SoLoMo is a marketing tactic for leveraging the power of social networks to deliver local information to consumers via their mobile devices. But the scope of SoLoMo’s evolving impact on the hospitality industry is still being defined.
Practical applications …
This week’s theme on the Hospitality Blog is overbooking. Here’s an exercise taken directly from my eCornell course Overbooking Practices in Hotel Revenue Management. The overbooking-ratio method is a very, very popular and successful method that many hotels use for …
Success in the hotel business hinges on getting demand management right. It’s a key driver in hotel operations, revenue optimization and overall customer experience.
Today we give you an entire chapter on demand management from The Cornell School of Hotel Administration on Hospitality book. In …
No matter what size hotel you work in, all successful revenue management strategies are based on the ability to forecast demand accurately and, therefore, predict the optimal rate based on that demand. This is where a demand-control chart can come …
Social Media is Everywhere
Social media has changed the way we behave in almost every aspect of our lives and even our philosophies on leading an organization. Do a search on any company and you will probably find they have at …
How far in advance can you predict demand for your hotel? In hotel management, we continually stress the importance of creating demand, rather than simply responding to it. How to do it?
Well, proper use of length of stay controls during …
Price and duration, or length of stay, are the two fundamental levers for revenue management. Successfully striking a balance between the two by managing length of stay is how you get your hotel closer to full occupancy.
See if …
Opaque online travel agents, which we call opaque OTAs, have recently become an integral part of many hotel properties’ distribution strategy. To clear excess inventory, hotels sell rooms at reduced rates via OTAs, hoping to reach price sensitive customers, while simultaneously selling rooms …
All hoteliers would like to see an increase in the amount of revenue contributed from their website. After all, direct bookings are the most profitable. Here are some quick, easy and fun ways to get your hotel staff to positively …
When it comes to online distribution, hotels typically prefer to sell rooms through their own websites. Third-party sites, particularly those of online travel agents (OTAs), tend to be seen as competitors in terms of distribution—even though OTAs are instrumental in …