Let us find your solution

News & Analysis

Insights and advice from the HTR team to find the best technology to grow your hotel business

Hotel Hotel CRM & Email Marketing Software Articles

58 Tourism Industry Statistics that Show the Devastating Impact of Coronavirus

by
Hotel Tech Report
2 months ago

There’s no question that the coronavirus has deeply impacted the tourism industry. As the pandemic continues to evolve, however, what’s difficult to discern is the breadth and depth of its impact in both the short and long term. We’re still facing the repercussions of intermittent lockdowns, border closings, and economic stress, but these 50 statistics show the initial and ongoing impact of coronavirus on the tourism industry. We’ve broken these data points out into the following areas:  Global Impact: 2020 and Beyond Air Travel and Transportation Hotels and Accommodation Food and Beverage Tours and Attractions Business Travel The impact of the coronavirus pandemic on global travel is not black and white.  Some tourism business' like smaller California wine country hotels and hotels adjacent to national parks have achieved record numbers despite a near complete shutdown of inbound tourism and international travel.  Domestic tourism has been far from safe in the global pandemic with economic development initiatives supporting hotels, tour operators and other travel companies support their workers via aid programs like America's PPP (paycheck protection program).  Global tourism will rebound from this the same way it did from the 9/11 terrorist attacks but experts uninanimously agree that it will take longer.  The hotel industry has been devastated by low levels of international visitors as tourism demand dropped to all time lows with tourism destinations even turning potential travelers away. Read on for some of the most remarkable numbers showing the widespread impact of COVID-19.   Global Impact: 2020 and Beyond The tourism industry worldwide is impacted by coronavirus – so much so that global GDP is expected to shrink dramatically and unemployment to skyrocket. Here are a few stats that show how tourism worldwide has been decimated. 1. Global revenue for travel and tourism is estimated to decrease by 34.7% to an estimated $447.4 billion. The original 2020 forecast was $712 billion in revenue. 2. European tourism is expected to take the biggest hit from COVID-19: revenue for the travel and tourism industry in Europe will decrease from $211.97 billion in 2019 to roughly $124 billion in 2020. 3. The tourism industry lost 1.5% of global gross domestic product after four months of being shut down, reported the UN Conference on Trade and Development. 4. If international tourism remains shut down over 12 months, the UN predicts a loss of 4.2% global GDP ($3.3 trillion). 5. The World Travel and Tourism Council predicts that 121 million of the 330 million jobs tied to tourism around the world will be lost in 2020. 6. Tourism is going to take a while to recover, says McKinsey. The consulting firm predicts that international tourist arrivals will decrease 60 - 80% in 2020, and tourism spending is not likely to return to pre-crisis levels until 2024. 7. Not only are consumers traveling less, but they’re also dining out less. Statista reports that the “year-over-year decline of seated diners in restaurants worldwide was a staggering 41.36% on August 23, 2020.”   Tourism in the US In the US, the economic effects of a slowdown in tourism are expected to be on par with many so-called “developing countries.” In addition, the impact of a decline in tourism will have wide-reaching effects on many other parts of the economy. 8. The travel industry says it accounts for 15.8 million American jobs—that’s employment for one in every 10 Americans. That means the economic impact of coronavirus could have a major impact on the US unemployment rate. 9. Some reports predicted that the loss in travel-related jobs caused the U.S. unemployment rate to double from 3.5% in February to 7.1% in March/April. 10. Based on current trends, experts predict that the United States will lose far more than any other country in dollar terms and nearly double that of China.  (Source) 11. In April, when many states encouraged or mandated that residents stay home, tourist arrivals in Hawaii fell 99.5%. Tourism accounts for 21% of Hawaii’s economy. 12. Florida also faced a drop in tourism, with their tourism sector declining 10.7% in the first quarter of 2020. The state reports that tourism has an economic impact of $67 billion on Florida's economy 13. On April 11, 2020, only 3% of hotels in Austin, Texas were occupied: 342 rooms were booked, compared to 10,777 in 2019. 14. Statista predicts a drop in spending of $355 billion in 2020 in the US, a decrease of 31%.   Air Travel Consumers are not interested in boarding an airplane anytime soon, due partially to border closures as well as safety concerns and high ticket prices. Air travel is predicted to be depressed for a long time. 15. Travel restrictions at borders impacted air travel and other forms of transportation. There were four categories of restrictions impacting a total of 217 destinations: 16. 45% of destinations (97 countries) implemented total or partial border closures; 17. 30% of destinations (65 countries) suspended flights totally or partially; 18. 18% of destinations (39 countries) enforced border closures aimed at a specific group of destinations; 19. 7% of destinations (16 countries) required visitors to quarantine or implemented similar measures. (Source) 20. Data from Flightradar24 showed that the average number of commercial flights per day fell from 100,000+ in January and February 2020 to around 78,500 in March and 29,400 in April. 21. Despite many governments providing aid to the airline industry, passenger revenue is estimated to drop by $314 billion in 2020 — a 55% decrease from 2019, according to the International Air Transport Association. 22. As of May 4, 2020, international flights had decreased by 80% as compared to 2019. Many airports were closed and flights banned due to border closings. 23. IATA, the International Air Transport Association, reported in June, 2020 that coronavirus would account for a net loss of $84.3 billion for all airlines, worse than the $30 billion loss in 2008. Income is projected to remain negative through 2021.   (Source)   24. IATA also predicts that plane ticket prices will increase, especially if airlines are mandated to comply with social distancing measures. Ticket prices may rise by as much as 50%, according to Alexandre de Juniac, the head of IATA. 25. One company tracking ticket prices during the height of COVID-19 found that fares through April 13 and May 4 rose 13.7% and 10.9% year over year, respectively.   Hotels & Accomodations Sector Travelers are unlikely to feel comfortable staying at hotels in the near future, meaning low-occupancy rates will impact the hospitality industry for years to come. 26. Since mid-February, hotels in the US have lost more than $46 billion in room revenue, according to the AHLA. The industry expert expects hotels to lose up to $400 million in room revenue per day based on current occupancy rates and revenue trends. 27. In the US, AHLA found that individual hotels and major operators are projecting occupancies below 20%. For many occupancies, a rate of 35% or lower makes it impossible to stay open  – and many accommodations are closing altogether.   (Source)   28. McKinsey predicts that COVID-19 is likely to accelerate the shift to digital. Travelers will be looking for flexibility and be willing to make last-minute bookings as the situation evolves. Case-in-point: more than 90% of recent trips in China were booked within seven days of the trip itself. 29. The consulting firm also ran a few different scenarios to see how hotel RevPAR would be impacted: 30. In the worst-case scenario, RevPAR will be down 20% by 2023. 31. RevPAR of luxury rooms is the slowest to recover due to their higher variable and semi-fixed costs.   (Source)   32. A July 2020 Ipsos survey found that 51% of Americans are willing to stay at a hotel, the same percentage as the month before. Attitudes toward frequenting hotels seem to be improving or staying the same. 33. US travelers have certain expectations of the tourism industry. The Tourism Crisis Management Initiative at the University of Florida found that airports, accomodations, and attractions must take the following initiatives to communicate safety protocols:   (Source)   34. Airbnb is not faring any better than traditional accommodation options. The platform, which relies on hosts, have seen 64% of guests cancelling or planning to cancel their bookings since the pandemic began. In addition: 35. 47% of hosts don't feel safe renting to guests 36. 70% of guests are fearful to stay at an Airbnb 37. Hosts anticipate a 44% decrease in revenue for June through August 38. Daily rates have dropped as much as $90 (on average). 39. Hyatt reported a $236 million second-quarter loss, a 376% drop in income since the same quarter in 2019. RevPAR was down nearly 90%.   Food & Beverage Many restaurants and bars all over the world have had to close due to coronavirus and social distancing measures. 40. In the US, full-service restaurant reservations dropped starting in March – visits were down by 41% across the country.   (Source) 41. The scheduling tool Homebase reported that the number of hours worked at local restaurants and bars dropped 40% by March 17, while the number of hourly workers overall declined 45%. 42. Restaurant workers have been hit hard by the pandemic. The National Restaurant Association reports that two out of three restaurant employees have lost their jobs. 43. Industry advocacy group James Beard Foundation found that restaurants, on average, laid off 91% of their hourly workforce and 70% of salaried employees due to COVID-19 and closures resulting from the pandemic. 44. The National Restaurant Association expects that the dining industry will lose up to $240 billion by the end of 2020. 45. What will it take for restaurants to reopen? A lot, according to the James Beard Foundation. Restaurant owners report that these are the biggest obstacles to reopening again successfully: 41% say the slow return of customers, 35% say they need cash to pay vendors, 16% would need to rehire staff, 3% would need to retrain staff, 2% are worried about health inspections. 46. In-person dining may be off limits, but in one survey, 33% of consumers said they’re getting more takeout than before the pandemic.    Tours & Attractions Historic sites, theme parks, cruises and museums were shut down for the majority of this year. Here’s how the tour and attraction sector fared during COVID-19. 47. UNESCO reported on International Museum Day that nearly 90% of cultural institutions had to close their doors during the pandemic; almost 13% may never reopen. 48. The New York Metropolitan Opera had to cancel its season by the end of March, and expects to lose $60 million in revenue. 49. Safari bookings, according to one survey, are down by 75% or more, jeopardizing the tourism industry in countries that need internationla visitors badly to support their economy.    (Source)   51. The CDC issued a no-sail order for cruise ships, finding in their study that 80% of ships within U.S. jurisdiction had cases of COVID-19 on board during March - July. 52. Mastercard recorded a 45% drop in travel-related transactions as compared to the same period last year. The credit card company looked at cross-border transaction volume processed in three months ending June 30. 53. In March, 77% of members of the American Society of Travel Advisors (ASTA), an organization for travel agencies, predicted they would be out of business in six months or less. 54. The Walt Disney Co. lost nearly $5 billion in April, May and June, due to its theme parks being closed: Disney World, Disneyland, Disneyland Paris, plus the brand’s resorts and cruise operations   Business Travel 55. The pandemic has deeply impacted business travel: this sector is predicted to lose $810.7 billion in revenue this year. 56. China is expected to see the biggest loss in business travel from COVID-19, where spending is expected to decrease by a total of $404.1 billion. 57. Experts are predicting that 5 - 10% of business travel will be permanently lost, due in part to remote working tools that enable virtual meetings. 58. Business travel declined 89% as a result of COVID-19, more than the Great Recession and 9/11 losses combined. PwC reports that almost half of all businesses canceled corporate travel during this pandemic.   (Source)  

The Ultimate Guide to Hotel Marketing (2021)

