giving your guests and staff PPE, setting up hand sanitizer stations, sharing information about mandatory procedures and spacing out seating in your lobby. Many of these points will bring extra costs with them, so include them in your budget and look for cost-effective options.
  • Adjust front office services to be more flexible and allow guests to choose remote services where possible. For example, let people check in and out on their mobile devices if they want to skip the reception desk. Then, offer the choice of which other services they want to accept since not everyone will be comfortable with things like valet parking and porter service.
  • Leverage hotel tech tools to give guests and staff the chance to communicate and engage digitally. This can help you work more efficiently and respond to requests faster. It’s also a great way to encourage guests to leave reviews after their stay.
  • Offer experiences your guests will cherish by partnering with local guides, destinations or service providers. This will not only give you a competitive edge, it will also create more chances to interact with visitors and to generate revenue via upselling.

Front Office: Welcoming Guests Back to Your Property

On to you now! Let all these marketing, revenue management, F&B and front office COVID recovery strategies and tips sink in and inspire you to make your guest’s post-lockdown trips better, safer and more fun than they could have ever imagined.

 

Ramy Ayoub

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]]> https://ramyayoub.com/the-ultimate-covid-recovery-strategy-for-every-hotel-department/feed/ 0 87391 9 Revenue Management Strategies to Grow Your Hotel Business https://ramyayoub.com/9-revenue-management-strategies-to-grow-your-hotel-business/ https://ramyayoub.com/9-revenue-management-strategies-to-grow-your-hotel-business/#respond Fri, 02 Apr 2021 17:26:35 +0000 https://ramyayoub.com/?p=87345 9 Revenue Management Strategies to Grow Your Hotel Business9 Revenue Management Strategies to Grow Your Hotel Business 9 Revenue Management Strategies to Grow Your Hotel Business 9 Revenue […]

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For hotel owners looking to grow their business, a robust revenue management strategy is of the utmost importance, helping to optimize business results. However, under the broader revenue management umbrella, there are many smaller strategies that can help to facilitate growth. In this article, you find nine revenue management strategies that those in the hotel industry can employ to achieve this ultimate objective.

What is Revenue Management?

Revenue management is a popular concept within the hotel industry, and is used to optimize a hotel or resort’s financial results by maximizing revenue. The accepted definition is: selling the right hotel room, to the right customer, at the right time, for the right price, via the right channel, with the best cost efficiency.

Typically, it requires businesses to make effective use of performance data and analytics to predict demand, establish a dynamic pricing model and maximize the amount of revenue that the company brings in.

Although revenue management is applicable to other industries, it has significance in the hospitality industry because hotels deal with a perishable inventory, fixed costs and varied levels of demand. Revenue management is considered important because it takes the guesswork out of key pricing decisions. More extended information about revenue management you can read in the article “What is revenue management?”.

9 Revenue Management Strategies to Grow Your Hotel Business

9 Revenue Management Strategies

Below, you find a list of nine revenue management strategies you can use to grow their hotel business.

1. Understand Your Market

In order to implement a successful revenue management strategy, it is imperative that you have a clear understanding of your market, where demand comes from and the various different local factors that might affect seasonal demand. You also need to be aware of your audience and their needs, wants and expectations.

Moreover, you need to understand the competition that exists within the market and make strategic decisions regarding price, discounts and advertising with this competition in mind. Remember, this competition may not always be obvious, and may not always be in the same location as your hotel.

2. Segmentation and Price Optimization

The concept of selling the right room to the right person at the right price requires you to appropriately segment your customer base. To do this, you need to identify different ‘types’ of the customer and then look at these different segments and evaluate when they book hotel rooms or hotel facilities, how they book them and other habits.

When this is carried out, it allows you to optimize prices for those different segments. One of the key advantages of this is that once prices are optimized for a particular segment, price changes can be minimized. This, in turn, can help to generate customer loyalty from those who appreciate the price consistency you offer.

3. Work Closely With Other Departments

Next, it is important to achieve close collaboration between the various different hotel departments, such as sales and marketing, in order to ensure that your revenue management strategies and their individual departmental strategies are in alignment with one another, and so that you can address challenges collectively.

Identify key departmental decision-makers and bring them on board. Work with them to make adjustments to your revenue management strategies, rather than imposing your will, which might be met with resistance. Close collaboration will also help to ensure that you are always presenting consistent messages to customers and clients.

4. Forecasting Strategies

One of the most important aspects of revenue management is forecasting, which allows you to anticipate future demand and revenue, enabling necessary adjustments to be made. Within the hospitality industry, high-quality forecasting relies on accurate records being kept, including occupancy, room rates and revenue.

