What is new in hospitality: Marketing, Revenue Management & Upselling

In exploring the latest trends within hospitality, noteworthy advancements are apparent in marketing strategies, revenue management practices, and innovative approaches to upselling. As shared during recent discussions with industry experts, these domains are experiencing transformative shifts.

Marketing has evolved from transactional to relationship-driven, emphasizing long-term connections and guest loyalty. 

Simultaneously, revenue management solutions are leveraging real-time data and cloud-based technology for agile pricing strategies and operational efficiency.

Additionally, the art of upselling has witnessed groundbreaking changes, introducing attribute-based selling and automated inventory controls, all contributing to enhanced personalization and increased revenues.

This collective evolution in marketing, revenue management, and upselling marks an exciting era in the hospitality landscape, aiming to optimize guest experiences and drive sustainable business growth.

How are cloud-based PMS Solutions revolutionizing the hotel industry and what advantages do they offer in terms of flexibility, scalability, and real-time data access? 

The new cloud solutions are recalibrating their focus towards enhancing the overall guest experience significantly. They are aiming to become champions of more streamlined hospitality journeys, amplifiers of exceptional guest service, and boosters of staff efficiency.

These modern cloud solutions are redefining their user scope, including guests themselves, partners, and third-party specialised hotel solutions."

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How has technology evolved regarding PMS connectivity and its accessibility compared to the past?

At the time, technology was different than it is today, but now, everything is in the cloud. The connectivity is almost a given, making it very easy to achieve. Many PMS solutions today offer opportunities for hotels to try it, sometimes even for free. This technology wasn't available just a few years back.
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Why should hotels embrace the shift from transactional marketing to relationship marketing? How can they initiate this change?

Transactional marketing prioritizes short-term interactions, while relationship marketing focuses on building long-term connections, crucial in the hospitality industry for guest satisfaction and loyalty. Hotels should embrace this strategy to foster loyalty, reduce marketing costs, increase revenue, and improve guest satisfaction.

To execute this, hotels must collect, centralize, and utilize guest data through a CRM. Engaging guests across the entire journey, being proactive, precise in targeting, and providing personalised experiences are key. It's crucial to segment data, be relevant, and value-added to improve conversion and consistency in branding and messaging.‍

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How have technological advancements facilitated easier integrations among various hotel systems?

Technological advancements, especially the move to cloud-based platforms, have significantly eased integrations among hotel systems. Previously, limited included integrations posed challenges.

However, now, companies like clock offer unlimited integrations at no extra cost, allowing hotels to try various connections effortlessly. This technological leap grants opportunities for hotels to try and seamlessly switch between integrations, promoting a more flexible and efficient operational environment.

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What strategies can hotels employ to transition from transactional marketing to relationship-driven marketing?

Shifting from transactional to relationship marketing in the hospitality industry fosters customer loyalty, reduces marketing costs, boosts revenue from repeat guests, and enhances guest satisfaction. 

Hotels can achieve this by leveraging data through CRM systems, engaging guests across multiple channels, personalising guest experiences, and ensuring consistency in branding and messaging.

What is the significance of cloud-based PMS solutions within the hotel industry? Specifically in terms of their impact on flexibility, scalability, and real-time access to data.

‍Cloud-based PMS solutions revolutionize the hotel industry by leveraging cloud technology to focus beyond administrative tasks and manage bookings. They aim to enhance guest experiences, foster revenue opportunities, and boost staff efficiency. 

These modern solutions are enablers for data exchange among various crucial apps, catering not only to staff but also guests, partners, and third-party solutions.Cloud solutions offer flexibility, scalability, and real-time data access, making them foundational enablers of streamlined operations and exceptional guest services.

Cloud-based PMS solutions offer a paradigm shift from traditional systems, focusing beyond administrative tasks. They aim to enhance guest experiences and streamline operations, empowering users beyond front desk staff to include guests, partners, and specialized hotel solutions. 

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What exactly is attribute-based selling in the hospitality industry, and how can hotels benefit from it?

Attribute-based selling involves breaking down room categories into separate sellable components, offering guests the ability to select specific room features. By providing customization options, hotels witness increased guest satisfaction and revenue, as guests willingly pay for the features they desire, resulting in higher cart values and enhanced personalization.

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How does attribute-based selling enhance the guest experience and contribute to revenue generation in the hotel industry? 

Attribute-based selling empowers guests to customize their stay by selecting specific room features. This customization allows guests to choose exactly what they desire, resulting in increased satisfaction and willingness to pay more for personalized experiences. Ultimately, attribute-based selling boosts both revenue generation and guest satisfaction. 

What role do staff collaboration features play in modern PMS solutions, and how do they benefit hotel operations?