by
Hotel Tech Report
5 days ago

How do you get the word out about your hotel in a hotel industry that's more complex and complicated by the day? Between online travel agencies, SEO, CRM, and more, it’s easy for hotel marketers to feel overwhelmed. But you know that without a solid hotel marketing strategy, your hotel will have significant difficulty reaching its revenue and occupancy goals. Wondering where to begin? The challenge that most local businesses face is driving foot traffic.  The old saying "location, location, location" helps them drive business but hotels need to be much more strategic in the way they market hotel rooms because the amount of passers by willing to purchase a room are far lower for a hotel than for other small businesses like a bakery or shoe store.  So how do hotels get strategic and take control - online marketing. In this article we’ll introduce a plethora of hotel marketing concepts and strategies. Even if you’re brand new to hotel marketing, you’ll have a good understanding of the various hotel marketing avenues once you’re finished reading. Whether you’re a student, a professional seeking a career change, or a seasoned hotelier, you’ll want to bookmark our Ultimate Guide to Hotel Marketing as a reference you’ll return to again and again.   Marketing on Third-Party Channels We all talk about the elusive guest experience but few understand that the guest experience starts long before check-in.  Hotel guests may even start their journey on a channel you can't control.  Perhaps they saw your property on an influencer's Instagram then searched Google and landed on an OTA.  Love ‘em or hate ‘em, third-party channels are an essential part of the hotel marketing landscape. While some hoteliers begrudge third-party channels for charging commissions and eating away at potential direct bookings, there’s no denying that these channels bring massive marketing power and a global user base. It would be nearly impossible for an individual hotel to get the same reach alone, so mastering marketing on third-party channels, like the OTAs, metasearch, and the GDS, is a necessity.   OTAs If you’ve ever booked travel online, chances are you’ve used one of the big OTAs, or online travel agencies. Popular OTAs like Expedia and Booking.com are marketplaces, just like Amazon, which you can leverage to put your hotel in front of millions of potential guests. In addition to the big players, the web is home to dozens - if not hundreds - more hotel booking sites that range from broad to niche. Diversifying your distribution strategy to include multiple channels, especially regional sites, is a great way to gain more online visibility. Of course, no third-party channel is perfect, and dealing with the OTAs’ problems is part of daily life for many hoteliers. However, their marketing power is their redeeming quality, and many hoteliers continue to use OTAs despite their challenges.  The OTA market is changing rapidly especially with Airbnb's entry so it's critical that you keep up with the latest evolutionin this channel.   Metasearch & Paid Advertising Besides the OTAs, hoteliers can use various digital advertising strategies and channels, like metasearch, to attract potential guests and drive direct bookings. What is metasearch, anyway? Metasearch sites like Kayak and Trivago aggregate the search results of other OTAs so travelers can easily compare rates across Expedia, Booking.com, and direct sites. Potential guests click through dozens of windows on their path to purchase, which means having a strong retargeting strategy is essential to capturing direct bookings. If a traveler clicked on your website once, your retargeting ads can remind them to return to your site to complete the booking process.   GDS (Global Distribution System) While the OTAs, metasearch, and retargeting put your hotel directly in front of travelers, the GDS is one of the industry’s most popular B2B platforms. Travel agencies, airlines, and tour operators use the GDS to book rooms for their clients and partners, so hotels seeking to expand their reach or reduce reliance on the OTAs can find success by selling rooms on the GDS.   Reputation Management No matter where your reservations come from, guests need to trust that your hotel will deliver a good value and experience. Reputation management is the practice of actively building up that trust - whether by displaying your hotel star ratings or by responding to guest reviews on sites like Tripadvisor and Google.   Improving Performance of Owned Channels Though third-party channels play an important role in the hotel marketing space, let’s not forget about your own direct channels. Your hotel’s website and email communication are both excellent ways to spread brand awareness, gain loyalty, and potentially even raise your RevPAR by increasing direct bookings. What do you need to know to boost your hotel’s owned channels?   Hotel Website Design, SEO & Content Marketing Driving your hotel website’s performance is possible when you focus on four key categories: Website design: If your hotel’s website isn’t attractive and user-friendly, potential guests are going to click off your site quickly! We’ve gathered some resources to help you promote your property with a modern, competitive website. If you’re building your site for the first time or upgrading an old one, our inspiring list of hotel website designs is a great place to start. These eye-catching designs will get the creative juices flowing. No matter which stage of website design you’re at, you’ll want to read up on 6 hotel website design lessons from leading ecommerce companies like Amazon and Zappos. Tips include adding a FAQ section to the booking page and organizing your room types in a grid layout. For websites with a lot of content, a content management system can eliminate stress and disorganization related to uploading text, images, and videos. Many content management systems are also easy enough to use that hoteliers and marketers with limited technical know-how can use them - no expensive web developers needed! Conversion optimization: Once you’ve invested in a beautiful website, make sure your website is effectively and efficiently converting guests. Conversion measures the rate of website visitors who complete the booking process. One of the best ways to improve your conversion rate is to implement a streamlined, user-friendly booking engine. But booking engine selection is no easy task; you’ll want to consider whether it’s optimized for mobile devices, compatible with your PMS and other systems, and within your budget.  Hoteliers who want to grow their share of direct bookings must practice CRO. What is CRO? Add this one to your little book of hotel acronyms: conversion rate optimization. Simply put, it’s the act of making continuous improvements to your website with the goal of turning more “lookers” into bookers.  SEO: Many potential guests will find your hotel’s website through a search engine like Google or Bing. That’s why it’s a good idea to continuously work on your website’s SEO, or search engine optimization. SEO includes countless strategies for ranking higher in the search results, appearing in searches for popular keywords, and ensuring your website’s search results listing looks enticing. A key component of SEO involves the content and formatting of your own website. On-page SEO helps search engines “read” your website so that they know in which search results your site should appear. On-page SEO strategies include using headings, adding links, and eliminating glitches. Some hoteliers use paid advertising to snag website visitors, but you can certainly increase website traffic free of charge - if you put in a little extra effort. Publishing high-quality blog articles, posting on social media, and engaging with review sites are all great ways to get direct website traffic for free.   "Google has added a section in search engine results that appears above organic listings when consumers ask questions directly to Google. This feature is called a "Quick Answer,” and it takes a snippet of content from any page that is deemed to be the best answer to the question. To increase chances of appearing in Quick Answers, content should be structured and written in a conversational way that answers specific questions. Popular questions can also be included in sub-headings on the page, with answers below," NextGuest Digital   Content marketing: Content is one of your most powerful tools in the digital marketing ecosystem. Popular blog posts or informative local guides are great ways to showcase your property to potential guests. Have writers’ block? Check out some hotel blogging strategies that you can try today.   Email Marketing & Hotel CRM But your hotel website isn’t the only to engage with your guests; email marketing can deliver fantastic results, especially among your most loyal guests. Before diving into email marketing, you’ll want to have a hotel CRM (customer relationship management) system in place to store and track data about your guests. These systems help you gain insight into who your guests are and what matters to them so you can craft relevant email marketing strategies. Every email you send should contain an engaging update or offer, and it should always comply with the Data Protection Act. Before hitting “send,” make sure you understand the rules and regulations that apply to digital data and marketing. Email marketing for hotels can sound like a daunting task if your only tool is Gmail or Outlook. For more email functions, settings, and formatting options, you’ll want to use an email marketing tool like Mailchimp.   General Hotel Marketing Strategy Although hotel marketing has plenty of industry-specific nuances, it’s helpful to have a basic understanding of general marking principles. Ready for some Marketing 101? Let’s go. The first step to any type of success is to set goals. But all goals are not created equal. SMART Goals, which are Specific, Measurable, Achievable, Relevant, and Time-bound, will add clarity to your marketing plan. Speaking of relevancy, your marketing goals and strategies should adapt based on the types of travelers you want to target. For example, if you’re targeting business travelers, families, or Generation Z, your marketing strategies for each group should be unique. A key component of your overall marketing strategy is your content marketing strategy, which includes your blog articles, social media posts, Youtube videos, Pinterest pins, and more. Employing some creative content strategies can transform your hotel’s online presence. As you’re setting up your strategies, you’ll want to form good hotel marketing habits. Like brushing your teeth, it’s a good idea to make researching market trends, collaborating with other hotel departments, and learning about local events part of your daily routine. Want to brush up on your marketer skills? That’s a trick question; you should be constantly sharpening your marketing skills, especially considering that the marketing space is evolving rapidly. One such example of timely marketing trends is the BookDirect movement, which promotes the practice of making reservations directly with the hotel. This movement has influenced software functionality, marketing strategy, and promotional offers that encourage guests to book direct. Struggling to get potential guests to click onto your website? Consider hotel marketing with visuals that catch the eyes of travelers coming to your destination. If you need some inspiration as you think about your overall marketing strategy, you can learn a lot by studying your competitors (and scrutinizing your own hotel!) through a SWOT analysis. Haven’t done one of these before? Check out our SWOT analysis example for small business. With so many facets of hotel marketing, it’s impossible to become an expert on all of them while maintaining your day job! Working closely with a hotel marketing agency can bring to the table the expertise you need. Read our tips on how to select a hospitality marketing agency to ensure you choose the right partner. Maybe you’ve already read all of our articles above. So you’ve got a great hotel website, now what? The marketing landscape is constantly evolving, so there’s always room for more improvement. Have you run out of ideas? Read through our hotel marketing ideas list, which contains more than 100 suggestions. -- Do you still have any burning questions about hotel marketing? Let us know what we missed so we can improve our guide!

Hospitality Innovation is Thriving Despite the Crisis (Q2 Innovation Report)

