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Hotel Revenue Management: How the Best Revenue Managers Crush the Compset

by
Hotel Tech Report
2 days ago

As a relatively new addition to the hotel leadership circle, the role of a revenue manager is constantly evolving. Becoming a great revenue manager requires an eye for detail, interpersonal aptitude, technical skills and analytical prowess all combined. So how does one become a rockstar hotel revenue manager in 2020 and beyond? Simple, get a revenue management job! Kidding aside, the best way to learn how to excel at something is to watch the best at work - so in this article we’ll go into detail on the daily lives of revenue managers to help you understand the skills you’ll need to succeed in this highly dynamic role. We asked some of the best revenue managers we know to help us craft this article.  We then took their feedback and used it to show you exactly how the best RMs in hospitality plan their work days and then detail the skills they use throughout the day. Lots of hoteliers are interested in this exciting data driven role, but few understand what it actually entails. Before we get started, we want to give a huge shoutout to the rockstar revenue managers who helped make this resource possible: - Connor Vanderholm, Corporate Revenue Manager @ Aimbridge Hospitality - Rafik El Guizawi, Corporate Revenue Manager @ Dimension Development - Sarada Muduli, Corporate Revenue Manager @ Lords Hotels & Resorts - Kevin Chan, Revenue Manager at JC Resorts - Daniel Jang, Senior Revenue Manager @ Marriott Hotels - Elizabeth Selva, Revenue Manager at Kriya Hotels - Fabian Bartnick, Founder at Infinito - Adam Richards, Revenue Manager at Hilton   Let's dive in!   The basics: What is a revenue manager in the hotel industry?   In the simplest terms, a hotel’s revenue manager is responsible for setting prices that will maximize the hotel’s profitability and meet its strategic goals. While this task might not sound daunting  at first, it involves a mix of analytical skills, market research, critical thinking, and a little bit of gut instinct to make sound pricing decisions. Great revenue managers must also balance the hotel’s mix of group and transient business which entails negotiation between marketing and sales.  RMs must also develop and implement promotional strategies and serve as the main point of contact between the hotel and online travel agencies.A revenue manager needs to keep a constant pulse on the hotel’s competitive set as well as demand drivers in the market, like major events and holidays, since these external factors also affect the hotel’s positioning.  Sure this includes reading and understanding STR reports but is just the tip of the iceberg.  Great RMs don’t just understand the fundamentals like price elasticity but they deeply internalize the concepts and have a gut feel for how they are shifting in real time.   How do revenue management jobs differ for on-property vs. corporate?   Unlike other hotel positions like a rooms manager or a general manager, a revenue manager is not always required to be on property. An on-site revenue manager can benefit from firsthand knowledge of the market and activities at the hotel, but, thanks to technology, hotels can leverage the skills of a corporate revenue manager with great results.   “As a remote revenue manager I have the fortune to avoid a lengthy commute which enables me to start my day earlier than normal, I start at 7 am every day. The first thing I do is clean up my inbox of any correspondence sent to me after hours so everything from the day prior is resolved and I have a clean slate. I then get to work on inventory review for all my properties giving extra heed to unusual pickup within the next 14 days, double digit pickup within 90 days, or 5+ pickup in the next 365. After this I begin preparing for my weekly revenue calls with hotels which I try to schedule Tuesdays-Thursdays which leaves Mondays and Fridays for team meetings, trainings, projections and large system or rate adjustments. I set aside time each week to work on building Excel-based tools or enhancing the ones I already use. I spend as much time in One Yield and GRO as I can but but looking at past and future trends for revenue calls is best done by pulling reports and plugging them into Excel tools.”  - Connor Vanderholm, Corporate Revenue Manager @ Aimbridge Hospitality   While the role of a revenue manager is similar whether they’re based on property or not, there are a few key differences. A corporate revenue manager might oversee a cluster of several properties, up to several dozen, as in the case of Sarada Muduli, Corporate Revenue Manager at Lords Hotels & Resorts, who manages a portfolio of 25 hotels. In order to manage their portfolios effectively, a corporate revenue manager’s schedule might contain frequent calls with each hotel.   “I supervise and head 25 mid segment hotels within ARR bracket of USD 35-55 . First thing I look at the trend of market segment and business source contribution to a particular hotel Then I come to know where is the loophole if any hotel is going down YOY or to Revenue Budget. Then I look at the pick up analysis, forecasting and market analysis. Then I meet my team for next week's preparation and the instructions are clear between us. Why to do and how to do it”  - Sarada Muduli, Corporate Revenue Manager @ Lords Hotels & Resorts "The routine requires a lot of discipline because of the distractions that come up on a daily basis. We constantly have to be planning and adjusting strategies for the future, which is the most important part of the job while explaining the events that caused the recent results. So we to be successful, we have to be in tune with past, present and future." - Rafik El Guizawi, Corporate Revenue Manager @ Dimension Development   While a corporate revenue manager relies on calls and emails to stay up to date on the hotel’s activities, a property-based revenue manager spends time interacting with other hotel employees on a face-to-face basis. Taking the time to chat with colleagues isn’t just to be social, but also to gain important insight into the challenges and ideas coming from other departments. Many hotels and hotel management companies work with remote revenue managers, but these arrangements are not one-size-fits-all. One hotel may have a dedicated revenue manager who just happens to be based remotely, while other hotels might work with a cluster revenue manager. In this case, a revenue manager oversees several hotels within the same management company or brand. Best Western, for example, has remote revenue managers who work with portfolios of Best Western properties across the country. In other cases, hotels might work with remote revenue managers to benefit from revenue management expertise without needing to hire an in-house revenue manager on a full-time basis.   The best ones aren't just experts at using technology, they understand how revenue management systems think   Technology is an essential component of any revenue manager’s job. In addition to the hotel’s property management system, revenue managers must be familiar with using the channel manager to feed rates and availability to online travel agencies, a market intelligence tool to provide insight on competitor rates and market demand, and a revenue management system to help them decide on the optimal rates to sell.  