Most forecasting strategies rely heavily on using historical data to spot trends. For example, if you notice an upturn in business in the past three Julys, it is sensible to assume the same may occur next time. However, forecasting also requires an awareness of current bookings, competitors’ performance, local events and wider industry trends.

5. Embrace Search Engine Optimization

Search engines offer one of the single biggest opportunities for those operating in the hotel industry to attract customers, which makes search engine optimization an important part of a robust revenue management strategy. Through SEO, hotel owners can improve the visibility of their website on search engine results pages.

As a consequence, you can improve the chances of attracting business from customers who are not specifically searching for your hotel, but who are searching for a hotel in your location. To achieve this, it is best to operate a solid content marketing strategy, and ensure your website’s design is optimized for SEO purposes.

6. Choose the Right Pricing Strategy

There are many different pricing strategies out there, and no one strategy will guarantee success. Instead, those in the hospitality sector need to consider the best strategy for their particular hotel, based on what they have to offer, who they are trying to attract and what strategy their competitors are employing.

A competitive pricing strategy, where prices are set based on other hotels prices, puts your business in direct competition and is good when your hotel has more to offer than your rivals do. Yet, in slow seasons, a discount strategy might be best, because a low-paying customer is better than an empty room. Another option is the value-added approach, where rates are higher, but additional value is provided through extras and freebies.

7. Incentives For Direct Bookings

While it is certainly important to cater for all distribution channels and meet customers where they are, rather than where you want them to be, it is also sensible to try to maximize the number of direct bookings that are made.

The primary reason for this is because direct bookings do not require the commission to be paid to third parties, which means they are ideal for maximizing revenue. One option is to offer exclusive incentives, such as loyalty points, or freebies, for customers who book directly through your own website.

8. Focus on Mobile Optimization

For those in the hotel industry, mobile has become one of the single most important revenue streams. As a result, any hotel or resort that is operating without having prioritized mobile optimization is already operating at a distinct disadvantage compared to its competitors.

Make sure your website is optimized for mobile viewing, meaning it loads quickly, the pages display properly on mobile devices and all buttons are fully functional. In addition, you need to ensure your booking process is also optimized, so that customers can book rooms from their mobile device, without needing to switch to desktop.

9. Work With a Freelance Revenue Manager

Finally, in many cases, it can be beneficial to enlist the help of a freelance revenue manager, who will be able to bring knowledge, expertise and experience into your organization. Freelancers are used to coming into hotels and getting to work quickly, and can work as and when you need them.

Appointing a full-time revenue manager internally means employing them full-time, but a freelancer will only need to be paid for the work they actually do, meaning less of their time will be wasted. Moreover, because of their established expertise, you will be able to save money on costs associated with training them.

The concept of selling the right hotel room, to the right customer, at the right moment, for the right price, via the right channel is important for maximizing revenue and facilitating growth. By following the nine revenue management strategies above, owners in the hospitality industry can improve their chances of achieving this.

 

Ramy Ayoub

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What are the latest trends in the hospitality industry? Well, it goes without saying that the coronavirus outbreak and ensuing safety measures have had a significant impact on hospitality throughout 2020 and will no doubt spill over into 2021 and beyond.

Some responses to this extraordinary situation, attempting to entice patrons back into food and beverage outlets and assure holiday goers that it is indeed safe to enjoy a hotel stay, have accelerated existing hospitality industry trends and triggered lasting change.

Meanwhile, evolution at the societal level – consequence in part of shifted values in the aftermath of the pandemic’s most acute phase and in part of increased consumer awareness of all things sustainable and purposeful – has set new benchmarks for hospitality enterprises.

From necessary COVID-19 adaptations to accommodating evolving consumer preferences: the TOP 10 hospitality industry trends

hospitality industry

1. Going contactless

You may remember that “digitized guest experiences” featured on last year’s hot list. Needless to say, the trend towards digital and contactless services has gained new momentum in 2020. Traditionally customer-facing services are being given an overhaul, thanks to the more widespread use of technology-assisted options, such as mobile check-in, contactless payments, voice control and biometrics.

Consumers who have become accustomed to unlocking their smartphones and laptops using facial and fingerprint recognition will soon come to expect the same convenience in accessing their hotel rooms, say. Unfortunately for the establishments looking to welcome them, however, these upgrades may be costly to install and maintain. If you want to stay ahead of the curve, we recommend you dig deep and make the investment.

2. Staycations

In stark contrast to last year’s no. 5 hospitality industry trend “booming global tourism”, travel restrictions in 2020 have facilitated the rise of the staycation. Some vacationers may also be choosing to stay closer to home for environmental or budgeting reasons, with this year having seen a marked uptick in holidays spent more locally. Surging online content promising to “create a balcony haven” or “a garden oasis to be proud of” are a sign of the times.