by
Jordan Hollander
2 months ago

Innovation is alive and well in hospitality. Don't believe us? Check out the 47 new hospitality innovations that we cover in this report.  In the age of coronavirus we all catch ourselves thinking that the world is coming to an end from time to time. Don't worry, this article has nothing to do with coronavirus (but it's hard not to address the elephant in the room these days). In order to keep this article COVID free, let's run a scenario analysis using Hotel Tech Report's Innovation Wager™.  The wager considers four alternate universes based on two axes.  On our X axis we consider two worlds: Scenario A considers optimal decision making if the hotel industry does not recover, Scenario B considers what to do if you believe that it will. On our Y axis we consider what happens if we improve the way we do business with new technology and processes.  The wager shows us that in any potential outcome, it's always in our interest to improve the way we operate our businesses.  The only unacceptable outcome is the one where the world does not come to an end and we do not improve our tech and hotel operations processes.   So the next question is how did we choose our Y axis (i.e. update my hotel's tech and operations)?  The math is simple, if your hotel group's breakeven is at 25-30% occupancy and you're currently running at 0% you are essentially racing against time to hit that occupancy.  Global travel demand is unfortunately out of your control, so what can you do to get there as quickly as possible? You can improve your margins to lower your breakeven occupancy by getting more efficient at your property.  For this you may explore technology like keyless entry or staff collaboration tools to help your slimmed down team do more with less.  You can sell long term group business today to bring deposit revenue in ahead of those bookings and for that you'll need airtight sales tech and processes.  You could also get more efficient at acquiring guests to hit that 25-30% occupancy rate faster. In this article, we showcase 47 hospitality innovations that have been launched in the crisis.  As you explore ways to improve your margins, get smarter at guest acquisition and more - this list can put you on the cutting edge.  We've divided the article into five categories: Revenue Management Innovations Marketing Innovations Operational Innovations Guest Experience Innovations Sales and Meetings Innovations     BONUS: Look for the contactless badge next to products in the innovation report to identify technologies that will help your hotel go contactless, boost your recovery efforts and prepare now for the inevitable changes that are coming.  The tools have functionality that will enable you limit human physical contact to pre-emptively prepare for new government regulations and even more importantly, guest expectations.   Q2 Innovations in Revenue Management   1. OTA Insight Market Insight Tool OTA Insight’s Market Insight tool offers a smarter way to predict demand and price your rooms accordingly. Market Insight gathers and analyzes data from hotel web searches, flight data, events, holidays, online reviews, weather forecasts, and alternative lodging inventory to give your revenue team location-specific insights segmented into different customer groups. Learn more about your target guest’s booking intent and use real-time market trends to capitalize on revenue opportunities before your competition. 2. SiteMinder Insights SiteMinder Insights allows hotels to be smarter about their sales and marketing strategies while maintaining their brand integrity. This tool has monitoring and reporting capabilities that provide hoteliers a single place to access clear and actionable data on their local market, business performance and guests. This integration can help hoteliers make more informed decisions about hotel pricing and distribution, based on impartial data, as well as reveal insights that help get ahead of the competition. 3. Infor Price Optimizator Infor Hospitality Price Optimizer (HPO) is a mobile-first app that helps hotels price their rooms in a more accurate and timely manner. The algorithms that drive the app replicate the approach the guest takes to book a room: the system data from star ratings, location, pricing, and reviews to select which hotels are the valid competitors that should influence the pricing decision. he system automatically detects seasons and events for a dynamic pricing solution that updates throughout the day as needed.   4. HotelIQ Monthly Forecasting HotelIQ has been working on a Monthly Forecasting & Budgeting Tool that can generate forecasts and budgets for up to 12 months at a time. The platform pulls your real-time PMS data to use as a baseline, automating the burdensome task of maintaining spreadsheets and forecasting by hand. Easily edit figures, track performance, and generate market segment level forecasts and budgets.   5. IDeaS RevPlan IDeaS RevPlan is a total revenue forecasting, planning and enterprise consolidation tool. RevPlan can automate scientific forecasting, budgeting and financial submission for your entire property – from rooms to food & beverage and other income revenue streams. Save time and manual effort while driving greater profitability: RevPlan provides hotels the ability to forecast accurately and precisely.   6. RateGain MarketDRONE RateGain is launching MarketDRONE, a new feature for its rate intelligence platform OPTIMA. MarketDRONE tracks intra-day rates and rate-plan changes by hotels in real-time. Whenever a competitive hotel makes a rate change, your revenue manager receives an alert. Hotels are constantly changing rates for existing plans and introducing new rate plans close to check-in-date to sell off their unsold inventory and maximize revenue. As such, a revenue manager, on an average, may lose $1,000 or more per day by not acting on these intra-day market changes in real-time. With MarketDRONE, revenue managers do not have to pull out rate shopping reports on a daily basis to make the strategic decisions. The instant alerts provide them the market insights on the fly and basis that they can take the recommended actions on the go.   7. HotelTime Instant Reporting HotelTime Solutions is debuting Instant Reporting, a reporting and forecasting tool that helps revenue managers working at multi-location properties get a clear picture on their distribution. It aggregates data on key metrics across different properties. This tool makes it easy to get accurate reports, merging revenue center statistics at the chain level.   8. Hotelchamp Demand Tracker Hotelchamp’s new demand tracker will give revenue managers insight into how much demand there is predicted for future stay dates in their hotel. Set up automatic alerts to be notified when demand increases for a specific stay date. Get insights for a specific demand period to better predict trends in revenue.   9. HotelPartner Synergy Model HotelPartner’s synergy model is a new service offering for individual hoteliers that combines manpower, technology, and expertise in one package. The firm will offer a revenue management tool as well as the team to use it; the synergy model offers a blend of consulting, technology, and a revenue management solution tailored to your property.   10. 5stelle Business Intelligence 5stelle* is introducing a new business intelligence tool that provides 18 interactive dashboards. Get reporting on your reservation lead time, month-to-date revenue and occupancy, RevPAR analysis, and more all in one place.   11. Fairmas Advanced Revenue Planner Fairmas Advanced Revenue Planner simplifies the planning and controlling of all hotel revenues, either by market segment or by account line item, on a daily or monthly basis. The platform is built for different user groups – from department managers who need to plan on the operational level, to revenue managers for a detailed view of the total hotel, and to the general managers who can refer to its consolidated view. The  Pickup Planning feature allows a different way of planning that may be a more realistic approach depending on the day-to-day situation (e.g., How many more rooms do I still need to pick up to achieve my goal?).     Q2 Innovations in Hotel Marketing   12. Revinate Guest Data Platform Revinate’s Guest Data Platform is another take on consolidating guest information to deliver the insights hotel managers can use to drive direct bookings, provide a great guest experience, and increase profit. The Guest Data Platform combines guest data into rich, unified profiles that can inform your sales and marketing campaigns.   13. SHR Maverick CRM SHR Maverick™ CRM by Sceptre Hospitality Resources LLC is a new CRM system that unlocks information from third-party providers. This CRM shows your hotel data about customers no matter where they booked: direct, or through an OTA. Maverick gives hoteliers access to clean, consolidated guest data, including user behavior and booking habits. The platform includes a loyalty and rewards platform and integrates with Windsurfer CRS, Windsurfer CRO, Windsurfer IBE, and a built-in Campaign Management Platform.   14. D-EDGE CRM D-EDGE launched Guest Management, a CRM tool that integrates with the brand’s existing CRS product. Guest Management offers hoteliers a way to centralize data from your PMS, CRS, website, and other sources into one guest profile. By consolidating all data about each guest in one place, your team can more easily send specific, customized offers to guests, driving guest satisfaction and loyalty. 15. Dailypoint Content Bot The dailypoint Content Bot is a tool which pushes email communication finally to an individual experience with each guest. The bot pulls data from guest profiles in dailypoint to select content pieces from a library, offering individualized, concierge-style recommendations based on each individual’s unique needs. Content Bot allows your marketing team to get hyper-focused with messaging. Send a newsletter customized per person, rather than per target group.   16. Suiteness OTA Distribution Suiteness launched a partnership with Booking.com for travelers to book connecting hotel rooms and suites through Booking.com. When connecting rooms are available, they are booked 3.3x more often than multi-bedroom suites in the same hotel. Customer segments like families and groups are heading to AirBnB in droves because they demand more space and don’t want to risk showing up at your property only to find out they can’t get connecting rooms. Give them peace of mind and you’re more likely to win their booking.   17. RoomRacoon Integrated Upselling RoomRaccoon is developing an integrated upselling tool for its hotel management system.  This will allow clients of its HMS to offer add-ons like breakfast or room upgrades prior to arrival.  While there are quite a few standalone upselling tools on the market, RoomRaccoon is one of the first HMS players to offer this functionality.   18. AskSuite Booking Engine Chatbot AskSuite’s latest integration syncs your booking engine with their chatbot to recapture a guest who may be having trouble booking directly. For instance, if a traveler tries to book a room on an unavailable date, the chatbot will automatically respond with a message that there are no rooms available and suggest the next earliest date with availability. Or, the chatbot can be set up to suggest a nearby property from the same chain that does have availability. This integration helps your reservation team work more productively, captures more direct bookings, and standardizes customer service messaging on your site. Asksuite is also in the process of building a Smart Chat Distribution tool that can matches a reservation agent to an open chat, helping large reservation teams coordinate their responses to individual customers. Your property defines specific rules – using triggers such as language, communication channel, type of inquiry, and more – and the algorithm uses these qualifiers to send an open request to the right customer service representative. The goal is to improve your property’s customer service and make it easier for your team to work efficiently.   19. Profitroom WebAssistant Profitroom’s WebAssistant is a new tool for creating and maintaining your hotel website. The tool is built specifically for the hotel industry, with templates designed to set up booking pages that drive direct bookings as well as unlimited data transfer and automated free updates. This website builder is an option for hotel properties that do not have the budget to work with a digital marketing agency to set up their site.   20. Quicktext Lead Generation Quicktext’s chatbot aims to improve your sales cycle by generating new leads for your sales team. When a customer engages with this chatbot, the program checks your CRM to see if this user exists; if they do, the tool will add any missing contact details and customer interests as determined through the chat interaction. If this is a new customer, the bot will upload insights into your CRM that can be used by your sales and marketing team to send more personalized offers and marketing messages. The Quicktext bot interacts with 9% of online visitors each month; if you have 3,000 visitors every month, Quicktext will create 270 new leads to whom your team can market.   21. myhotelshop GmbH Link Travel Ads myhotelshop GmbH recently launched Link Travel Ads, a metasearch marketing platform for hotel chains, booking engines, and hotel marketing agencies. This tool is built specifically for properties that have struggled to run, manage and report metasearch marketing campaigns. Link Travel Ads will take you through the process from start to finish. With this tool, one account manager can manage campaigns for more than 500 different properties, with reporting and invoicing all in one place.   22. Experience Hotel Dedupe Experience Hotel, like D-EDGE, is trying to solve the problem many hotels have: multiple entries for the same guest. Hotel brands that have multiple properties with multiple data sources (the restaurant, spa, reservation system, etc.) tend to have duplicate profiles for the same guest in their PMS. Experience Hotel’s approach is Unified Customer Repository (UCR), a system that can identify all the duplicates in your guest list and combine every guest's details in one single profile. This allows your team to see an entire guest history in one place, and use insights from multiple sources to deliver personalized messages and offers.   Q2 Hotel Operations Innovations   23. hotelkit Facility Management Hotelkit debuted a new Facility Management platform that enables maintenance teams to  plan, schedule, and track corrective and preventive maintenance tasks. The tool help maintenance managers allocate resources such as time, money, and employees more effectively, and can automate and oversee daily maintenance routines. Get data and reporting on energy consumption or wear and tear of equipment to predict future expenses.   24. Mews Online Check-Out Mews Systems now offers an online check out feature aimed at reducing lines at the front desk and streamlining your property’s operations. Guests can checkout online without having to stand in a queue before departure; the platform sends housekeeping an alert once the guest has left, and your revenue managers can start upselling early check ins. Mews Online Checkout gives time back to guests and hoteliers alike with essential automation to guests who are in a hurry and hotels who are trying to turn around rooms.   25. HelloShift Inventory Management HelloShift is introducing Inventory Management to systemize the process of ordering and maintaining your stock of hotel supplies – parts, tools, equipment, linen, guest amenities, and more. Store detailed information about your supplies (warranty, brand, model, etc.), automate reordering, and reconcile inventory levels with regular checks. Reduce error that can lead to over and under-stocking, and reduce costs associated with ordering the wrong amount of supplies.   26. Bookboost Multi-Property Inbox Bookboost Guest Messaging added an all-in-one inbox with multi-property function that integrates messages from a number of channels into one inbox. Manage messages from your website, email, Facebook Messenger, Whatsapp, and more in one platform. This allows one team member to oversee one unified inbox – a big gain in efficiency, especially for multi-property hotels.   27. Sertifi eConfirmations Sertifi eConfirmations allows travel companies to send payment digitally to travel suppliers (e.g., your hotel). Receive corporate credit card payments, virtual card payments along with the corresponding payment instructions, and guest information, such as check-in time and room preference, all at once – quickly and securely. All payment data is tokenized and transferred in a PCI compliant manner. Offer a smooth, hassle-free payment experience for corporate travelers.   28. Beekeeper Task Management Beekeeper’s Whispr Partnership will help frontline workers learn their job duties more quickly and help add consistency to your operations. Whispr transmits “motivational audio messages”, as well as work instructions in your employee’s preferred language through Beekeeper’s operational communication platform. Facilitate communication between your housekeeping team and management in an innovative and authentic way.   29. Telkonet Ecoinput Telkonet introduces EcoInput, a simple way to save energy and reduce your costs. EcoInput turns any light switch into an energy management device. Using the Zigbee wireless protocol, lighting can be controlled locally – e.g., guests can use the light switch as normal – or remotely via software or mobile control. Add sustainability and energy savings to your property without sacrificing guest experience.   30. Hoxell Quality Operations Hoxell has a new tool called Quality Operations. With Quality Operations, members of your team can send messages, create and assign tasks, and digitize workflows to improve productivity. The platform aims to streamline housekeeping activities, create direct communication channels, and improve reporting by reducing friction in communication and knocking down siloed reporting structures.   31. Mister Booking Payment Automation Mister Booking’s Payment Automation feature offers a simple way to process payment from your Hotel Management System. All credit cards collected as guarantee from OTA or booking engine can be verified and pre-authorized directly from the PMS. Automate advanced payments for all non-cancellable and non-refundable reservations, according to their payment conditions. It will save your team time by automating the administrative burden of payment verification.   Q2 Guest Experience Innovations   32. Crave AppLess Mobile Crave unveiled AppLess™ Mobile, a tool that gives guests access to guest services through location-specific QR codes. Guests simply scan a QR code and choose from the services you offer. Create multiple custom QR codes and post them at different points throughout your property: for instance, a QR code for ordering drinks at the bar, a QR code for catering in a meeting room, a QR code for more towels by the pool. AppLess™ enables frictionless digital experiences for consumers to access services on their own devices, without the need to download a mobile app. Includes payment technologies such as Apple Pay and Google Pay.   33. SuitePad Premium Docking Station SuitePad has two new products to share, the SuitePad Premium Docking Station and the SuitePad 10" Tablet. The SuitPad 10 is a premium version of their previous model, featuring a 1920 x 1200px resolution screen, larger battery for longer use, and 2GB of RAM for smoother content delivery. The docking station includes new features such as a bluetooth speaker, in-room presence sensor, and telephone handset. These features increase your property’s ability to send offers to guests at the right moment, and provide a premium in-room technology experience.   34. Volara Google Interpreter Volara introduced Google Assistant Interpreter Mode for Hospitality, a partnership with Google that facilitates real-time conversations with guests through instant translation. The tool translates between 29 different languages to help your staff welcome guests from diverse language backgrounds. Improve the guest experience and solicit reviews in multiple languages with this quick and easy translation platform. 39. TrustYou On-Site QR Feedback TrustYou’s On-Site Solutions Beta is a new product that solicits feedback during the guest stay using a QR code or short URL. This survey tool proactively asks each guest about their stay, escalating any issues occurring at your hotel for immediate attention. One hotel property that tested this product was able to increase their post-stay review scores by 3.8 points by asking for feedback in real-time.   35. Travel Appeal Destination Report Travel Appeal’s On-demand Destination Reports are tailor made for independent and chain hotels, DMOs, and tour operators looking for deeper information about their territory. These reports are available for any city, region, or territory within a few days, and can be used to analyze visitor groups, sentiment scores, trends, competitors, online channels, seasonality, and more. Compare different time periods (up to three years back) and learn about the reputation of the destination, individual sectors (F&B, retail, experiences, and more), and what topics are most discussed in relation to your specific area. Know what to highlight in your marketing campaign and help your concierge team craft the perfect experience for your guests.   36. LoungUp WhatsApp Messaging LoungeUp debuted its new WhatsApp Messaging function, adding a new way to communicate with guests. Use this tool to initiate contact with each customer before they arrive over WhatsApp. Send guests a way to check-in in advance, pay their deposit, book a shuttle to the hotel, or offer an upgrade. Automate some of the time-consuming administrative process and offer real, conversational exchanges with guests. With 1.5 billion worldwide users per month (as of January, 2019) worldwide, WhatsApp is the number one messaging platform, ahead of Facebook Messenger (1.3), Wechat (1.1), Skype (0.3), Snapchat, Viber and Line.   37. Zaplox Mobile Check-in Zaplox Premium iterates on Zaplox’s original product with new mobile-check in and mobile key functionality. This app integrates with most leading PMS and lock systems to streamline check-in. The custom-branded app allows your property to connect with guests before, during, and after their stay. Guests can use the Zaplox app to check-in, preauthorize their credit card, and complete the guest registration before they arrive at the hotel. Includes mobile keys with integration with lock vendors ASSA ABLOY, dormakaba and SALTO systems as well as large PMS providers, such as Oracle, Agilysys, protel, StayNTouch, Maestro, and more.   38. MyStay Mobile Check-in MyStay Check-in Agent is a tablet-based software solution that can make your check-in process 100% digital at the front desk and anywhere at your hotel. The tablet scans guest documents, and then prompts the guest to add missing information, agree to house rules, and sign the check-in card. This increases the accuracy of your guest data, streamlines the check-in process, and allows your team to focus on the guest experience rather than data entry.     Q2 Sales & Group Travel Innovations   39. OPERA Sales & Event Management Oracle’s OPERA Sales and Event Management Cloud (OSEM) helps hotels reduce the extra time spent managing data entry related to events. OSEM provides a single view of all a hotel’s event booking details and revenue across rooms and event spaces for easier audit and analysis. Properties can increase their event revenue by optimizing inventory, bookings, streamlining logistics and providing smooth event logistics. The tool helps streamline operations, increase communication and cooperation across departments, and respond faster to customers.   40. Atomize Group Booking Pricing Module Atomize announced fresh updates to its Group Booking Pricing Module with a tool that helps revenue managers to instantly calculate the optimal rate for groups. This module now presents both the total recommended price and displaced transient revenue for the group, along with details such as prices per room type and date. A separate module introduces the ability to email yourself the group pricing recommendation for future reference.   41. MeetingPackage Analytics MeetingPackage has a new analytics extension for meetings and events bookings that allows you to advertise your meetings and events the same way you would advertise your hotel rooms. The analytics extension allows Google Analytics to track the full customer journey, capturing the total revenue of the meeting/event. Measure the booking process from the very first ad click until the event date, and make smarter marketing decisions on Google, Facebook, and LinkedIn to drive valuable direct traffic.   42. SABA Hospitality Digital Conference Tool SABA Hospitality’s SABA Conference is a digital conference tool that provides automatic answers to the questions and requests of conference hosts and attendees directly to their mobile devices. From conference information, directions and amenities, and information on the surrounding area, all information is easily accessible in multiple languages, and can be presented in any format (e.g. links, videos, text, maps and images). Users don’t need to download a thing, making it easier for conference organizers to ensure all relevant information is received by attendees. Hosts and property operators simply enter the relevant information, and the platform presents it in a branded and engaging way.   43. EVENTMACHINE Instant Quote EVENTMACHINE IQ Instant Quote automatically plans and quotes events based on a few simple inputs, like date or event type. Rather than tasking an event manager to manually select and calculate event spaces, catering and equipment. Eventmachine IQ can reduce that manual effort. Get instant, custom quotes emailed in a professional PDF proposal.   44. Get Into MoRe Strategy Dashboard Get Into MoRe has built a new Strategy Dashboard advises whether or not you should allow an inquiry to proceed with booking your events space. One small event could easily reserve a space and prevent a more profitable, large event. Strategy Dashboard uses a red light/green light system to tell you if an inquiry is worth accepting – or if you should hold out for another booking request.   45. THYNK Meetings Management THYNK has a new product, MYCE, a customer-centric meeting events and venue management system. The flexible, cloud-based system uses Salesforce to automate the sales process follow-up with task automation and two-way integration with your PMS, POS, and other applications. Assign tasks across departments and add the group booking module to make it easier to manage event bookings.   Q2 New Innovations in Food & Beverage   46. Bbot Smart Ordering System Bbot Smart Ordering system allows guests to order room service on their phone from their room without downloading an app or signing up for a new service and integrates with popular hotel PMS and POS systems.  Guests order and pay for food + drinks right from their room without having to call down, which means you save on labor and menu management.  Bbot recently rolled out new PMS integrations including Mews & Opera.                   47. Apicbase's Production Planning Tool Apicbase’s Production Planning tool streamlines kitchen operations at your property by making food production reliable and repeatable. Save money and reduce food waste by up to 30% with automated to-do lists, real-time inventory updates, and a function that allows your team to predict how many quantities will be needed at each meal. Prep only what you need and make the most of ingredients in your pantry to lower your food budget.  