Most of all revenue managers must be experts at leveraging revenue management software like IDeaS G3 to effectively make pricing decisions and implement real time strategies.   “The exceptional revenue managers I know are dedicated to becoming RMS system subject matter experts who can answer that all-too-common question, “what is the system thinking?” -Connor Vanderholm, Corporate Revenue Manager @ Aimbridge Hospitality “Know how your systems work with one another. Understanding which systems are interfaced with each other is key. It's inevitable that technology will break. But fixing it and preventing major integration issues, can save the company a lot of time and potential lost revenue. Test yourself, draw a systems map of all of the technologies and systems your property uses. Identify which messages are sent from where, what each one controls, how that affects your reservations and what do to if it fails. Be a systems expert, not just a systems user!” -Kevin Chan, Revenue Manager at JC Resorts   A nearly endless amount of historical data, competitor rates, and market statistics mean that a revenue manager must leverage technology solutions to reveal the story behind the numbers and find its implications for the hotel.   Interpersonal skills: A revenue manager’s role within the hotel leadership team   Though it may seem lonely to work in the Revenue Management department, which is usually just one or two people, revenue managers are constantly interacting with other hotel departments. The Sales team is a crucial partner for any revenue manager, since these two departments must work together to decide on rates and availability for group room blocks. Revenue managers also work closely with the Marketing department to create promotional offers and campaigns. And revenue managers and the Operations team collaborate on executing promotional offers, upgrades, and overbookings, if necessary.   “We revenue managers love our numbers, but we have to remember that this is an industry of personal connections and we can’t get anything done without buy-in from the whole team. The exceptional revenue managers I know build strong relationships with their stakeholders by soliciting and valuing their input. It is crucial that on property operations property teams are listened to and that their experiences are leverage toward a holistic revenue management strategy. We revenue managers love our numbers but we have to remember that this is an industry of personal connections and we can’t get anything done without buy-in from the whole team.”  - Connor Vanderholm, Corporate Revenue Manager at Aimbridge Hospitality “I will always set aside face-to-face time with our sales team as they are vital to building a strong base that allows us to Yield the remaining rooms to maximize revenues daily. My work is probably 50/50, split between work on the computer and meeting with people around the property. I find it beneficial to speak with the other departments on a regular basis to help me keep a good pulse on everything that is going on. The hotel is an ecosystem, everything connects and affects one another. It’s also critical to be aware of what Marketing is trying to promote and communicate because that could affect our decisions the next day.”  -Kevin Chan, Revenue Manager @ JC Resorts   A day in the life of a rockstar hotel revenue manager   While any revenue manager will tell you there’s no “typical day,” most begin their mornings by checking email and reviewing daily reports. Depending on the systems they use, some revenue managers need to pull reports manually, while others receive automated reports or use dashboards to get the data they need.   “Typically, I begin my day by briefly looking over the reports generated from the night prior - reviewing pickup for the prior day, our pacing to prior year and how it may impact pricing on higher, or lower demand dates. Shortly after, I attend the RevMax meeting with our Sales Team to review any new leads for the day. The rest of my day consists of yield management of the property's availability, restrictions and pricing strategies, meetings with the GM, Sales Team, Marketing, Call Center, Analytical work to identify booking trends, as well as monitoring and managing our network of third party booking systems, such as the OTAs, our CRS and GDS systems. In addition, I always block an hour a day of uninterrupted time, where I will dive into Demand360 forward looking reports, pace analysis reports, data extraction reports from our RMS. This time allows me to get a grasp of any potential changes in our comp set, the market, and within our own property's production. Managing the RMS (we use IDeaS G3) and ensuring I agree with the decisions it recommends is vital to my team trusting the system, which frees up time for me to focus on other items.” -Kevin Chan, Revenue Manager @ JC Resorts “My Daily Habits includes running daily pick up reports to see how many rooms we picked up and utilizing that information to make strategic pricing decision. Knowing market trends and leveraging that information to maximize my hotel's revenue. Reviewing forecast to ensure the hotel is on track to hit forecast/budget. Communicating with the front office on strategy for a perfect sell.”  - Daniel Jang, Senior Revenue Manager @ Marriott Hotels   Most of the morning is spent analyzing these reports to determine what caused results in the past, for instance, why the hotel didn’t sell out yesterday when it sold out on the same day for the last 5 years in a row, and forecasting for the future. With so much data at their fingertips, revenue managers must prioritize between analyzing competitor rates, researching upcoming events, studying rate trends, and evaluating how effective certain strategies are.   “We constantly have to be planning and adjusting strategies for the future, which is the most important part of the job while explaining the events that caused the recent results.” -Rafik El Guizawi, Corporate Revenue Manager @ Dimension Development   After lunch, revenue managers might meet with other hotel departments in person or via phone. A revenue manager might meet with the sales team several times per week, with the marketing team once every other week, and with the entire hotel leadership team on a weekly basis. If the hotel is part of a brand or management group, there might also be a regular meeting between the brand’s or region’s revenue management team.   “On my weekly revenue calls, I analyze granular level data to make educated pricing and yielding changes for the next 365 days out to ensure there aren’t any major events or opportunities missed!” -Elizabeth Selva, Revenue Manager at Kriya Hotels   These interdepartmental meetings are important, since they offer a great opportunity to gather feedback and ask for input from other stakeholders at the hotel. Sometimes fresh eyes can deliver exactly the insight a revenue manager needs, but sometimes two departments have very different ideas about a pricing strategy. For this reason, it’s crucial that a revenue manager’s people skills are as strong as their analytical skills.   