3. Delivery with a twist

Widespread lockdown and upturned work and childcare schedules have afforded delivery services new importance this year. No longer content with (always) ordering the usual go-to pizza, Chinese or Indian takeaway, however, consumers are now looking to take things up a notch. Not wanting to forego the frills of fine dining, they are now looking to emulate the experience at home. F&B outlets are making this possible by incorporating drinks deliveries and offering extras: atmospheric candles, QR-code playlists and unexpected freebies.

4. Automation & technology

This broad, sweeping category speaks to the technological developments that have been seen to reduce waiting times, “outsource” menial tasks to robots and use big data to optimize processes, for example. AI-powered chatbots have proven to be a customer service asset both during the booking process and in responding to the recurring questions on the protective measures pertaining to COVID-19.

Hotel operations more generally are increasingly shaped by the use of management systems to monitor and optimize revenues, customer relationships, property, channels and reputation. Mobile, cloud-based and integrated solutions are especially sought-after. Not to mention the rising importance of integrated messaging, predictive analytics, customer profiling and middleware, which seeks to connect any disparate systems. (See the respective infographic based on research undertaken by SiteMinder et al.).

5. Personalization

Today’s guests have grown to expect to be recognized and treated as individuals. Establishments are going the extra mile to personally greet their guests, while tools such as Mailchimp and Zoho have made personalized e-mail marketing accessible to the masses, ensuring highly target audience-specific communications. Far beyond simply adding the customer’s name to email greetings, data provides insight into past buying habits, enabling hotels to tailor their offers and promotions and automatically provide similar services to previous stays.

6. Instaworthy design

Having long since recognized guests’ affinity towards snapping pics to post on social media, hospitality enterprises are stepping up their game. With a view to leveraging this free publicity, owners are paying greater attention to photogenic table settings and decor backdrops. Entire meals can serve as irresistibly beautiful vignettes that demand to be shared – if presented in their best light.

7. Virtual & augmented reality

Following on from the orientation towards visually appealing content, it seems only natural that businesses in the hospitality industry should seek to capitalize on features such as virtual tours, conjuring up a digital environment for consumers to picture themselves in. Videos providing 360-degree views of restaurant ambiance, sweet little café terraces enveloped in greenery or hotel beachfront locations, for instance, are just the ticket to make an establishment stand out this year. As ever, keeping the access threshold low is key to reaching as broad an audience as possible with virtual reality material: making content accessible on a variety of devices, without the need for a VR headset.

Once on site, guests should be able to whip out their trusty sidekick – their smartphone – and simply point it at real-world artefacts to summon up additional information. Augmented reality uses graphical or informational overlays to enhance in-situ environments. Once they have downloaded the respective app, guests can use this tool to access restaurant opening times, reviews or interactive tourist information maps or even create user-generated content.

8. Purposeful experiences & essentialism

Travel guilt is real. Minimalism has reinvigorated the otherwise somewhat dusty saying “less is more”. Travelers are decreasingly seeking lavish displays of wealth, preferring instead to spend wisely, purposefully and make a positive impact on the world. Unique experiences that give back to local communities in meaningful ways are in demand, as are niche properties, adventurous holidays and relaxation retreats.

9. Solo travelers

In the age of mindfulness, many have embraced the meditative value of spending time alone and venturing out into the big wide world unencumbered, interacting and making friends to whatever degree suits. In an effort to make solo travelers feel comfortable, barriers between hotel staff and guests are being lowered, interior design choices made to evoke a sense of homeliness and an informal atmosphere cultivated. This, along with a less stark divide between guests and locals, encourages a feeling of hotel community.

10. Sustainability

Last but not least, a hospitality trend that is both current and a hallmark of recent years: “sustainability” once again assumes rank no. 10. A natural extension of avoiding disposable plastics, eliminating unnecessary paper consumption thanks to opt-in receipts and reducing food waste, more far-reaching ethical and environmental considerations are shaping decisions made at the hospitality management level. Decisions about things as simple as which towel rails to install during renovations have disproportionate repercussions when implemented at scale. Simple eco-friendly switches include replacing miniature toiletries with larger, locally sourced dispensers, choosing ethically produced bedsheets made from organic materials and reducing energy consumption with smart bulbs, etc. Vegetarian and vegan options also harbor well-known environmental advantages.

It seems what has undeniably been a very challenging situation for many an industry in 2020 has yielded benefits that will be felt for years to come. May 2021 bring more of the same innovative spirit!

 

Ramy Ayoub

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The launch of the Google Travel Insights platform is intended to help those in the travel industry by providing a single location to access important market data, industry insights and relevant tools. In this article, you can find out more about the service itself and the numerous ways it can help travel companies to improve business performance.

What is Google Travel Insights?

