Expedia and Marriott announced a new agreement that could have implications for independent boutique hotels. Specific details are confidential and likely to be complex, but some key points have been leaked into the public arena and are worth considering as part of your rate and distribution strateg...
Promotions are especially important on OTAs, where consumers are searching for hotels and looking for value. Your hotel is one of many choices that consumers will scan in seconds, so the right promotion is about more than a lower price. After all, they have no idea what the price used to be!
Thin...
Most travelers are searching for "value" on the internet - and the concept applies to every price point. In 5 minutes you can learn to think more clearly about this fuzzy concept, so that it can be applied to your pricing strategy.
Next week we will show you exactly how this concept gets a...
You want to be able to adjust your rates frequently, but not spend hours implementing those changes. With the right tools - and process - you can spend less time on implementation and get it done more accurately.
Some boutique hotels spend huge amounts of time and stress to manage rates and stil...
For many boutique hotels, technology is confusing and messy and almost a foreign language - and it's costing FAR more revenue than they realize. Busy hotel owners and managers do not have time to become experts in all these different systems and it often sounds like a foreign language, but this vid...
Most hotels find the issue of rate parity to be a headache, but there are ways to maximize your revenue and minimize frustration with this issue. Some hotels think that parity is a contractual or policy issue, while others refuse to be intimidated by OTAs and insist on pricing each channel as they ...
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If you run a small, independent, or boutique hotel, you may be too busy to analyze lots of data to do Yield Management, and you may even find it painful and boring.
You know it's important for your hotel, but maybe you have a hard time wrapping your mind ar...
Elasticity is an important concept in economics - and also for hotel bookings. Perhaps you are not the analytical or academic type, or maybe you find economics boring, but this is an important concept to keep in mind when you think about raising rates.
The simplest definition of Price Elasticity ...
Getting reservations and visibility for your property requires a bit of technical expertise. OTAs are different and Booking Engines can be hard to install and keep synchronized with other systems. But why become an expert when you have so many other things to manage at your property. Especially if...
Get these things right and revenue improves! This is only a starting point and there is a lot of detail (and work) that goes into fixing these issues, but if you get all these things right, this takes care of the biggest revenue problems we see in boutique and independent hotels.
Reading this for just 5-10 minutes per week might be the best investment you make.