How to become a hotel revenue manager that crushes the compset   Whether you’re considering entering the revenue management track or an industry veteran who’s always trying to improve, these pearls of wisdom from revenue managers around the country show that their success is no accident. Hear directly from leading revenue management professionals who graciously shared their advice and daily routines with us.   Become the go-to system expert As a revenue manager, technology is an essential component of day-to-day operations, so learning the ins and outs of each system can not only make your work easier, but it can also build your credibility. Knowing why the system did something or how to interpret a result can make the difference between a good revenue manager and a great one, especially in the eyes of a colleague in another department. “Technology changes faster than we can keep up with and we end up reacting by instinct vs. thinking of our actions” -Fabian Bartnick, Founder at Infinito   Build strong relationships Though the analytical part of a revenue manager’s job can easily become the whole job, make sure to nurture the personal connections with colleagues and According to Connor Vanderholm, Corporate Revenue Manager at Aimbridge Hospitality, revenue managers can “build strong relationships with their stakeholders by soliciting and valuing their input.” Instead of working in front of a screen with the office door closed, a successful revenue manager will purposefully take time to talk with not only colleagues, but also revenue managers at neighboring hotels, their market managers from online travel agencies, and industry mentors. “The more comfortable your peers are around you, the easier your job will be.” -Kevin Chan, Revenue Manager at JC Resorts “Be accessible - The more comfortable your peers are around you, the easier your job will be. As the conductor of the revenue generation tactics the team as a whole work together to employ, having people come to you naturally and keeping you updated is extremely beneficial. It'll save you time, as well as help build strong relationships with those you have to work closely with.” -Kevin Chan, Revenue Manager at JC Resorts   Embrace group business No, a sales manager didn’t pay us to write this, but most revenue managers could use a gentle reminder that the sales team isn’t out to sabotage your strategies. By adopting a positive mentality around group rooms, revenue managers can improve their relationships with the sales team and build a strong base of business in advance. “The most effective thing that a revenue manager can remember is that "group is king.” Cover a week and move on. Having a sound relationship with your sales team will allow you to strategize around group, find the base where you need it, and ultimately give you the biggest impact.”  -Adam Richards, Revenue Manager at Hilton   Stay up-to-date on industry trends A good revenue manager might know everything about the competitor hotel down the street, but a great revenue manager also keeps current with broader industry news and trends. Revenue management is growing quickly and changing rapidly with the adoption of new technology, and it seems there’s an innovative new software company popping up every week with new revenue management insight. Subscribing to industry newsletters or attending industry events will help you apply these macro-trends to your hotel’s strategy. “Expand your knowledge of the key players in the industry and how their actions are influencing the market, which will give you a leg up in decision making!” -Elizabeth Selva, Revenue Manager at Kriya Hotels   Any day is a good day to strengthen your revenue management skills   Using a variety of skills and systems, a revenue manager is certainly an exciting and challenging role at any hotel. Whether home-based or property-based, revenue managers gather essential insight from market trends and historical data to shape their hotel’s pricing strategy, which ultimately drives ADR, occupancy, and RevPAR toward the hotel’s targets. While revenue management and dynamic pricing are still considered relatively new ideas in the hotel industry, revenue managers have the opportunity to work at the forefront of this change and bring their hotel into the digital age with sophisticated technology solutions. Eager to learn more about how to hone your skills as a revenue manager? Check out our three surprising routines to unlock your revenue management genius.  

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WTM London 2019: Here's What You Need to Know in a Complete 8,792 Word Guide

by
Hotel Tech Report
1 day ago

If you want to learn about all of the latest hotel tech product launches and feature releases from WTM London 2019, then you’ll love this comprehensive (yet skimmable) guide. Hoteliers can browse the new products covered in this guide to get a pulse on the latest tools and strategies available to grow your hotel business in 2020. We know that you've got too much on your plate to keep up with all of this yourself, so we carefully reviewed 100+ of the top product launches from the trade show floor and bucketed them into 6 major themes: 1. Group Business Innovations 2. Multi-Property Portfolio Tech Rollouts 3. Emerging Advertising Technology 4. Features & Products That Enter New Categories 5. Automation Features 6. Revenue Management & Big Data Bonus: 9+ Notable Product Launches   Let’s dive in, shall we?     Group Business Innovations   There's historically been a ton of hype around consumer travel apps and guest experience platforms but every hotelier knows that the real money is in group business.  Groups offer higher margins and larger deal sizes - who wouldn't want a piece of that?  As such, there are a lot of launches this year in the group and sales space ranging from sales CRMs to revenue management tools that offer displacement analysis and even 3D modeling software to better market your meeting spaces.   Pace: Group displacement analysis helps your team optimize decision making Group Displacement Analyses have always been a painful exercise for hoteliers. They take up significant time for a very simple question: “Will I make more revenue by taking in a group vs. continuing to sell to my transient business segments?” Revenue managers and sales managers can now evaluate group requests with ease. Users simply provide the duration of stay, the number of rooms required per night, and then they can customize the rates to quickly see the value of the group and make a decision if they should take the booking or not. Pace’s Group Displacement Tool uses accurate and granular forecasts to generate displacement analyses for you, that not only save you time, but also ensure that your evaluations are based on real data science. Read Pace Reviews   Matterport: Build 3D models of your meeting spaces to drive more group business Matterport is a spatial data company focused on digitizing and indexing the built world. With Matterport technology, anyone can create and share a digital twin of the built world, which can be used to design, build, operate, promote and understand any space. Creating a 3D digital twin of hotel rooms, meeting spaces and common areas is simple with Matterport’s technology. Using a Pro2 3D camera or any compatible 360 capture device, the Matterport Capture app guides one through the scanning process. The model is then uploaded to a Matterport Cloud account, where the software creates the digital twin. After creation, Matterport lets individuals edit, customize and refine the model. Matterport Cloud 3.0 harnesses the power of Matterport’s AI-based image processing technology, Cortex, to transform data collected with the Matterport Pro2 or a collection of simple 360 panoramas from compatible 360 cameras into Matterport True3D™ digital twins. Read Matterport Reviews   Clairvoyix: Hotel CRM for groups and sales teams Groups sales has seen very little change in the past few decades. Sales personnel typically call meeting planners from a stack of questionable leads pulled from the sales and catering system. The Clairvoyix Group Solution allows sales and marketing professionals to schedule targeted and personalized group/event direct marketing campaigns that include lifecycle marketing and automated follow-up by email, or from a tele-research center.  