Google Travel Insights is a section of the wider Google platform and is geared towards those operating within the travel and tourism industry. It offers up a variety of online tools, along with useful data and other information, allowing businesses, marketing professionals and others to gain real insight into the state of play at any given time.

According to Google, the platform is intended to help businesses develop a deeper understanding of current levels of demand for travel, see how this demand is evolving over time, pinpoint exactly where demand for travel is coming from, and view key performance data and analytics from a single access point.

The Google Travel Insights platform launched in 2020 and its creation was partially motivated by a desire to help the industry recover from the impact of the COVID-19 global pandemic and the resulting restrictions on travel.

Google Travel Insights

Why is Google Travel Insights Useful for Travel Companies?

The launch of the Google Travel Insights platform was welcomed throughout the travel and hospitality industry; mainly because it provides businesses with access to important information and useful data.

By making use of the market insights provided through the service, companies are able to identify patterns in demand, see precisely where demand is growing and shrinking, and then adjust their business strategies accordingly. For example, the insights can be invaluable in helping businesses to plan marketing strategies and annual budgets.

The Three Components of Google Travel Insights

Google Travel Insights provides a number of different tools, data sets and insights for those in the travel and tourism industry. These services are currently divided into three main components, which are as follows:

1. Destination Insights by Google Travel

As the name indicates, the Destination Insights by Google Travel component is focused on global destinations. On a basic level, this means different countries around the world. Yet, within each country, the service also offers a breakdown of the specific towns, cities and locations that travelers are showing the most interest in visiting.

This component primarily offers useful data about current and historic levels of demand for travelling to particular destinations around the world, as well as information about where that demand is actually coming from. To provide this, Google looks at domestic and international travel, along with information on flights, hotel bookings and searches.

As such, this component is useful for any travel company with connections to a particular destination. It also allows individuals and businesses to understand how demand for their local destinations compares to years gone by.

2. Hotel Insights by Google Travel

The Hotel Insights by Google Travel component focuses squarely on accommodation. It utilizes data gathered from hotel searches carried out by Google’s users, in order to provide hotels with important information.

In particular, hotel owners and marketing experts are able to learn more about the travelers who make searches indicating they are interested in a particular travel market. This then allows hotels to optimize their marketing strategy and target spending and efforts at the travelers who are most likely to stay with them.

Hotel insights of this kind are predominantly going to appeal to hotel owners. With that being said, the information and tools provided may also be useful for those in other parts of the travel or hospitality industry too.

3. Google Travel Analytics Center

Finally, unlike the previous two components, the Google Travel Analytics Center is only available to those who are registered as a Google commercial travel partner. This includes Enterprise partners and similar groups.

The main benefit that the Analytics Center offers is the potential to import your own data and then combine your company information with Google’s own unique insights. The service also provides a convenient means of exploring your own performance across the various different Google travel platforms that exist.

As a result, it is a useful service for monitoring your own marketing performance, understanding how that performance relates to wider industry trends, and then using this to make more strategic business decisions.

Google Hotels: Gain Visibility and Attract More Bookings

The Google Travel Insights offering is not the only Google service that can be of benefit to those in the travel industry. Another good example comes in the form of Google Hotels; a service that is fully integrated with Google’s core search engine, along with Google Maps, Google Assistant and more.

Travel Marketing Tips to Improve Your Results

Businesses in the travel industry can live and die on the basis of their marketing and while Google Travel Insights is a valuable tool, there are a number of additional travel marketing tips and practices you should be aware of too. These can include everything from focusing on personalization, to using the very latest technology.

The Key Travel Trends You Need to Be Aware Of

The Google Travel Insights platform is ideal for keeping up with the latest data trends, but there are also some more general travel trends you need to be aware of. Examples of this include the rise of ‘bleisure‘ (business and leisure) travel, the growth of eco-friendly travel and the growing use of virtual reality (VR) technology.

List of Distribution Channels to Sell Your Travel Inventory

Being aware of trends and demand through Google Travel Insights can be hugely beneficial for businesses in the travel industry, but it is equally important to know how to sell your inventory. In particular, online travel agencies (OTAs) and hotel metasearch engines can play a vital role, and most companies should aim to maximize direct bookings too.

A Complete Overview of the Travel Industry

The travel industry is one of the largest and most diverse service industries in the world, catering for billions of customers each year. Included within the industry are businesses and other organizations linked to areas like accommodation, transportation, food and beverages, entertainment, tourist information and more.

Google Travel Insights forms part of the wider Google offering, and is intended to be used by those involved in areas like travel, tourism and hospitality. It provides businesses, marketers and Google partners with valuable insights into the current demand for travel, allowing trends to be identified and more strategic decisions to be made.

 

Ramy Ayoub

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