Hoteliers Share Their Advice for Recovery

by
Kelly Robb
5 months ago

Revinate has been regularly surveying our customers to understand how they’re feeling, how they’re thinking about their businesses and what they need to be successful. Our most recent survey, which received 297 responses from global hoteliers asked, “If you experienced an extreme down cycle in bookings in the past, what was most helpful to you during that time?" While the situation today is quite unlike any others the industry has weathered, the responses provide some great insight into how hoteliers are thinking about recovery. As you begin the arduous task of opening up your doors to travelers, which we anticipate happening soon, albeit more staggered than we once thought, we hope this advice from your peers helps.   Keep service levels high When you reopen your doors, you might be operating with a skeleton crew. It might be awhile before you can bring back your furloughed workers or rehire so you’re going to have to do more with less. In some areas, such as housekeeping, you might be okay since guests may now request that housekeepers not enter the room during the stay. Avoid cutting costs that negatively impact service levels if you can avoid it. For example, keep the front desk well-staffed so guests don’t have long waits. Also, if you run a luxury property, don’t cut amenities, such as flowers or welcome cocktails. These are the things that make your property feel luxurious and they will be missed.   Continue to invest in marketing and sales Many survey respondents expressed in their comments that now is not the time to “go dark.” Research conducted by the Hotel School at Cornell University shows that “firms that ‘invest’ in marketing, especially in tough times, can achieve a payoff via various revenue drivers and will realize gains beyond just the short term.” In a recent video post, researcher, professor and consultant, Sherri Kimes, suggested that it’s very important to continue to engage your audience, including guests, meeting planners and groups, to stay top of mind and to build relationships. While some feel that engaging with guests during a pandemic is inappropriate, customers want to hear from brands. In fact, over 85% of U.S. consumers said it is completely acceptable for companies and brands to be communicating at this time. But it’s important to engage intelligently and segment your audience. Now is not a time to spray and pray emails. Rather, the message must fit the customer. One survey respondent advises, “Email to current guests only. Don't want to inundate them with "covid" info. We are all getting too much!” Another says, "Leisure should come back first so create relevant options for that segment." When it comes to smart sales techniques, many hotels are now leveraging sales resources to manage things like rebooking groups for later dates. Proactively reaching out to travelers to rebook with no cancellation penalty is a great way to save a booking that has a high likelihood of canceling.   Use downtime wisely Use the time to master unique niche customer segments. One survey respondent suggested using the time to “reevaluate where your business is from.” For example, since most experts predict that the local market will rebound first, spend some time learning about your local guests by examining the data in your CRM. Do they typically travel alone or with their families? What is the segment’s average nights booked and LTV? These answers can help you plan great packages for when travel restrictions are lifted. Experts, like Sherri Kimes, also suggest that hotels use this period to do community service. Many brands are offering rooms to healthcare workers, donating food and offering their hotels to sick patients for quarantining. With little to no demand, it’s a win-win for everyone.   Hold onto your pricing One thing we learned from past recessions, especially immediately after 9/11, is that you can’t create demand through price when people don’t feel safe traveling. Hoteliers advise keeping your rates competitive. Even if you have the lowest rate of your comp-set, you’re not going to get the booking if no one is looking to travel. When the market is ready to venture out and travel, you will be happy that you and your comp set haven’t raced to the bottom. In a Triptease blog post Chetan Patel of ONYX Hospitality advises, “To be in line with your competition, monitor what’s happening in the market. If you drop your rate too low, you’ll be leaving money on the table - and it can be hard to recover post-crisis! Focus on getting the price right and offer flexible cancellation conditions. If your customers have confidence that they can cancel, they'll be more open to booking at your property.”   Be flexible with cancelations As Chetan mentions above, be flexible with cancellations, even when travel restrictions are lifted. In order to capture new bookings, you will need to appeal to customers that might still be apprehensive about traveling, especially since the virus might reappear somewhere and cause new shelter-in-place measures. Hoteliers agree that in this day and age, it’s a good business practice to prioritize your relationship with the guest over short-term revenue losses. A cancelation has a temporary impact on your business but upsetting a customer has a life-long impact.   Finally, focus on providing great experiences When bookings come back, they will likely come back slowly. Some hotels I’ve spoken with recently are planning to open with just a fraction of their rooms available initially until demand picks up. Use low occupancy as a chance to engage your guests in a personal way. As one survey respondent says, “Increase the one on one with customers to make them feel more wanted and show we care about everyone.” Be liberal with upgrades. If you have the resources, encourage your front desk staff to walk your guests to their rooms and share their favorite local spots. Or, use the data you have in your CRM to surprise and delight them with a nice in-room amenity. In conclusion, any extra effort you go to with your early guests post-Covid will inspire them to share their experiences with others and will help you build loyalty, which will be key to driving more bookings. As governments begin to talk about relaxing shelter-in-place restrictions, we can feel people’s excitement building to escape the house and experience something new. We hope they find their way into your hotels.  