Fully qualified leads are delivered to property, regional, or headquarters sales personnel, eliminating the historical and time-consuming process of calling every lead in the system. The solution deploys sales and marketing automation, including lifecycle direct marketing (email and LinkedIn) allowing for an exponential gain in the number of meeting planners contacted. Most importantly, the system generates periodic communication with meeting planners who previously booked at meeting ensuring that all potential repeat business is secured. Read Clairvoyix Reviews   MeetingPackage: Plug into venue directories to increase meeting space occupancy MeetingPackage has been working hard to deliver flexible meeting payment services for both Travel Management Companies and their clients. AirPlus integration helps Travel Management Companies and meetings organisers centralise and manage payments more easily for their clients. Integration with Venue Directory means that hotels and venues across the UK and Europe benefit from distribution on the UK's leading platform for meetings organisers and enhances value for users of the Venue Directory's platforms by allowing users to consult availability of spaces, pricing and ancillary services all in one easy to use interface. MeetingPackage's new features are of particular interest to the sales and revenue management departments within a hotel group as they will be able to drive more M&E business through their direct channels. AirPlus integration will simplify billing for hotel users of MeetingPackage and corporate clients, making hotels' M&E products more attractive to those clients in the process. MeetingPackage's integration with Venue Directory means that for the first time venues will be able to distribute details of their availability, pricing, F&B and services to the UK's largest source of M&E enquiries thereby streamlining a labour intensive and old fashioned RFP process into a modern online booking and enquiry tool.  For many venues, direct integration with popular industry PMS platforms such as Oracle Opera or Mews Commander means less need to interact with third-party tools. MeetingPackage's integration with Venue Directory is unique in that it is the only service that facilitates the delivery of pricing and availability directly from a venue's PMS or sales and catering system to a front-end interface used by Meetings bookers, corporate clients and travel management companies worldwide.  With AirPlus, clients will be able to dynamically generate AirPlus payment numbers.MeetingPackage is the only M&E booking service to offer this facility and it has been designed to meet the requirements of corporate clients. Read MeetingPackage Reviews       Multi-Property Portfolio Tech Rollouts   Most hotel tech companies start off serving small independents.  After all, these clients are less demanding and easier to woo in the early days of launching a startup.  The interesting thing that we're seeing is a huge wave of startups that are hitting scale and moving upstream to serve enterprises with dedicated functionality built for groups and portfolios.  This is a great sign as it indicates that firms in the ecosystem are achieving healthy growth which ultimately is a sign that hotels everywhere are becoming more digitally savvy.   Oaky: New multi-property functionality built for portfolios Switching between multiple properties in the Oaky dashboard used to be..well...a hassle. They’ve fixed that. Oaky understands that when you work in a Hotel Group or Chain, you might have specific needs and this innovation demonstrates Oaky’s commitment to a platform that is easy to use for bigger groups and chains. With this development, hoteliers can control their Oaky content centrally, add deals in 1-click and ultimately generate more revenue.  In short, you can now switch between properties from within Oaky’s software where before you needed separate setups for each property. Read Oaky Reviews   RMS Hospitality: Property Management System helps clients with turnkey loyalty programs Loyalty programs can help hotels drive repeat visits and reduce acquisition costs by giving guests an incentive to return again and again. By allocating points for guest stays and activities that can be redeemed for credits,the RMS Guest Rewards module encourages guest engagement and brand loyalty. The more guests stay and spend, the more they are rewarded. Guest Rewards is a fully integrated module that can be added to any RMS client's existing hotel management system. Setup by the property is straightforward, with customizable reward ratios, i.e. dollars spent to points earned, and points earned to guest credit. Staff can enroll an existing guest in the hotel's database in the loyalty program with one click, making it quick and hassle-free for guests to join the program and start earning points. Points are automatically allocated to guest accounts based on their stay and activity spend, and can be redeemed as a payment type within RMS so staff can apply points to guest accounts when guests want to use their rewards. Guest Rewards is fully integrated with RMS' hotel management software, so hoteliers using RMS as their property management system can easily add loyalty program functionality to their tech stack without the need for additional software. Guest Rewards is also customizable to each hotel client, allowing properties to set up a points and rewards system that makes sense for their business model and fits their existing brand. Read RMS Reviews   GuestCentric: Multi-Property Booking Engine to Cross Sell Properties on Sell Out If your hotel is not available on a specific date, but your sister hotel on the other side of the road is still open for reservations, why not push your sister property. Helping the user not to start their search all over again and promote our group hotels as an alternative can prove to be a useful and profitable strategy. When a guest accesses the booking engine or website of the hotel and selects a specific date - if the hotel is full the the booking engine returns a message: "Sorry, we don't have any rooms left”.  