Staff collaboration features in modern PMS solutions enable real-time communication and synchronization among hotel staff. This mobile-first approach aligns teams, improves efficiency, and allows instant updates between departments like housekeeping and the front desk. Moreover, it facilitates quick remarketing of canceled rooms across various channels.

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What role do AI and machine learning play in tailoring upsell offers to individual guest preferences? 

AI and machine learning technologies play a pivotal role in customizing upsell offers based on individual guest preferences. These technologies analyze vast amounts of data to understand guest behavior, preferences, and past interactions. By leveraging this data, hotels can create tailored offers and suggestions, predicting what guests might desire during their stay.

For instance, algorithms predict room readiness before guest arrival, enabling hotels to offer early check-in options digitally, providing convenience and meeting guest expectations.

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How can hotels balance automation and human touch in upselling?

Achieving a balance between automation and human interaction in upselling is vital for catering to diverse guest preferences. Hotels should embrace both digital platforms and traditional front desk interactions.

By combining these approaches effectively, hotels cater to the varied preferences of guests; some prefer digital interactions for convenience, while others appreciate personalized face-to-face service.

For example, early check-in requests can be managed digitally, offering convenience, while a personalised welcome at the front desk provides a human touch.

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What characterizes modern revenue management software, and how can hoteliers harness its power on a daily basis?

Modern revenue management software stands out through its incorporation of machine learning capabilities and diverse data sources. These tools don't solely rely on historical data but proactively consider future demand indicators like search patterns and flight search data.

Hoteliers can harness this power by optimising rates dynamically, leveraging real-time demand data. Additionally, focusing on the return on investment aspect rather than considering it solely as a cost enables hotels to maximize revenue potential and operational efficiency.

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Why is being customer-obsessed crucial in today's hospitality industry, and how can hotels benefit from this approach? 

Prioritising customer needs and preferences has become essential due to increased competition and the influence of social media. To stand out, hotels must offer exceptional and memorable experiences that exceed guest expectations.

Being customer-centric boosts guest satisfaction, improves conversion rates, enhances efficiency, increases customer retention, and ultimately enhances the overall guest experience. Hotels achieve this by leveraging guest data through CRM systems, segmenting and personalising communication, and streamlining processes using technology.

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Is there a difference in approaching customer obsession for hostels, hotels, or service apartments?

Each accommodation type requires a different focus while being customer-centric. For hostels, creating a vibrant atmosphere that encourages social interactions among guests is crucial. Hotels prioritize guest comfort and personalise services for a memorable stay.

Service apartments emphasize the convenience of a homelike feeling and may explore additional revenue streams like grocery shopping or cleaning services as add-ons.Different brands adapt these customer-centric trends based on their specific brand identity and guest expectations.

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How do automated pricing strategies benefit hotels, and what role do they play in reducing costs while increasing revenue?

Automated pricing strategies not only increase revenue but also reduce costs for hotels. These algorithms analyse data and dynamically adjust prices, optimizing revenue potential. Moreover, these strategies enhance operational efficiency by reducing administrative efforts, automating room upgrades, and facilitating seamless transitions without guest involvement, thanks to a full two-way integration with PMS systems. 

What's the key focus in leveraging technology for hotels: AI, machine learning, or automation? 

The focus lies in leveraging tools that automate processes within hotels, streamlining administrative tasks, and enhancing guest experiences. It's more about automation and using technology to complement guest service rather than choosing between AI, machine learning, or digital interactions. The aim is to achieve a balance between digital and physical interactions, catering to different guest preferences. 

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How important is digital guest service, and is it replacing traditional high-touch services? 

Digital guest service isn't about replacing traditional high-touch service; instead, it's an extension of good service using technology. It's an integral part of guest service, aiming to enhance the overall experience by leveraging technology effectively. 

The concept revolves around offering quality service, whether through digital or traditional means, focusing on providing a seamless and exceptional guest experience.

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What's the significance of leveraging technology to improve guest experiences in the hospitality industry? 

Leveraging technology in the hospitality industry is crucial for enhancing guest experiences. It empowers hoteliers to offer better service, saves time, and ultimately leads to better results. Tools such as revenue management software, upselling software, and CRM systems like BookBoost help empower teams, improve guest experiences, and optimize operations. 

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How does technology empower hotels to balance service quality, team efficiency, and time management?

Technology empowers hotels to balance service quality by automating processes, improving team efficiency, and effectively managing time. Automated systems streamline administrative tasks, allowing teams to focus on providing personalised guest experiences while saving time. This balance between technology and service enables hotels to optimize operations and deliver exceptional service.

*The information of this post is based on the webinar hosted by Bookboost. You can find the details below

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