This is Why the Data Protection Act is Stupid

by
Hotel Tech Report
8 months ago

Is your hotel compliant with the the General Data Protection Regulation, more commonly known as GDPR? Perhaps you've undergone a major implementation to bring your hotel up to compliance. Or maybe you’ve balked at the cost of such a project and taken the “fingers crossed” approach that your smaller brand won’t be a target of compliance audits. Wherever you land on that spectrum, the risk of non-GDPR compliance to your hotel is immense. There have been 281,000 cases submitted to regulators in GDPR’s first year, with companies risking a maximum fine of 20 million Euros or 4% of annual revenue, whichever is greater. And in July 2019, the risks of non-compliance for hotels was underscored by a record fine of USD 125 million charged to Marriott for a major data breach under the regulation. The PR damage alone is probably more costly than the fine! For an industry that clusters and shares data across websites, channel managers and third-party booking engines, GDPR has been an enormous pain. It's also been incredibly expensive, with Forbes estimating the global cost of compliance at over 9 billion USD. And that’s just for the largest companies! Small-to-midsize businesses are sinking a massive amount of time and money into compliance. Despite this investment, the regulation simply has not worked as designed. It's a well-intentioned initiative that’s been executed horribly. In this quick “GDPR for dummies” primer, we’ll explore how it started off strong and where it went wrong, and give you a complete GDPR checklist for hotels so you can comply without breaking the bank.   What is the Data Protection Act (GDPR)? GDPR, which stands for the General Data Protection Regulation, came into force in the EU on May 25th, 2018. The passage of the Act was marked by a stark conflict, between those who believe in the government’s role in protecting consumers’ privacy through regulation and those who believe that a free-market must prevail. GDPR provides “the protection of natural persons with regard to the processing of personal data and on the free movement of such data.” As a major overhaul of how businesses are expected to process, handle, and store data, GDPR also gave individuals more granular control over their data. Under GDPR, data refers to both personal data, such as names, IP addresses, or anything that could be used to identify a person, and sensitive personal data, such as genetic material, political views, sexual orientation, and the like. Any organization that acts as a controller or processor of personal data is covered by the GDPR. A data controller is the entity that determines how data is used for process to come on while the data processor is any entity that's not an employee of the data controller who processes data on behalf of the controller. For hotels, this distinction is important, as they may act as the “controller” of data (i.e. direct bookings) while their vendors are seen as “processors” of the data (i.e. bookings made on third party platforms). Unless otherwise governed by a contract, the Data Controller is responsible for any GDPR compliance. Facing potential fine of up to 25 million Euros or 4% of revenue, hotels must put the guest at the center of all data protection strategies. We’ll cover that more later in our hotel GDPR checklist.   The Data Protection Act is a Well Intentioned Initiative... The intentions behind the Data Protection Act were good: it was all about creating more controls for consumers in today's data-driven digital age. In most countries and regions, existing privacy laws were enacted before the internet took over. The regulation was intended to catch regulations up to commerce. To achieve this objective of greater control in today's digital age, the regulation enshrined seven individual rights based on the core data protection principles: The right to be informed. Companies must specify what data is being collected, why it's been collected, what it will be used for, and how long it will be stored. Companies must also have clear reasons for storing data for that length of time. The right of access. Individuals can access the personal data upon request, in an easily readable format. The right to rectification.  Individuals can review, modify, and correct data companies have on them.  The right to be forgotten.  Individuals can request deletions of information about them and companies must balance individual interest with the public good when  granting deletion requests. The right to restrict processing. Individuals have the right to restrict the processing of their personal data where they have a particular reason for wanting the restriction. The right to data portability. Individuals have the right to transfer their personal data on request. The right to object. Companies must get consent from individuals explicitly and offer the option to withdraw that consent, while tracking that consent in a centralized location. Individuals also have the right to protest decisions made by automated algorithms. Even with such strong benefits for individual control over their data and how its used, the initiative also had some unintended consequences.   ...With Many Unintended Consequences There were some significant unintended consequences of GDR; namely, how the realities of compliance trickled down into the economics of doing business in Europe and further entrenched the power of Big Tech: Big Tech is the biggest beneficiary.  The brands with the most widely used data trackers gained market share due to GDPR. As smaller companies adapted to the new law, they lost out to those with the most resources. A Ghostery study showed a 20% drop in website reach for the top 50 ad tech vendors there weren't Google or Facebook. GDPR appears to have put more power in the hands of the already-dominant.      Complexity breeds confusion -- and a windfall for lawyers.  The law itself is far too complicated for both individuals and businesses. With many companies spending at least 40% of their compliance budgets on legal advice, the lawyers are really the only ones with an across-the-board win.  Reduced European competitiveness -- and fewer jobs.  The law of complexity had a tremendous impact on the region’s startups, with one study finding “a $3.38 million decrease in the aggregate dollars raised by EU ventures per state per crude industry category per week, a 17.6% reduction in the number of weekly venture deals, and a 39.6% decrease in the amount raised in an average deal following the rollout of GDPR.” The loss of that investment resulted and somewhere between 3,604 to 29,819 jobs in Europe.  New merger risks.  As evidenced by the record Marriott fine related to practices of Starwood, hotels that acquire other hotels assume any GDR-related risks. As such, deals are falling apart, with 55% of a Merrill Corp survey saying they had worked on deals that fell apart because of concerns about a target company’s data protection policies and compliance with GDPR. Cost of compliance for hotels. The hospitality industry is especially affected by GDPR,  as hotels in even the most far-flung locations must consider compliance. The cost of retaining advice, and implementing systems, is steep. GDPR compliance requires collaboration across vendors and employees in IT, cybersecurity, digital forensics, and systems design. With so much to be done, the largest brands are at A major advantage as they can use their economies of scale to reduce the overall cost of implementation.     Despite these unintended consequences, GDPR is still a major issue for hotels. By balancing compliance requirements with a strategic approach, hotels of all sizes can build a framework that is affordable and effective.   Hotel GDPR Checklist To bring your hotel into compliance, as well as maintain that compliance over time, it requires a thoughtful and holistic approach. You'll need to carefully think through how data is shared across internal systems, as well as how that data flows back and forth from third-party systems that are not directly in your control. Since GDPR puts the responsibility on your hotel as a Data Controller, it’s critical that you understand how data flows at each juncture. Here's a GDR checklist for hotels: Audit. Undertake an analysis to review internal processes, contracts with vendors, existing databases and how data flows between systems. You need to understand what information you possess and who has access to it. This clarity should inform everything you do from this point forward. Communicate. Ask existing vendors for their data compliance policies. We must have a clear picture of how your hotel’s data interacts with their systems, and identify any vulnerabilities or poorly-informed vendors. After speaking to your existing vendors, it may be time to evaluate other options. When working with a GDPR-compliant vendor, like TravelClick’s GMS (CRM), iHotelier Booking Engine or a hotel website builder, you eliminate compliance stress without lifting a finger. The compliance is built into the product so you have more peace-of-mind. Plan. Once you have your audit and updated tech stack, the next step is to create a blueprint for governance. You want a framework for managing data, including policies and processes to eliminate potential gaps in how your hotel handles guest data. You’ll need clearly defined roles and responsibilities for staff, such as assigning responsibility for handling inbound data requests from consumers. You’ll also want to create a step-by-step data breach action plan to enact in the event of a data-related incident, hack or breach. Execute. Now it's time to work the plan! Things you want to be sure to include: Explicit consent: Ask visitors to your website to opt into cookies, rather than automatically installing cookies and making it opt out. You’ll also need to track when and where each person consented (or revoked that consent). Privacy policy: Update your privacy policy to include relevant GDPR compliance info, such as how you use data and how users can opt out. Front desk: Make sure that your data collection policies at the front desk are in compliance because anything you collect offline must also comply with GDPR. Existing data.  GDPR applies to all personal data, no matter when it was captured. Since data is also subject to new rules and regulation, you want to be sure it complies too! Train. Compliance is only as good as your weakest link. By training staff to adhere to these policies, you'll be less vulnerable to GDPR-related issues. Educate your staff on what may lead to a data breach and how they can help prevent it -- including monitoring for red flags.  play out a clear process for staff to report any mistakes or other complaints-related issues to management. There should be a no fear environment that prioritizes transparency over punishment. Maintain. Maintenance is far less burdensome than compliance. Revisit each aspect of your data protection program regularly to review for any unexpected changes or new compliance issues.  As you look towards GDPR, keep in mind that hotels are responsible for how vendors collect and interact with data. Every touchpoint must be compliant or you risk fines. So you must verify that your vendors are informed and proactive about GDPR for hotels. Otherwise, no matter how much preparation you do on your end, you’ll leave your hotel open to vulnerabilities -- and the financial and PR consequences of being out of compliance and having something like a data breach occur.  

What You Need To Know About TravelClick's Tech Suite

by
Hotel Tech Report
4 months ago

To put a lid on the cost and complexities of acquiring, converting, and keeping customers, TravelClick can be a valuable partner. Its comprehensive suite helps hotels achieve maximum revenues through stronger guest acquisition, conversion and retention, as well as more accurate pricing, data analysis and guest profiles. The rise of alternative lodging, with its scalable model and strong quality controls, has added to the hyper-competitiveness of acquiring customers. Acquisition costs are rising as these new brands, such as Sonder, compete for the same customers on third-party platforms. In this environment of expanding supply, you must be as efficient as possible with your digital marketing -- waste nothing, optimize everything. Here's a deep dive into how TravelClick empowers your team to achieve their revenue goals by acquiring, converting, and retaining more guests, and growing demand over time. Whether your hotel relies on a few or all of these tools, they are designed to work together seamlessly to reinforce the top objective: more profitable and reliable revenue.   Acquire: Capture More Demand With Distribution And Digital Marketing Tools  TravelClick streamlines the guest acquisition process with several distribution tools, as well as a robust digital marketing suite that drives demand. Here’s what you can expect from its guest acquisition tools. Channel manager. By enabling a broad base of distribution, your hotel can diversify its sources of demand and build a resilient distribution strategy that helps you meet (or beat!) your revenue and occupancy targets. The TravelClick channel manager connects to over 600 channels and partners serving over 170 countries, ensuring that your latest rates, availability, and restrictions are updated across all channels. These connections include revenue management systems and property management systems, so your real-time data can be easily disseminated to tools that help you optimize your pricing and run your property. In addition, there’s iHotelier GDS, which increases exposure and visibility among travel agents (an especially lucrative channel for business travelers) and Demand Services, which connects to metasearch channels (popular with leisure travelers). Central reservation system. Managing your reservations shouldn’t be complicated. By integrating the iHotelier CRS into your distribution technology, you'll have confidence that your latest availability and reservations will sync with your channel manager. This eliminates overbookings and powers your direct bookings. A web-based central reservation system that connects to multiple distribution channels and offers distribution modules for web, mobile, voice, travel agent and online travel agent (OTA) channels Booking engine. A conversion-optimized booking engine is a critical part of acquiring customers and building direct bookings.  And if your hotel’s website doesn't offer self-serve booking or has a dated booking flow, your direct bookings will suffer. TravelClick’s iHotelier Booking Engine positions your hotel to capture your fair share of direct booking demand. As part of its Web Solutions division, TravelClick will also help you build a responsive website that slots right into its other products. Guests expect a modern experience and you must deliver!  Digital marketing for hotels. When it comes to acquiring customers, digital marketing is king. While it's certainly important to have your inventory in front of customers across as many channels as possible, it's equally important to have an effective digital marketing strategy. The strategy must be efficient, as far as delivering bookings at a low cost, and reliable, as far as delivering bookings at a consistent and predictable pace. TravelClick Media Solutions focuses exclusively on advertising your property across a variety of digital media channels, including travel agents. These customized media plans will drive more profitable bookings by putting your property in front of the right prospect at the ideal time. The objective is to increase conversion, direct bookings, net revenue and return on ad spend (ROAS). With proper digital media marketing, TravelClick data shows a 20-50% lower cost of acquisition when compared to OTAs. The company segments its media solutions by Single Media Subscription, Travel Agent GDS or as part of an entire Media Suite.   Convert: Optimize Revenues With Data Analysis And Business Intelligence  TravelClick puts data at the center of everything. The data becomes the glue that binds the products together and ensures peak performance -- and maximum revenues -- across the entire ecosystem.   “The biggest challenge with revenue is that good is not always good enough,” -Joseph Bustos, director of revenue, YOTEL New York With business intelligence tools, you can convert more lookers into bookers and optimize revenues across your entire demand ecosystem. These are the dashboards that monitor your performance and surface any potential issues automatically, so you're not forced to spend hours in Spreadsheet Hell or potentially miss something important because you're doing other important work. The TravelClick business intelligence tools include: Parity management. Holistic cross-channel optimization requires effective rate management. If your rates are not consistent across channels, you're losing business and causing distrust with potential guests. TravelClick’s Rate360 optimizes your hotel’s pricing strategy by keeping your rates competitive compared to others and increasing visibility into areas where competitiveness is slipping due to parity violations. Disparity is especially insidious when bad actors undercut your rates and pull business away from your direct channel, reducing your profitability. Rate shopping and market intelligence. Historical and future performance are valuable inputs for pricing and market positioning. TravelClick’s Demand360 put this into perspective, showing how your property compares to your competitive set, as well as by segment and channel. With the Demand360 business intelligence tool, you can see where you stand today and use data to predict outcomes for tomorrow.  These predictions then drive better profitability, as the insights around forward-looking demand influence pricing, marketing and operational decisions, responding to the market in real-time. TravelClick’s Agency360. A business intelligence tool, which aggregates travel agency bookings across all agencies and consortia. With data on agency booking trends, you can craft strategies to increase your bookings and shift share from competitors. Hotelligence360. The flagship business intelligence tool puts market data at the center of your decision-making process. Data can be segmented by guest segment, property, portfolio, and channel. The suite includes Demand360 and Rate360 (covered above) as well as GuestView360.   Retain: Know Your Guests With CRM and Marketing Automation With hotel CRM and email marketing powering your guest engagement and retention strategy, your hotel will capture more repeat business. The value of keeping existing customers is significant: Bain & Company research found that increasing customer retention rates by 5% increases profits by 25% to 95%. At scale, this can really add up. TravelClick’s retention-focused products are under the umbrella of Guest Management Solutions (GMS). It's more than just a customer relationship management solution. The GMS as it includes a robust set of marketing automation tools to engage guests across the guest journey. From upgrades to nurture campaigns, hotels earn incremental revenue by matching message to guest and building long-term relationships. These are the core features in the GMS suite: GuestView360. As the reporting module with Hotelligence, this is a business intelligence dashboard that visualizes guest profiles. Customizations. All confirmations, cancellations, modifications, and pre/post-stay messages can be customized and configured to your own priorities.  Marketing automation. Automate your marketing workflows and leverage your rich guest profiles into loyalty bookings with an end-to-end marketing platform, Loyalty program. All of these features tie into a dedicated loyalty program module, so you can recognize returning guests and create exclusive promotions.   All-in-One: The iHotelier Suite For those hotels looking to take advantage of a single integrated solution, TravelClick also offers an all-in-one package. Called the iHotelier Suite, The solution can be customized to your unique needs, Including whatever combination of tools that you need. The all-in-one option is a great way to take advantage of the power of an integrated set of tech tools and lock in substantial cost savings compared to a la carte. For anyone who’s waded through a confusing web of vendors (and their invoices), there's also a lot to be said about having a single central tool, all invoiced on the same bill each month. You also gain cost control and budget certainty with set monthly pricing that doesn't fluctuate. That peace of mind is worth a lot!   TravelClick Pros and Cons According to its Customers  We’ve pulled some pros and cons directly from TravelClick customer reviews. While there are a few reviews related to customer service issues and data latency issues, the majority of reviewers appear satisfied with the responsiveness of the team and the accuracy and features of the product. Since there are many products, we've identified the relevant product, if mentioned, and the reviewer’s hotel category. As we all know, it's important to choose vendors that have responsive customer service and a penchant for taking care of their customers! Pros: One manager at a branded property applauded TravelClick as the “best marketing intelligence tool “ and the “most reliable Rate Shopper technology. A boutique GM echoed this, saying that Demand360 is “one of the best intelligence products available out there” As it's simple to use and easy to integrate into the decision-making process. The outcomes have been favorable for another hotelier using the TravelClick booking engine, with an “undeniable” increase in income, as well as attention to their needs by the customer service team. Another booking engine user called the support “excellent” and the platform “easy and practical.” Cons: A few users reported issues with support, such as one branded hotel who used the Media Solutions product and found little support from the Account Manager or customer support teams. Training was also “not sufficient” for one booking engine user. The sentiment was echoed by a branded hotel using Media Solutions, who felt that online training and webinars were not enough for their needs and in-person, on-site training would be more effective. One Airport GM told us that the TravelClick GMS wasn’t user-friendly and “definitely” needs to be improved. Data recency also came up for one Branded GM, who Wanted more live data and increased usage from other brands on the Demand 360 platform.   Getting Started with TravelClick Given how many products the company has, you’ll have to enter a sales process to get started. This is most definitely not a single click on-boarding! TravelClick is therefore most ideally suited for larger properties and portfolios that are operating on a somewhat longer lead time and implementation schedule. While TravelClick certainly counts independents among its clients, smaller properties may get lost in the mechanics of a larger company. For brands looking to simplify and streamline their technology, TravelClick is one to consider. This is doubly true for hotels looking to build an integrated technology strategy that reaches across all aspects of its operations. Those hotels may also want to consider other products within the Amadeus ecosystem, such as its property management products, sales and catering module and service optimization tools. With such a global reach and deep bench of expertise, coupled with products for nearly all aspects of the hotel's operations, TravelClick by Amadeus can certainly power significant transformation for hotels.    