When that happens hotels lose money. With this new functionality, GuestCentric can now provide those guests a room in another one of your fantastic hotels." The platform shows a list of hotels the user can choose from and when the user selects an option, the guest will be redirected to the partner hotel booking engine with the dates pre-selected. GuestCentric offers a highly personalized solution integrated into the Shopping Booster feature that is proven to increase direct bookings. Everything is engineered to remove from the process any friction that may affect the conversion. Read GuestCentric Reviews   Quicktext: Website chatbot for multi-property websites When you have several properties in the same website search is much more complicated than in simple websites. Groups like Accor can have >100 properties in the same city which is great but might induce choice paralysis on the customer side. Quicktext multi-property is a chatbot that is able to guide the customer from many possible hotel choices to the hotel that is most relevant to each customer based on their expressed needs. If you're looking for a hotel with a swimming pool in Paris on accorhotels.com you might come from having to search 160 properties down to 4 that are really relevant to satisfy your needs. What makes Quicktext different is its database. While all chatbots are text-based meaning that the hotel needs to introduce answers in a text format. Quicktext is structured around data points that they collect from the hotel. For example, you can tell the bot that there is a swimming pool by ticking a box in the software. The chatbot will then make an answer and when a prospective guest searches at the group level it will be very easy for the bot to find what hotels have a swimming pool in Paris. Read Quicktext Reviews       Emerging Advertising Technologies   Ad tech has been a hot sector for years with one of the highest profile mergers to date coming from the Taboola/Outbrain merger.  In hotel tech, it has taken some time to heat up.  Historically we've had digital marketing agencies and then a couple of categories in the space like metasearch management platforms (e.g. Koddi, Triptease) and audience targeting solutions like Sojern.  We noticed some really interesting tools and features launching in the ad tech space at WTM this year.  Most notably, Triptease has continued it's cadence of product launches driving towards an end-to-end guest acquisition platform.  Naturally the firm started it's journey optimizing conversion rates on hotel websites and is now focused on building innovative tools that bring more traffic into that finely tuned funnel.   Triptease: Bring more guests back to your hotel website with retargeting “Price remains the single most powerful factor in booking decisions, and we’ve known since the launch of Price Check that a live price comparison gives guests a proven, powerful incentive to book direct,” says Alasdair Snow, Triptease’s co-founder and Chief Product Officer. “Now, with Retargeting, we’re able to share that message with guests even when they’re not on the hotel website or booking engine. Most importantly, Triptease knows which guests are worth retargeting - and which to ignore.” Triptease’s algorithmic approach combines search, parity and behavioral data to avoid costly bidding mistakes. With Triptease Retargeting, hotels can avoid common pitfalls such as targeting a visitor if their search dates are in the past, or bidding to advertise when they don’t have the best price available online. In addition to knowing who to target and when to target them, Triptease Retargeting dynamically updates ad creative to show only the messages most likely to convert an undecided guest. Powered by Triptease’s price intelligence software, Retargeting allows hotels to show live price comparisons to guests based on their unique search - wherever they are on the web. Triptease is able to drive far higher levels of retargeting performance through our data advantages across user and journey targeting precision, global publisher coverage, optimised ad creative and co-ordination with attract and convert products. Read Triptease Reviews   Curacity: ORA provides Instagram revenue attribution over a 6-month buyer journey Curacity's new product, ORA for Instagram, measures travel influencers to determine which Instagram posts or stories resulted with a direct booking to that hotel for an attribution window of up to six months. Curacity built the data bridge to measure Instagram against hotels' PMS to determine bookings that were influenced by Instagram influencers.  We haven’t seen anything like this in the market. Competitive means of measuring Instagram is based on a 30-day window, max and this opens it up to 6x that. This time frame is irrelevant when consumers are booking a hotel stay that will cost over $1,000. Large purchases require a longer customer decision-making journey. Read Curacity Reviews   RoomCloud: Google Hotel Ads Management on any booking engine Thanks to Google Metasearch hotels and Property Managers can save money on commissions and increase traffic on their official website but only 74 companies globally can connect into Google Hotel Ads today.  Given that most hoteliers who are happy with their booking engine wouldn’t want to switch just to optimize Google Hotel Ads - RoomCloud now has a solution that integrates with any booking engine. RoomCloud Booking Engine is certified by Google to sell rooms and apartments on the Metasearch and it will act as a bridge between non certified Booking Engines that your property uses and Google Metasearch. RoomCloud just needs the inventory of prices and availabilities to send requests to. Through a "deep link" RoomCloud will connect Metasearch to your Booking Engine of choice.  When using this connection, your hotel will pay RoomCloud for Google bills every 3-months which can be a nice way to pay for advertising during off-peak times without dipping into your cash coffers. RoomCloud only asks for a fixed cheap annual fee for the activation of the connection, without any extra commission on the reservations. Your hotel then only pays for ad spend on Google. Read RoomCloud Reviews   Squarelovin: New player that helps hotels leverage user generated content to drive more bookings Professional hotel photography is super expensive and time consuming to generate but guests are increasingly wary of getting “catfished” by cherry picked imagery.  Content created by actual guests provides a sense of authenticity and social proof to new customers, much more than professional shots of empty pools or restaurants can. squarelovin helps curate and filter content created by actual guests, as well as effectively placing it on the website. The squarelovin UGC Management Tool collects all brand-specific User Generated Content in one place. By tracking selected brand accounts, geo-locations or hashtags, all images are filtered from Instagram in real time. Essential on & offline image usage rights can then be requested with just one easy click. The software takes care of individual feedback to the customers. This way, more direct appreciation can be conveyed while manual work gets reduced to a minimum. The tool is mainly used by marketing, e-commerce and social media managers. Their main task is to select those pieces of content which fit meet their expectations and fit the property’s aesthetics. squarelovin also comes with detailed analytics which allow users to precisely track which kind of content works best and which guests could become possible brand ambassadors. The amount of time spent on picking content and diving into analytics is based on individual preferences. As the squarelovin tool