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Hospitality Net - Cornell Study Demonstrates the Value of Hotel Loyalty Programs

Hospitality Net - Cornell Study Demonstrates the Value of Hotel Loyalty Programs | New trends : Revenue Management | Scoop.it
Well designed hotel loyalty programs encourage frequent guests to become even more frequent, according to a new study from the Center for Hospitality Research (CHR) at the Cornell School of Hotel Administration. The study, "Assessing the Benefits of Reward Programs: A Recommended Approach and Case Study from the Lodging Industry," offers a graduated set of methods for hotels to measure the effects of their guest loyalty programs. The researchers, Clay M. Voorhees, Michael McCall, and Bill Carroll, then demonstrate one of those methods. They found a substantial jump in revenues when guests joined the Stash frequent guest program at two groups of independent hotels. The report is available from the CHR at no charge.
Lauren Grant's insight:

Cornell Research highlights that regular guests that join a hotel Loyalty program stay even more and generate a 50 percent increase in revenue. Main increase arises from Room nights, not ADR. 

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Hospitality Net - World Travel Market Global Trends Report 2013

Hospitality Net - World Travel Market Global Trends Report 2013 | New trends : Revenue Management | Scoop.it
The WTM Global Trends Report 2013, in association with Euromonitor International, highlights the emerging trends in the global travel and tourism industry.
Lauren Grant's insight:
WTM report on key 2014 trends: -  Face to Face business meetings remain keyFurther info on this - http://www.hospitalitynet.org/news/4062912.html - Hotels are becoming the "offices of the future". Big hotel brands are catering to this demand eg. Marriot's Workspace On Demand platform - Demand for Day-use rooms for business travelers to re-fresh between meetings/ flights
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HVS - Market Segmentation: Identifying Where Hotel Demand Comes From

HVS - Market Segmentation: Identifying Where Hotel Demand Comes From | New trends : Revenue Management | Scoop.it
This article discusses the different market segments and the breakdown of where hotel demand comes from. This is followed by an example of occupancy penetration through the different market segments.
Lauren Grant's insight:

Lauren Grant's insight:        

Stefania D'Antonia defines the main market segments:

1) Commercial - business travellers incl. preferred and non-preferred schemes. Strongest Monday- Thursday

2) Meetings and Groups - peak is Spring & Fall during the business week. Sector most susceptible during economic downturn, group and incentive travel us cut

3) Leisure/ Wholesales - strongest Friday & Saturdays & holiday periods. Prefer to book via OTAs. Tour groups

4) Extended Stay - 5+ nights. Demand from business related projects. Need kitchens & larger living spaces

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Lauren Grant's curator insight, October 7, 2013 1:15 PM

Stefania D'Antonia defines the main market segments:

1) Commercial - business travellers incl. preferred and non-preferred schemes. Strongest Monday- Thursday

2) Meetings and Groups - peak is Spring & Fall during the business week. Sector most susceptible during economic downturn, group and incentive travel us cut

3) Leisure/ Wholesales - strongest Friday & Saturdays & holiday periods. Prefer to book via OTAs. Tour groups

4) Extended Stay - 5+ nights. Demand from business related projects. Need kitchens & larger living spaces

Ian McVitty's curator insight, September 29, 2014 2:05 PM

What will happen if we do not Segment?

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Pricing in a social world: Five tips for revenue managers

Pricing in a social world: Five tips for revenue managers | New trends : Revenue Management | Scoop.it
The price transparency afforded by the advent of the online travel agents (OTAs) had a profound impact on the way that revenue managers think about price.
Lauren Grant's insight:

Summary :

- Kelly Mcguire discusses how OTA reviews impact perceptions of value

-  For both high and low priced hotels, positive reviews were associated with higher perceptions

-  High ratings have most impact when price point is low so customers feel they are getting more value

-  Competing on price alone is not effective as comsumers look at ratings and reviews

- "Uncertainity assocated with the hotel experience leads consumers to gather as much information as they can to mitigate against uncertainity" 

- "Good reviews are not a licencse to charge more" - good reveiews can drive demand, but not rate. Exception is if you are clearly better that the competition.

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Hospitality Net - By taking on Expedia and Bookings.com, are smaller hotels biting the hand that feeds them? | By Peter O’Connor

Hospitality Net - By taking on Expedia and Bookings.com, are smaller hotels biting the hand that feeds them? | By Peter O’Connor | New trends : Revenue Management | Scoop.it
This isn’t the first time that online travel agencies (OTAs) like Expedia and
Bookings.com have been in hot water. Only last year a lawsuit was launched in the US
accusing Expedia, Starwood Hotels and InterContinental Hotel Group of price fixing.
Lauren Grant's insight:

Price Parity : "Independent hoteliers are saying that this price parity is imposed by the OTAs.  However, they also benefit from it as it means that the prices shown on their own direct  website cannot be undercut."

OTAs are becoming greedy and increasing commission : "in London in the past 10  years, room rates have grown 54% while commissions have grown more than twice as  fast, increasing by 123%. This means that the bulk of profits incurred through room rate  increases are being swallowed up by the OTA"

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Hospitality Net - Why Data And Analytics Is Revenue Management’s Reason For Being

Hospitality Net - Why Data And Analytics Is Revenue Management’s Reason For Being | New trends : Revenue Management | Scoop.it
In the next decade change in the discipline will accelerate, says Ankur Randev, vice president - revenue and distribution, Highgate Hotels.
Lauren Grant's insight:

Ankur Randev, vice president - revenue and distribution, Highgate Hotels advises that modern RM should have a fully integrated approach to  Sales, Marketing and Revenue. Revenue teams should look for new opportunities with OTAs and implement flash sales for low seasons.They should use customer data to provide business intelligence and identify market trends.

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