Category: Revenue Strategy

[INFOGRAPHIC] Upselling and Cross-selling in the Hotel Business

[INFOGRAPHIC] Upselling and Cross-selling in the Hotel Business

Do you know the difference between upselling and cross-selling when it comes to hotel bookings? Our latest infographic explains the key difference and how that should influence your hotel marketing strategy to maximize revenue. Click to download a PDF or read our original article on upselling and cross-selling in hotels. 

Creating the right rate plans for your hotel

Creating the right rate plans for your hotel

One of the most complex aspects of revenue management is creating the right rate plans for your hotel. But what exactly is a rate plan? It is the technical term given to different rates you see on a hotel website when you search for a set of dates. Rate plans work their magic behind the scenes so guests can have different options to choose from when planning a hotel stay….

How hotels can counter high OTA cancellation rates

How hotels can counter high OTA cancellation rates

To entice consumers to book early, OTAs frequently advertise a free cancellation policy. Along with booking well in advance, the same tactic is used to encourage consumers to book multiple properties, which they can then choose from later. But this all comes at a heavy price for hotels. Guests are incentivized to book without worrying about whether they’re certain about their choice. After all, they can always cancel if they…

Key booking engine data points to inform your revenue management strategy

Key booking engine data points to inform your revenue management strategy

Whether you run a boutique luxury hotel or a big box with thousands of rooms, the key to winning in revenue management game is always the same: you should increase the percentage share of direct bookings. It is the least costly method of getting your rooms sold and thus the most profitable. From optimizing your website to creative digital marketing campaigns, there can be many ways of increasing direct bookings….

The most important metrics for hotel revenue managers

The most important metrics for hotel revenue managers

The hospitality industry is one of the most comprehensive and detailed when it comes to analytics and its key performance indicators (KPIs). By measuring every aspect of its revenue streams, these KPIs can really reveal important information about the health of a property and help revenue managers make better decisions about how to better improve the profitability of the hotel. We’ve put together a list of the most important metrics…

Three strategies to tackle hotel cancellations

Three strategies to tackle hotel cancellations

Have you ever made reservations at a restaurant or hotel, only to cancel last minute? If the answer is yes (and we know it is), you are not alone. In this industry, cancellations are inevitable, but as long as we have solid revenue manage strategies in place, we can still set ourselves up for success. So how exactly does a hotel plan for cancellations? The first move lies in gathering…

by Joan Evelyn Lee September 13, 2016 Comments Revenue Strategy
How to build and market special offers for your hotel

How to build and market special offers for your hotel

Special rate plans and packages are one of the key merchandising tools that hotel revenue managers typically use to maximize sales opportunities at their hotel. But it’s not enough to create a special rate plan and hope someone books it; hotels should create special offers strategically in order to fulfill a specific goal, such as filling low occupancy periods or targeting specific types of potential guests. Here are some tips…

Converting on mobile: Understanding the last-minute booking trend

Converting on mobile: Understanding the last-minute booking trend

Mobile now plays a huge role in the travel process with overall mobile bookings rapidly on the rise. A recent study by Criteo found that in Q1 2016, 27% of all global travel bookings were made via a smartphone or tablet. Freed up from the confines of the desktop, consumers can now look and book at a time and place that suits them. As a result, it’s becoming increasingly important…

Hotels: Don’t fight OTAs on rate parity, add value to direct bookings instead

Hotels: Don’t fight OTAs on rate parity, add value to direct bookings instead

The legality of rate parity has become a major talking point in the hotel industry of late, especially in Europe. It all began in 2014 when the German Federal Cartel Office banned the agreed rate parity clauses in place between Hotel Reservations Service (HRS) Germany and German hotels. The French National Assembly took similar action in 2015, becoming the continent’s first country to enforce an outright ban on rate parity practices….

Upselling and cross-selling: the difference and why it matters for hotels

Upselling and cross-selling: the difference and why it matters for hotels

Upselling and cross-selling are both great ways for hotels to boost incremental revenue on bookings, though the difference between these two strategies isn’t always clear. Put simply, upselling involves getting a customer to spend more on an existing purchase, such as upgrading their choice of room, while cross-selling involves selling ancillary products or services, such as a massage treatment or city tour, on top of the original purchase. Point of…

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