secures essential usage rights for UGC in accordance with copyright laws and in compliance with GDPR, it takes away the burden of dealing with image rights and the fear of possibly facing legal consequences when embedding content the wrong way. One of the big advantages of embedding UGC through squarelovin compared to other tools is that the galleries clearly indicate which Instagram user originally uploaded a picture or video, while a click on the content directs to the respective product detail page within the WBE. This results in significantly longer website visits and higher conversion rates. The UGC Management Tool, other than direct integrations of Instagram, allows filtering content before it’s published to the website. This way, brands can ensure that only UGC that matches their values and aesthetics is being featured. Moreover squarelovin also offers significantly more possibilities for collecting content, as the tool allows curate posts based on hashtags, mentions and geo-locations. Read squarelovin Reviews     Features & Products That Enter New Categories   It's no secret that hotel tech is kind of a $hit show when it comes to features and product portfolios.  It's often hard for hoteliers to tell who does what let alone who does what well.  Well, if you're having problems figuring it out we've got an easy solution - go check out their client reviews on Hotel Tech Report!  That said, it's natural for tech companies to expand their product offering over time by listening to customer feedback and this next group of companies is doing exactly that with their WTM launches.   GuestRevu: Reputation Provider Launches Service Tickets GuestRevu clients frequently told the hospitality software provider that one of the most helpful aspects of the guest feedback system was that they were getting notified quickly of small issues or downfalls in guest experience, such as repairs that needed to be made in bathrooms or improvements that could be made to the breakfast offering. Timely feedback meant that these could be rectified before they impacted other guests. However, one of the major challenges busy hospitality professionals face is ensuring these incidents are tracked and resolved as quickly as possible. Service tickets are GuestRevu’s answer to this, assisting management and staff facing these challenges by: - Removing ambiguity: each service ticket has one assignee, which means there is certainty of who is responsible for resolving this issue. - Ensuring issues are not forgotten: reminder emails keep each team member’s assigned tickets top of mind, whether the ticket has just been assigned, is approaching its deadline or is overdue. - Improving reaction speed: Automation rules can be set to generate tickets immediately and assign them to the appropriate people based on predetermined concern criteria. - Giving management peace of mind: ticket “watchers” can easily track when tickets are resolved, and if they are resolved quickly enough. - Keeping staff engaged and motivated: tickets are also a great way to share positive guest comments with relevant staff and their managers. The service ticket feature in the GuestRevu application helps clients to more efficiently and effectively manage incidents as they arise from customer feedback. A service ticket refers to a task created in the GuestRevu application that details a specific action which needs to be resolved. These could be from issues raised by guests or courtesy follow-ups should guest comments reference or highlight key-value elements of their experience. Service tickets can be generated automatically from direct feedback responses based on certain triggers or created manually by a user. Only users with appropriate user rights can create, view or resolve a ticket. Whoever resolves a tickets also needs to include a note so that everyone involved has a good overview of completed tasks. GuestRevu clients can create customised service tickets, such as a reminder to download reports or go through older reviews, or they can create a service ticket directly from a particular guest’s response and assign it to a particular team member. Service tickets can also be set up to be created automatically when a guest gives a low rating or alert logic is triggered from a specific question. Service tickets save teams time by allowing users to easily keep track of what tasks still need to be addressed, who is responsible for them, and when they have been completed. These are perfect for managing and monitoring review responses, maintenance tasks and more. Service tickets are an essential management tool, allowing GuestRevu clients to ensure every concern raised in their reviews is dealt with in an efficient and professional manner. With GuestRevu’s service ticket feature, clients are able to automatically generate tickets based on a number of triggers, including any rating on overall satisfaction scores and other key metrics related to specific areas of the customer experience. In comparison to competing systems in the market, this feature allows a more granular flexibility when creating specific rules for auto-creation from guest feedback. There is also no need for predetermined escalation groups to be set up in the system beforehand, which means users can select one or more watchers based on the nature of the task. The service ticket dashboard is built with the busy hospitality professional in mind, with the ability to easily view tickets assigned to the user or tickets the user is watching, with the click of a button. If a service ticket was created based on particular feedback from a guest or customer, this information will be stored in their profile on the GuestRevu system which staff can use to personalise their experiences in the future. Read GuestRevu Feedback   SiteMinder: The latest player to launch an App Store The Hotel App Store comes 18 months after the launch of SiteMinder Exchange, a connectivity hub that allows hotel data publishers and developers of hotel application software to transfer guest information between their systems. From 4 November 2019, hotels using a data publisher connected to SiteMinder Exchange—which includes more than 80 property management systems (PMSs) and SiteMinder’s channel manager—can use the Hotel App Store to access applications. This means that SiteMinder’s Hotel App Store allows hoteliers to filter, search or browse through over 100 applications that can seamlessly connect to their SiteMinder Exchange-connected PMS or, in the absence of that, SiteMinder’s channel manager, which can act as a data publisher by connecting the data from a hotel’s online booking channels to their selected apps. The Hotel App Store gives hoteliers access to the most relevant applications that support their daily operations of running a hotel business, help their business to grow, and make the daily work more rewarding. These applications include, but are not limited to, applications for upselling, guest communications, review management, loyalty programs, airport transfers and revenue management. To connect to an app, hoteliers need to simply sign up by filling in a form for their preferred app and let SiteMinder do the rest. Until now, app marketplaces have mostly been closed environments for hotels (e.g. Mews, Protel, Hotelogix), accessible only by using a marketplace provider’s designated