9 Hotel Marketing Habits You Need to Develop Right Now

by
Hotel Tech Report
2 months ago

Do you know how many customers your hotel marketing campaign converted today? This question causes many hotel marketers to break out in a cold sweat. Hotel marketers have many competing priorities to address throughout the day. From meeting with their team to running ads across multiple platforms and planning for the next marketing campaign, few hotel marketers have the time to get granular and learn how their campaigns are actually performing on a day-to-day basis. Carving out time for a daily routine can mitigate some of the anxiety of not knowing whether the work you’re doing is, well, working. Daily rituals, especially for marketers, reduce friction stemming from decision making, eliminate distractions, and help individuals get into that “deep work” mindset faster. Designing a thoughtful routine can give you a clear vision of how your overall marketing budget is performing, eliminating wasted resources or and letting you identify what’s working sooner, rather than later. A hotel marketing manager can develop a daily routine that involves regular collaboration, staying attuned to market trends, and monitoring your competitors to stay ahead. By doing these nine things every day, a marketing manager will establish discipline and industry knowledge to drive revenue with smart marketing campaigns that connect with guests.    Review your hotel marketing plan & track goal progress Start off every day reiterating your goals and prioritizing your tasks based on the impact you think they’ll have on achieving those goals. While most leaders review their goals weekly, a marketing manager has the benefit of getting more instant feedback from Google Ads, blog views and click-through rate, and social media analytics. Reviewing your hotel marketing plan daily can help make sure your day-to-day tasks continuously ladder up to delivering on big-picture goals, like more direct bookings. Make sure your marketing goals are SMART: specific, measurable, attainable, relevant, and time-based. In practice, that means your hotel marketing plan is:  Specific: well-defined and focused.  Measureable: include concrete targets against which you will measure success.  Attainable: aim high, but not so high that you set your marketing up to fail.  Relevant: tied to being attainable, how are your goals relevant to the competitive landscape and macro-economic trends?  Time-based: give yourself a deadline or series of deadlines. SMART goals are actionable; they can help you know which skillset to pull from and which resources to use as you plan your day. Make it part of your routine to revisit these goals to avoid distractions throughout the day.    Collaborate with your team cross-functionally Specifically, a marketing manager should dedicate some time to syncing with their revenue and sales teams. Sales, revenue, and marketing functions must work in lockstep to decide on rates and availability and then create promotional offers and campaigns based on those data points. As one revenue manager explains, “The hotel is an ecosystem, everything connects and affects one another. It’s critical to be aware of what Marketing is trying to promote and communicate because that could affect our decisions the next day.” Assist sales with key accounts and deliver promotions that meet the rate strategy set by revenue management. Set aside face-to-face time each day with sales and revenue to make sure you’re squeezing as much revenue as possible out of your campaigns.   Check-in with your digital marketing agency Even if you perform your routine every day, it’s unlikely that you’ll have enough time to devote to every marketing opportunity available to your property. Delegating to a digital agency is the only way to realistically do everything. A specialized agency will provide digital marketing and web design that brings more traffic to your website, and then ensures you have the graphics, layout, and right on-page SEO settings to capture direct bookings. Improve your SEO and SEM results on Google, Bing and industry specific sites like TripAdvisor & Kayak, and use smart CRM re-targeting to follow up with those at the beginning of the consumer journey. Great agencies can also help deploy social media marketing campaigns and influencer campaigns, driving more viewers to your website. A professional hotel website design team can improve your page’s conversion rate with mobile optimization, personalization, content management and great graphic design. Monitor Google search trends, along with Bing, metasearch, Facebook, Instagram, Pinterest, and more to constantly improve your conversion rates. It’s crucial to make monitoring your digital marketing central to your routine. Check-in with your hotel marketing agency to make sure your marketing budget is reaching and converting guests at the best rate possible.    Browse new technologies and research market trends The hospitality industry is changing faster than ever before. Our team has identified more than 100 trends impacting hotels that range from renewable energy to new hotel designs, alternative lodging and everything in between. It took us dozens of hours to compile this list, and it’s likely there are many more trends that we missed. Hotel marketing managers need to incorporate some research into their daily routine to stay on top of current trends as they develop. Learning about current market trends in technology, sustainability, hotel design, smart rooms and the guest experience can help marketing managers generate new blog topics that consumers care about, as well as use social media marketing to highlight specific on-site amenities. For instance, if your hotel uses recycled water to maintain a green rooftop, that’s great content for PR placement on a site like Fast Company. As you monitor new technologies and trends, follow the three key areas that must collaborate for maximum growth: sales, marketing and revenue management. These teams must work in lock-step with each other to generate revenue – meaning it must be part of your routine to collaborate cross-functionally.  A guest data platform or CRM like Revinate can help to tie all functions together, helping both operations and marketing teams, even revenue management teams can benefit from better understanding guest segmentation.   Study other industries for great marketing ideas Marketing is largely agnostic, meaning what works well in one industry can be replicated in other markets. Read sites like Adweek and Ad Age to take cues from consumer brands and the entertainment industry. Look at how movies are being launched, new beverage brands introduced, or creative ways that restaurants are drawing a crowd for marketing ideas you can incorporate on-site. Case-in-point: traditional Hollywood studios are in fierce competition with streaming sites, just as established hotel chains vye with Airbnb and other alternative accommodation for guests. In Los Angeles, at the epicenter of both these battlefields, “blockbuster hotels” mimic the experience of big-budget movies. Just as The Avengers is designed to blow revenue figures out of the water, hotels are offering premium, unique experiences that small shops can’t replicate. For instance, Petite Hermitage features a Soho House style members only club (only more exclusive) with weekend tarot card readings and jazzy burlesque shows. The Magic Castle features an invite only black tie magic show and the Hollywood Roosevelt famously hosted Beecher’s Madhouse (now shuttered), a debaucherous nightclub and variety show frequented by the likes of Miley Cyrus and The Kardashians. What does this mean for your hotel? Find ways to make waves where other properties can’t. Study how other brands facing disruptive market entrants are adapting to the increased competition.    Get outside your office and speak to guests Guest surveys are a great way to encourage feedback because it’s scalable and easy to access. Another great way to gather customer intelligence and insights is to speak to guests in person. Top rated providers like Revinate allow you to gain insights into your guests in real time.  Talk to guests so you can develop a better understanding not just customer personas –  critical to any effective marketing – but also to understand your hotel through their eyes. Often, times the things you learn can be taken and leveraged to market in the authentic voice of your customers. We recommend that marketers do at least 6-8 random guest interviews per quarter to make sure they’ve got a pulse on who’s coming through their doors.  This helps create better offers and content so that your marketing resonates with what guests want. Ask them questions like “why did you choose us versus another property?”, “how did you first hear about our hotel?” and “if you didn’t book with us, where would you have booked and why?”. If you find it hard to get valuable feedback from your guests, at least advertise your guest survey tool and encourage people to leave you private reviews that you can mine for insight.   Browse the latest local events, restaurant openings, etc. Capitalize on local happenings to make your marketing campaigns stick. An event-based promotion can capture a lot of traffic when you pair the right offer with the right keywords. For instance, if your property is near New York City, run a post-NYC marathon spa service special using Google Ads to target “nyc marathon+hotels.” Make paying attention to the calendar part of your daily routine to know when to expect start running a promo for maximum impact. “Around 90% of consumers book within 70 days of their trip, however about 80% of this same group book within just 30 days. Keeping this booking window in mind will help you plan the run-time of your overall strategy,” reports one hotel marketing expert. Events like the marathon will have people booking well in advance; concerts or theater openings will have a shorter lead time. Another option is to use social media to target a specific audience that’s RSVP’d to an event. For instance, use Facebook’s audience tool to reach those attending Salesforce Dreamforce with a “hangover package” you can use to fill rooms after the conference – free late checkout included.    Monitor your compset Keep an eye on what your competitors are doing by reading their blog, signing up for their email newsletter, and setting up a Google Alert to let you know when there’s some news you need to know. Follow them on social media or use a tool like SPYFU and SEMRush to see what words your competitors are using for SEO and SEM. Leverage that keyword research by sharing it with your digital agency to get a leg up on similar properties. Try to ascertain not only what your competitors are doing, but how well they’re doing it: how are your competitor’s campaigns working?    Read non-hospitality marketing blogs Ultimately, digital marketing is similar no matter what vertical you are in. Search algorithms and ad platforms change rapidly; make sure that you are up to date with the latest developments. A few experts we recommend hotel marketers follow include:  Ahrefs: SEO tools and resources to help you grow your search traffic. Their blog offers hands-on tactical advice you can take to improve your website visibility.  Moz: Moz compiles SEO advice, research and how-tos to help you improve your digital marketing, tapping different experts to keep their content fresh. Neil Patel: Neil Patel is a consultant and best-selling author who specializes in digital marketing and SEO.  HubSpot: HubSpot make inbound marketing software, and in the process they gather data and insights around lead generation, email marketing, sales, and social media management.  Seth Godin: Like Neil Patel, Seth is a bestselling author on the subject of digital marketing and content. He focuses on the psychology of marketing and how to make your brand stand out. Regularly following this routine can make a hotel marketer more prepared, more flexible, and more agile when it comes to planning and executing timely marketing campaigns.  