PMS (with the exception of BookingSuite). Additionally, as the leading guest acquisition platform for hotels, SiteMinder’s Hotel App Store opens up the opportunity for 35,000+ hotels around the world to easily access and connect with apps right away by seamlessly connecting their guest data from online booking channels to their chosen apps, via SiteMinder’s channel manager. Read SiteMinder Reviews   RoomRaccoon: Cloud PMS player launches free light weight yield management tool Yield Management is a variable pricing strategy based on influencing and anticipating consumer demand. This feature maximizes revenue and profits by ensuring rooms are sold, and sold for the optimum price since many of RoomRaccoon’s clients may not implement a dedicated revenue management system. RoomRaccoon enable hoteliers to set rules based on availability and time to automatically increase/decrease prices. These can be simple independent rules like decreasing room prices if a set percentage of stock remains X days before arrival. They can also be a series of inter-dependent rules that regularly adjust prices with the passing of time based on performance / anticipated future performance. Either way the purpose remains the same. Ensuring hoteliers maximize revenue and profits. By automating these price adjustments hoteliers save a huge amount of time and eliminate human error. A number of very good stand-alone Yield Management Systems exist on the market. However, these need to be integrated into your existing Property Management System and are often prohibitively expensive for smaller / independent properties. Providing the Yield Management functionality for free within RoomRaccoon's PMS is unique and puts this important functionality in the hands of more hotels. Read RoomRaccoon Reviews   Repup: Reputation management firm launches a Hotel CRM solution Repup is solving the problem of manual, non-personalised and inconsistent communication with guests. They do this by unifying data from several interfaces including PMS, Booking Engine, OTAs and manual entries to save time for hoteliers and have a single source of truth for the entire guest data, past activity and persona profile. This product has an automation and data intelligence layer that enables hotels to define rules for their guest communication and set automated campaigns. The intelligence layer divides guest data into segments so personalisation can be achieved at scale. All transactional emails sent through the solution have an embedded concierge link that takes guests to a concierge using which they can submit preferences, buy upgrades and fill in-stay feedback. Read Repup Reviews     Automation Features   We've previously covered the automation trend in our ITB Recap so we won't belabor the issue.  Having said that, automation cannot be understated as a trend - it's HUGE.  Ultimately the role of technology is to make our lives easier and automation is something that computers do 1000x more efficiently than humans so it's a natural place to focus. Atomize: Real time pricing automation The hotel next door is pricing their rooms faster than you and it’s eating your profits without you ever even noticing.  Faster yield management software and real time pricing is like a secret weapon for revenue managers. If your local market competition is employing real time pricing, you are likely bleeding RevPAR so this concept of real time price optimization is especially important to understand and get a grip on. If your competition isn’t using real time pricing yet (which they most likely aren’t), this article will show you how you can use it to beat out the compset. A fully automated system working in real time gives your hotel an edge over the competition when you need it most. In full autopilot mode, Atomize continuously receives data from the PMS and continuously runs real time optimization runs and pushes the optimal rates back to the PMS for all room types and all future arrival dates around the clock where each price point is uniquely calculated in real time. In addition to considering historical data such as reservations, cancellations and current pickups, Atomize RMS also monitors real time changes, search trends, competitor information and other factors such as local holidays and dynamically sets the price per room type while respecting pricing hierarchy and takes into account the effect on adjacent days and room types. As any data points above change for any future arrival date, relevant price points updates in real time. With Atomize, hotels can continuously have real-time rates pushed live, around the clock, 365 days into the future, dynamically for all room types.   HelloShift: guest messaging smart reply automation Messaging as a channel for hotel guests results in more guest requests. This is a good thing but it can overwhelm the limited hotel staff resources. Furthermore, the high employee turnover in the hotel industry can lead to inexperienced staff providing inconsistent responses to even basic, routine guest requests. Smart reply helps hotels deliver consistent replies to common guest requests in a timely fashion. When a guest request comes in, HelloShift infers the intent of the guest request using Natural Language Processing (NLP) that relies on Machine Learning (ML). Once inferred, HelloShift scans the answers provided by a property to their Frequently Asked Questions (FAQ) and assists hotel staff in replying to the guest via a feature called Smart Reply. By default, Smart Reply suggests the right answer for the staff to pick and respond manually. A property can also deploy Smart Reply on auto-pilot (Smart Auto-Reply). Between Smart Reply and Smart Auto-Reply, HelloShift lets hotels choose the extent to which they want to stay authentic and high touch -- a big goal in hospitality. To deliver phenomenal guest service, hotels need Guest Messaging (to understand guest needs) and Staff Collaboration (to fulfill guest needs). Most solutions address only one or the other. HelloShift provides Staff Collaboration and Guest Messaging in one integrated platform. No more dropped tasks between separate, poorly integrated apps. This results in soaring guest satisfaction scores, with hotels reporting 56% more and 25% better TripAdvisor reviews. Read HelloShift Reviews   Roomchecking: housekeeping software room assignment automation Labor cost ranges for at least 40% of the global cost of running a hotel. Usually, a hotel will hire permanent cleaning staff for 50% of occupancy and tap into external cleaners in case of higher occupancy. Forecasting the right amount of resources needed in a super volatile environment with reservations coming in and out with all specificities (back to back, day uses, MICE) is not a simple task. If you add labor constraints (max number of rooms, balancing between stay and due out, floor and section constraint), it is easy to understand why supervisors spend so much time every day into planning daily cleaning. Every morning, supervisors (or inspectors), log into the Automatic Planner. They will immediately see all the rooms to be cleaned with ETA, ETDs, VIPs, Queues, Day Use. They make sure all cleaning staff is present and will make necessary adjustments. With all the constraints and rules already preloaded, they will click on "Create Plan" and within seconds, the best cleaning path will appear. They will be able to modify it with the mouse and submit it so cleaners can begin working.As cleaners enter rooms, set DND, delays or clean rooms, they will be able to see the progress of the plan in real-time. The automatic planner is based on constraints, not on rules. it can take geography constraints (like addresses for apartments but also buildings and towers and floors), time constraints, credits constraints and many more. Most existing products just distribute rooms with very basic rules. Read RoomChecking Reviews       Revenue Management & Big Data   The reason revenue management software companies continue to lead innovation in the hotel tech industry is two-fold.  