SiteMinder’s Hotel App Store: 9 Tools You Need to Check Out

by
Hotel Tech Report
3 months ago

At ITB Berlin, one of our top five trends was the rise of hotel app marketplaces. Forward-thinking providers like SiteMinder are creating marketplaces that allow properties to add new integrations and tools to grow their business. These apps present a powerful way to utilize the full potential of your existing technology. Most, if not all, hotel technology is developed to achieve a specific task. App marketplaces exploit an opportunity for horizontal integration, capturing a new level of functionality by syncing data from multiple sources.  While SiteMinder is known for it's channel manager which connects accomodation inventory to hotel booking sites, the firm has launched an exciting new app store. When consumers are looking for new hotels, restaurants or other services - they turn to the most popular travel apps.  It's only natural for hoteliers to do the same as hoteliers are themselves consumers for half of the day. SiteMinder's Hotel App Store powers everything from revenue management and upselling to guest messaging and review management to room controls, airport transfers, and keyless entry. Research, vet, and download more than 100 applications that let your core technology share data. The marketplace includes a selection of tools that integrate with more than 80 different property management systems, as well as SiteMinder’s channel manager. Growth equity firm TCV believes that software companies can create two-sided marketplaces that connect their users to new channels of customers, suppliers, and employees. TCV is a key investor backing SiteMinder’s Hotel App Store ambitions; their launch fulfills this vision of “breaking down the industry’s notorious integration barriers, connecting hotel systems and applications through smart and simple connectivity.” In practice: adding an app from Siteminder’s app store syncs the critical tech systems used by your operations and communications, revenue management, reputation management, and CRM systems, giving you a competitive advantage. Every hotel app must integrate two pieces of technology to help hotel owners:  Make more money per booking Improve guest reviews Better connect with guests Grow direct bookings Add these integrations to make your PMS work smarter with your CRM, guest messaging tool, and revenue management system in seconds.   Customer Relationship Management Apps Your hotel's CRM allows teams to track, manage and grow client relationships throughout the customer lifecycle, collecting and collating information to build a relationship without needing to have been personally involved each step of the way. Integrate your CRM with your PMS to leverage data points such as recency, frequency, add monetary value in your guest segmentation, thereby running smarter, more targeted promotions. Without introducing data from your PMS into your CRM, personalized emails, text messaging, or other communication at scale is nearly impossible. Revinate Marketing Revinate allows hotel owners to run targeted, customized campaigns with messaging delivered at the right moments throughout the customer journey, leading to increased guest engagement and more direct bookings. Revinate uses survey data for powerful guest segmentation: the Database Insights tool delivers real-time insights into guest data so teams can make better marketing campaigns and improve the on-property experience. Revinate has a reputation for excellence, with 94% of customers giving the tool top marks. Compared with other CRM integrations, Revinate gets outstanding reviews for their customer service and ease of implementation. “The data provided by Revinate Marketing has truly changed the way we operate, allowing us as a company to make more informed decisions across our portfolio. From the segmentation to the reporting, the user interface is easy and intuitive,” reports one director at a boutique hotel. Cendyn Guestfolio, the Cendyn CRM platform, combines guest data and marketing automation to build a single, holistic view of each guest. By offering easy access to a guest’s history, Guestfolio empowers your staff to recognize loyal guests at check-in with a special thank you. Foster 1:1 communication with guests at every stage: pre-arrival, on-property, post-stay and re-engagement nurture campaigns foster brand loyalty, leading to repeat guests and an increase in direct bookings. A key benefit of working with Cendyn is that the platform integrates offerings in revenue, sales, and marketing to bring your teams closer together. Guestfolio is part of Cendyn’s Hospitality Cloud. Hospitality Cloud aligns marketing, sales, and revenue teams to offer optimal pricing, guest-first marketing, and better communication while saving time and stress. For-Sight For-Sight pulls data from your hotel’s PMS to give you strategies and insights to improve the guest experience, increase revenue and upsell, and make more informed decisions. Ease-of-use and a simple interface makes For-Sight one of the top-rated CRM tools. As one reviewer notes, “For-Sight makes a complex task simple and intuitive. Best-in-class email and automation alongside powerful segmentation and querying tools that our team finds easy to operate backed by attentive and responsive support when we need it.”    Guest Messaging Apps Guest messaging platforms that integrate with your PMS via SiteMinder’s App Store offer a way to improve communication among teams on-site, automatically answer frequently asked questions, and increase operational efficiency while meeting guest satisfaction. These three systems offer a way forward to happier guests and more efficient staff. Bookboost The Bookboost guest messaging platform increases guest engagement and revenue with its proprietary Omnichannel Website Chat and Proactive Direct Messaging tools. Bookboost is our top-ranked guest messaging tool, achieving perfect scores for return-on-investment, ease of implementation, and customer support. Bookboost messages have a 99% open rate and an astoundingly high 28% click-through rate. “With Bookboost, we have seen a great improvement in guest satisfaction. Bookboost has helped us to deduct 50% repetitive phone calls while improving the score of guest review by over 11% in only two months! It's also a very good tool to upsell through sending SMS. We have used it to successfully upsell parking spaces by 87.5% and increase 10% of late check-out,” reports one operations manager. Zingle Zingle uses AI to drive operational efficiency, automating intelligent communication between teams and with guests. “Zings” are automated workflows that can be set up based on a specific trigger. The trigger leads to automatic action. For instance, Zingle can read booking details from your PMS to schedule a personalized message to guests attending a wedding, telling them where on the property to gather for festivities. Or, if a guest sends a message that includes the word “broken,” Zingle can recognize the need for a plumber or maintenance staff member.  helping them increase operational efficiency, improve guest service and boost RevPAR.  HelloShift HelloShift allows your team to connect with guests through SMS, WhatsApp, SMS, Facebook Messenger, email, and more. Unlike Bookboost, HelloShift also has a team chat function to help your on-site staff coordinate. HelloShift is a cost-effective option great for properties working with a limited budget or with limited service. The platform costs less than $3/room/month and comes with a free 30-day trial. One general manager reports, “It was very easy to migrate into, and the on-boarding experience was simple as well. Took less than a day to get everything up and running, and staff were able to communicate back and forth with very little training.”   Revenue Management Apps An RMS allows hotels to sell the right product to the right customer, solving for variables like price, channel, and timing to maximize profitability. A strong, two-way integration between your RMS and your property management system gives your revenue manager historical information on rates and revenue. Analyze the data and get an accurate matrix of pricing recommendations for each segment and room type. As a result, your property gains the ability to optimize pricing and capture more revenue. These revenue management apps are not to be missed. Pace Pace’s revenue forecasting gives you booking curves for each night, room-category, and segment, offering advance notice in case you need to adjust your pricing in real-time. Immediately. Hoteliers love Pace’s customer support and implementation, giving the platform high marks for its responsiveness. In comparison with RevControl, Pace offers price sensitivity modeling and inventory management to help your teams sync and avoid overbookings. It can also forecast demand 365 days in advance, with real-time price optimization to help you hone your pricing model and squeeze the most revenue out of your available inventory. “PACE also has highly qualified revenue management experts who provides great advice on how to maximise the property's revenue. As a GM of a 63-room hotel, I can now focus more on strategy.” writes one reviewer.  RevControl RevControl forecasts revenue in one dashboard that clearly predict what demand will be, empowering hoteliers to turn insight into action immediately. Sell your rooms the right rate at the right time with RevControl’s dynamic pricing, revenue management automations, and multi-property management features. This platform also offers extended stay functionality, something RevControl competitors don’t include. “I advise hoteliers who want full control over their revenue, room rates, and RevPar to use RevControl for their hotel. This cloud-based system provides the right information by means of accurately collected data to always calculate the right prices for your hotel rooms,” writes one reviewer.  Lybra Tech Lybra Tech has integrated machine learning into their hotel revenue management tool. Machine learning makes it possible for Lybra to analyze and integrate learnings from big data into their insights. For hotel owners seeking a competitive advantage, AI and machine learning can provide faster data analysis and better calls-to-action to maximize revenue potential. This is a fast-growing entrant to the revenue management market, and one vendor that promises to push boundaries to uncover market opportunities.    Check out SiteMinder’s app store to explore integrations and download some of these great options. 

Cendyn: A Complete Overview of the Hospitality Cloud

by
Hotel Tech Report
2 weeks ago

There are three key aspects of any hotel’s revenue generating operation: sales, marketing and revenue management.  Collaboration between these three functions is critical and Cendyn’s Hospitality Cloud provides a one-stop-shop for each department to work in tandem. The job of sales is to bring in new group business, marketing is tasked to bring in leisure direct business and revenue managers sit between (or above) both functions ensuring that their hotel has optimally priced rooms and well merchandised offerings across channels to maximize tRevPAR. As the revenue engine for hotels, sales and marketing acts to keep beds full and profits flowing while revenue management uses data to forecast demand, optimize pricing, and maximize profitability. To keep this engine going at full speed, hotels must continuously improve by keeping their revenue, sales, and marketing teams working in tandem to build a healthy business across both group and leisure segments. Without that alignment, silos create inefficiencies, reduce trust -- and cost your hotel money. Cendyn is the only company today that offers both a leisure (marketing) and group (sales) CRM for Hotels.  The firm addresses this interplay between sales, marketing and revenue with its Hospitality Cloud by delivering solutions for each role. “The hotel is an ecosystem, everything connects and affects one another. Being aware of what Marketing is trying to promote and communicate could affect our decisions [in Sales and Revenue]." -Kevin Chan, Revenue manager at JC Resorts In support of this ecosystem, the Hospitality Cloud offers distinct products that align Marketing, Sales and Revenue teams around optimal pricing, better client communication, and guest-first marketing. This ecosystem feeds into itself, with each area enhancing and amplifying the others: Marketing generates demand, Sales converts demand to revenue and Revenue crunches the numbers to optimize pricing across the ecosystem. Here’s how these three focus areas empower your hotel’s digital marketing, sales outreach, and revenue management to bring your hotel more profitable business while saving your team time and stress.   A One Stop Shop: Hotel CRM, Web Design and Digital Marketing Services   Email Marketing and Hotel CRM have become linchpins for hotel marketers. That’s because effective digital marketing requires rich guest profiles that inform your digital marketing operations. These profiles allow you to segment and personalize messages to serve the right message at the right time which ultimately increases conversion rates and bookings while decreasing costly email unsubscribes. The beauty of email marketing is that you don’t have to go out and find all new customers - which is expensive.  Email marketing is high ROI because the acquisition cost is next to nothing. It’s always cheaper to bring back old guests than to go out and find new ones.  Another asset to email marketing exists in your targeting options. You have enough information about historical guests that you can quickly leverage this resource to act on need periods.  Let’s imagine that occupancy is unusually low this weekend. We can use that information to run a targeted promotion to guests who stayed at our property last year during this season and also came from drive markets. Because of the compelling interplay between digital marketing, CRM and web design, your hotel may benefit from using a single provider like Cendyn.  For example, let’s imagine a campaign where we want to sell out our suites on Mothers’ Day. We’ll want to start by exporting a list of families of 3 or more who have previously booked a suite at our hotel from our CRM.  We’ll then create a Facebook lookalike audience to run some ads towards that base group as well as the lookalikes. Finally, we’ll run an email campaign to our core group after we’ve warmed them up with ads showcasing our property’s unique selling proposition with a focus around property USPs targeting families (e.g. great brunch buffet, nearby hiking trails, spa).  In this kind of situation, it is often beneficial to work with a single vendor like Cendyn who can create omni channel campaigns in an efficient manner vs. coordinating with multiple parties. Here’s how Cendyn’s Marketing Cloud delivers more cost-effective digital marketing to book more direct revenue: eInsight CRM provides multi-property operators and enterprises with a hotel CRM module that maintains rich guest profiles. With more detailed guest information and enterprise-level marketing automation, revenue managers can target segments with precision and drive repeat bookings by running campaigns customized to each specific segment. Each campaign’s analytics then informed your the next campaign, to keep improving your conversion rates. KPIs: Repeat guests %, direct bookings %, Email open rates, Email conversion rates. Guestfolio CRM is a CRM designed for boutiques and independents that centralizes guest information into a single dashboard. Guestfolio was a Cendyn acquisition and has been part of the portfolio for some years now.  These rich guest profiles make better guest experiences. For instance, easy access to a guest’s history means that loyal guests can be reliably recognized at check-in with a special thank you. These details can then be automatically pulled into your marketing workflow so you can speak 1:1 with your guests with pre-arrival, on-property, post-stay and re-engagement nurture campaigns.  KPIs: Repeat guests %, direct bookings %, Email open rates, Email conversion rates. Personalized marketing efforts also benefit from observing trends in guest data to adapt guest engagement strategy according to the latest guest demographics and stay patterns. For example, Guestfolio reviewers have seen positive impact from marketing automation that sends surveys soliciting reviews. With intelligent routing that segments guests based on review score, one hotel found opportunities to improve less-than-stellar reviews. What's the point of having all this useful data if you don't use it? Cendyn’s digital marketing suite uses your existing CRM data to enhance targeting with PPC, social, display, and metasearch ads to past guests (and those with similar profiles or intent-to-purchase). With SEO, you keep your hotel’s website ranked highly to avoid leakage to third party channels. Whether it's attracting bookings for past guests or finding new ones, the suite attributes conversion across channels to get you more bookings for less money. Rinse and repeat. KPIs: Clickthrough rate, cost per conversion, average booking value. Cendyn’s digital marketing team can also modernize your hotel’s online infrastructure. If potential guests land on an outdated, slow, or poorly-functioning hotel website, they are far less likely to book. A thoughtfully-designed website with modern functionality, such as a CMS that allows customizable marketing content, enhances your hotel’s reputation and gives guests the confidence to book. Better hotel web design and faster page load speeds also help improve your search engine rankings to drive more traffic.  KPIs: Web traffic, Website look-to-book/conversion rate, bounce rate, page load speed, average booking value.   Close More Groups With Streamlined Workflows, Customized Proposals And Real-time Collaboration   Prompt responses to event planners are how your hotel competes winningly. According to Cendyn data, hotels that respond to RFPs first win the proposal 70% of the time. The takeaway? Your hotel must respond quickly to RFPs...but without sacrificing the proposal’s quality (or your hotel’s profitability) in the name of speed. To balance speed with accuracy, responses must also be coordinated with relevant colleagues in catering, events, revenue, and marketing; this ensures that proposals are realistic and profitably priced by not overpromising or sacrificing more lucrative transient business.   "The most effective thing that a revenue manager can remember is that "group is king."Having a sound relationship with your sales team will allow you to strategize around groups, find the base where you need it, and ultimately give you the biggest impact." -Adam Richards, Revenue Manager at Hilton Cendyn’s Sales Cloud empowers hoteliers with a set of tools to not just win more group business, but also win more profitable group business. These tools keep you organized and expand your hotel’s reach so that you can reach new prospects, increase your conversion rates, grow total revenue per event,  and nurture a reputation for world-class events management. With eProposal, you can show planners how responsive and helpful your venue is by answering questions clearly and succinctly, all in just a few minutes. You’ll win more business by increasing the number of responses without sacrificing quality. For independents, Cendyn offers ePLite, a simplified client-facing solution that allows smaller properties to leverage the power of custom proposals. KPIs: Average response time, RFP response rate, proposal conversion rate, average deal value. eMenus makes menu management hassle-free. With interactive design, dynamic upselling, a budget/profitability calculator and real-time updates across channels, the software increases menu accuracy, enhances profit, and makes for a better user experience for guests, planners, and staff. The software integrates with eProposal, so you remove guesswork and price accurately to protect the profitability of the F&B portion of your event proposals. KPIs: Staff time to update menus, F&B sales via online menus, upsell conversion rate on premium items, % growth in F&B sales for events, profitability % of event F&B, satisfaction score of event planners.  Getplanning enhances collaboration with clients so that your team can deliver knockout events that turn satisfied planners into repeat business. Often, it’s easy to focus only on closing that next group and overlook the technology that makes existing events successful. With features like document sharing, real-time notifications, task management, and configurable views based on client, property or team, the software streamlines collaboration to keep events on track. KPIs: % of returning event planners, satisfaction score of event planners, staff time spent managing events, staff satisfaction score.   Consolidates Demand Data so Sales, Marketing, and Revenue Can Optimize Prices Across Channels   Cendyn’s recent acquisition of Rainmaker Group has brought a complete revenue management solution into its portfolio. The Revenue Cloud consolidates past, current, and future demand data into a single view to align revenue, sales and marketing around optimal pricing recommendations. These tools also make your staff more productive, empowering them to do more meaningful analysis that leads to impactful actions -- such as reducing acceptance of unprofitable groups and adjusting group quotes dynamically according to demand. To remove guesswork and increase accuracy based on the latest data, hotels can leverage three tools in the Revenue Cloud portfolio: grouprev is a meetings and events tool that enables smarter pricing decisions so your hotel wins more group business. With grouprev, group pricing becomes less of a guessing game and more of an exact science.  By using data from across your property to make optimal pricing recommendations, the tool protects transient rates with forecasted displacement analysis and compares that displacement to the total potential value of a given group. This means that sales always prices groups to convert, while still optimizing space utilization and protecting profits in other areas of the business. KPIs: ADR, RevPAR, GOPPAR, gross revenue from groups, group wash %. Grouprev users report impressive revenue lift, with some seeing up to an 8% increase in group revenue after implementing the solution. On HTR, recommendations mention the responsive customer service and the user-friendliness of the interface, which makes it easy to find the ideal rates for a given group. guestrev is a hotel revenue management system built to optimize profit across your entire property.  These granular demand forecasts are based on Total Guest Value, which tracks a guest’s total spend across your property, as well as seasonality, length-of-stay, and events. Armed with these forecasts, you can better align revenue with marketing to move beyond static rules to dynamically capture more room and non-room revenue across segments. KPIs: ADR, RevPAR, GOPPAR, occupancy rate, gross revenue, Total Guest Value, pickup/pace. Customers highlight the impact that this data-based Total Guest Value approach has had on their revenues, with most seeing a seven to ten percent lift in revenues by accounting for both room and non-room revenue. revintel is a BI tool that pulls demand data and future forecasts from your PMS, RMS, and third-party market demand into one view so you can monitor trends in your segment mix, channel mix, traveler booking patterns, and total on-property spend. Then revenue managers can collaborate with sales and marketing to make any required adjustments to your marketing, room and event pricing and inventory availability. KPIs: Channel mix, room type mix, ADR, RevPAR, gross room revenue, gross non-room revenue, booking window. Reviewers appreciate revintel‘s ability to master complexity and provide the confidence to take action based on data and demand forecasts. One called the tool “worth every penny,” as it revealed valuable insights across segments and stay patterns. *** Whether your hotel is an independent or a multi-property, whether it needs one tool or the entire suite, the Cendyn Hospitality Cloud provides a wealth of opportunity by aligning Marketing, Sales and Revenue. From analyzing your property’s data for valuable insights and improving your group sales conversion rates to streamlining your demand generation activities, the software suite can truly transform the way your hotel does business across functions.  

Great Tech is the Key to Surviving the Thomas Cook Crisis

by
Hotel Tech Report
1 year ago

The collapse of global package tour operator and airline Thomas Cook was notable for its global impact. The company left hundreds of thousands of passengers stranded abroad and jeopardized the vacation plans of millions more. We’re not going to report on the tragic collapse of Thomas Cook since the news has been widely shared by nearly every major media outlet over the last couple of days.  This article is intended to help hoteliers like you that have been blindsided by this event and specifically those in European holiday markets who have been disproportionately affected. Wherever there is a crisis, there’s also learning and opportunity. This is a wake up call for hoteliers to strengthen their operations by diversifying their channel mix, as the insolvency highlights vulnerabilities of depending too much on a single demand channel. Below we outline 5 lessons to help hoteliers convert this short term crisis into long term opportunity but first we’ll give a quick background on what went down.   A quick overview of the Thomas Cook fiasco for those who aren’t familiar   The venerable brand, which was founded in 1851 and originated the concept of packaged tours, served 19 million people a year across 16 countries. That’s a lot of empty beds at hotels in these countries, leaving many hoteliers desperate for a lifeline.  Hoteliers report that Thomas Cook hasn’t made its payments since July.  And, as the Thomas Cook share price tumbled to just £0.0345 on its last day of trading before collapsing, it's unclear when -- or if -- hotels will receive these long-overdue payments. In many of these communities, the bankruptcy is a devastating blow to the local hospitality industry. In popular summer destinations such as Greece, Spain and Turkey, Thomas Cook accounts for 25% of their business. The pain is far-reaching: Thomas Cook accounted for 3.6M trips to the Canary Islands last year.  In Turkey, the local hotel association says many hotels are still owed £100,000 – £200,000 apiece. Spanish Trade Union expects more than 10% of it’s 130,000 local hospitality workers to be affected by the collapse. Greece’s PanHellenic Federation of Hoteliers projects losses up to €300m, of which the island of Crete accounts for €80-100m. In Tunisia, 45 hotels dealt exclusively with Thomas Cook, which reportedly owes €60 million for stays in July and August. #1: Use technology to diversify your channel mix   First and foremost, hotels must avoid reliance on a single channel. The Thomas Cook example makes this abundantly clear: fewer dominant channels dramatically increase risk. Expanding your sources of demand protects you not only from the extreme cases bankruptcy but also evens out the natural ebbs and flows. With a diversified channel mix, unexpected dips in demand will sting less. A metasearch manager, such as D-EDGE MetaGenius or Triptease Attract, maximizes your hotel’s presence on meta-search platforms. The technology optimizes your spend so that you can capture bookings without spending too much. Marketing spend can also easily be ramped up and down to account for any unexpected need periods. Channel managers, like the one from SiteMinder, dramatically expand the number of channels your hotel is distributed to. The right channel manager puts your hotel in front of consumers you may never have access to, such as inbound tourists from China. This expands your reach and lessens your reliance on only a few channels.    #2: Capture maximum revenue from your existing guests   Well done! You’ve won the booking and the guest has checked in. Now what? Rather than pursue the next booking, it's time to make the most out of your existing guests. Open the lines of communication, craft compelling offers for upsells and on-property amenities and make it a priority to increase incremental revenue. With a solid ancillary strategy, you’ll be more empowered and less at the whims of others. Ancillary upsell software, like that offered by Oaky and Revinate, helps you earn more revenue from things like up-selling room upgrades and other ancillaries. Since up-selling gives you the ability to earn more from the same guest, you'll be more profitable -- and less vulnerable to revenue dips from fewer bookings. A guest messaging platform, such as Whistle, Zingle, and Bookboost, gives you all kinds of new ways to communicate with guests. You could implement a chat widget on your website, use text messages to talk with on-property guests, or leverage automated communications to ensure the best guest experience. Each of these touchpoints is an opportunity to sell more to current guests. And, as you deliver better service, improved guest satisfaction will boost your reputation online. In-room tablets, like those from SuitePad, INTELITY, and Crave Interactive, are another way to connect with guests. As in-room concierges, tablets allow guests to find relevant information easily and quickly, which boosts satisfaction and leads to incremental revenue from selling in-destination activities and on-property amenities like spa and room service. More money from existing guests makes a healthier, more resilient business.   #3: Fortify your direct channel to shore up leakage   Leakage costs your hotel money. Each time someone books through an OTA or other third-party (rather than your direct channel) that’s leakage. There’s a related cost to each of those bookings, a cost that could be eliminated by capturing the booking directly. Reducing leakage means doing whatever you can to build your direct channel. With the right tech, your hotel can compete directly with OTAs by providing a similar booking experience. Proper digital marketing and web design ensures that your hotel presents a modern face to potential guests. Vendors (such as Screen Pilot and Travel Tripper) leverage years of hospitality experience to get you more direct bookings online. With an intuitive interface and appealing design, your website can become a great calling card. The agency can then help optimize your digital marketing efforts to get you more bookings at lower cost. A hotel booking engine works 24/7 so guests can book rooms right on your website to keep you competitive with other online platforms. Mews, Net Affinity and TravelTripper integrate a booking engine into your property management system to make inventory instantly bookable online. Long gone are the days when guests would call to book; to avoid leakage, you must provide instant booking on your website. With a direct booking platform, like those built by Triptease and Hotelchamp, you’ll have the tools to convert more lookers to bookers on your website. These tools transform your website into a conversion engine. Then, as you invest more in digital marketing to bring people to your website, you’ll see greater return on your investment because the site is primed to convert.    #4: Reduce friction for your sales team   Properties of all sizes can benefit tremendously from improved productivity on the sales side. By reducing friction for your sales team, you’ll improve outcomes, compress the sales cycle and close more group business. Closing more deals has the added advantage of boosting morale for your sales team, which builds momentumAre As your hotel endeavors to build a bigger group business, best-in-class technology amplifies this momentum and evens out the normal fluctuations in transient demand. With an online meeting booking platform, such as MeetingPackage, planners can self-serve. Many planners prefer self-service, especially for smaller events. An online booking platform streamlines inbound requests and reduces turnaround time. That way your sales team can focus on more complex offerings and close major deals that can make or break an entire year’s revenue target. A sales CRM for hotels is the heart of your sales operations. With powerful functionality from vendors like Social Tables, Amadeus Delphi or Event Temple, your sales team stays organized so they can prioritize prospects and pursue leads without delay. A few other upsides: Managing outreach in a single place encourages a collaborative mindset, fosters transparency and builds trust.    #5: Bring back your old guests   Past guests are your greatest assets. They’ve stayed with you before and know your hotel. You also know them somewhat, as you have already begun building a relationship. That means you don't have to introduce your property or compete for attention in a sea of unfamiliar hotels. Loyalty gives you more control over your business; it reduces reliance on third parties and diversifies your revenue streams. Loyal guests are also great advocates, enhancing your online reputation and promoting your hotel by word-of-mouth. Guest CRM and email marketing tools, like those from Cendyn and Revinate, are a hotel marketer’s best friend. Leveraging your database of past guests into new bookings requires thoughtful segmentation and effective messaging -- both of which are made easier with dedicated CRM and email marketing software. By crafting targeted campaigns based on rich guest profiles, you'll generate revenue from existing assets, all without any cost or commissions. And guests will appreciate the personalized approach. A loyalty program for independents can drive repeat visits and encourage more customer loyalty -- even without the global reach and recognition of the major brand. For instance, The GuestBook rewards guests with either 5% cash back, a 5% donation to their preferred charity, or 10% “Trip Cash” for future reservations. These incentives give independents another way to foster loyalty and build a healthy book of repeat business that’s not dependent on third parties.   *** Thomas Cook shutting down is a devastating blow to communities, businesses and consumers around the globe. It puts pressure on local economies in many countries. But it also provides a valuable lesson to hoteliers about relying too heavily on a single demand partner; diversification really does help mitigate risk. Hoteliers have some powerful tools at their disposal to build a resilient business that can endure even the most unexpected disruptions.