On one hand, revenue management companies drive tangible topline gains so it's easy for hoteliers to justify investment with crystal clear ROI forecasts and easy to understand time savings.  More investment from hotels means more R&D at those firms and ultimately more innovation.  On the other, revenue management companies have access to massive datasets which means limitless opportunities to learn, iterate and grow.   IDeaS: Improved forecasting for newly renovated inventory Due to the limited available data, hotels face significant challenges when trying to accurately forecast demand and set prices by room type for newly renovated inventory. IDeaS has expanded its Limited Data Build feature in its G3 Revenue Management System (RMS) to provide a data-driven solution for hotels undergoing room renovations. Limited Data Build scientifically predicts demand for new hotel properties and, with this latest enhancement, now enables existing hotels adding newly renovated inventory to receive an immediate, precise forecast by room type. Using historical sold information and booking patterns, combined with the hotel’s sales projections, Limited Data Build enables hotel revenue managers to immediately utilize accurate data for their new room types, rather than waiting for actual data to materialize over time. This advanced functionality is a unique offering on the RMS-vendor market, allowing hotels a new opportunity to leverage accurate data insights to optimize revenue from day one of renovated room sales by room type. Read IDeaS Reviews   Pegasus: Distribution analytics connects data silos and provides actionable insight Distribution Analytics is a business intelligence platform that allows hoteliers to streamline their data analysis and save hours of administrative work needed to collate and corroborate spreadsheets. Hotel data often lives in multiple platforms, and bringing these data sets together to get a full picture of performance involves a lot of manual work — you need to download the raw data, bring it together on a spreadsheet, and then run various analyses to understand what's going on. And even then, it can be very hard to drill down and pinpoint a specific cause of any particular trend. Distribution Analytics helps solve that problem. This interactive platform brings together CRS, PMS, Channel Manager, GDS, call center and website data into one dashboard, giving hotels a 360-view of their hotel performance and allowing revenue managers to drill down into any aspect of distribution performance. The data comes in real-time, meaning that you can act quickly to identify trends that may be affecting your hotel bookings. For example, hotels can easily track historic and future pace of bookings in a standard dashboard, so you can see if you are behind from previous years. Then you can take action to remedy that situation, such as running a special offer. Or you can also drill down into geographic markets to see which ones are driving the most business, and set marketing strategies accordingly. Or as a brand, you can see how their entire portfolio is performing, or filter it by country to see how hotels in one market are performing in comparison to another market. The platform is built for flexibility and can bring in different types of data from different sources. Want to see how your Google Analytics data compares to your actual booking engine data? Our platform allows you to do that. The interactive capabilities of the platform are also quite unique; there are many ways to slice, dice, filter, and drill down into data — including geographically. The platform also includes collaborative tools so that revenue managers can annotate and share their findings within the organization. Think of it as Tableau but specifically for the hotel industry. Read Pegasus Reviews   OTA Insight: Compare different rate types within your hotel and against the competition Many of OTA Insight's clients were asking for additional Excel exporting functionalities: they wanted the ability to export specific rate types from our tool. When digging deeper, the company found out the reason behind this question, namely that users wanted to combine these different Excel exports manually to find out the changes between these different rate types. So the real problem was in fact that hoteliers needed a tool through which they could compare the different rate types of their competitors and figure out what discounting strategies their competitors apply on their BAR rates. The Compare Module allows users to compare different rate types for your own hotel, as well as your competitors, and to have a view on the average discounting strategy of each competitor. As a hotel, you choose which two data sets you want to compare. Examples include comparing mobile rates to desktop rates, comparing breakfast rates to room-only rates, comparing membership rates to public rates, and so on. OTA Insight's tool then presents the two datasets next to each other in a simple, user-friendly way, emphasising the rate changes and exposing the discounting strategies of competitors. The strength of this feature lies within its ease of use and its simplicity. Most of OTA Insight's subscribing hotels use this feature on a monthly basis, as the strategies do not change that often. They use it to gain insights into how their competitors are discounting in order to stay competitive within the market. What would you do if, for example, you found out your competitors give their members 3% off during weekdays and 5% during weekends? Would you adjust your strategy towards your members? It is by providing these strategic insights for hotels that they can stay even more competitive within their market, without them having to manually figure it all out. OTA Insight's tool provides the industry’s first comparison module that allows hotels to compare different rate types and that shows the discounting strategies of the hotel’s competitors. None of the competition has been able to offer these strategic insights in an easy-to-understand and easy-to-use way. Read OTA Insight Reviews   Pace: Inventory hierarchies ensure your brand strategy while maximizing RevPAR With demand-based dynamic pricing and automation there are instances where a hotelier wants to ensure that certain hierarchies between inventories are retained to be in-line with the property’s branding and meet customer expectations. This leads to Hoteliers being challenged with either losing out on revenue due to rigid price structures or giving into the possibility of product offerings being inconsistent with your branding and strategy. With Inventory Hierarchies, all you need to do as a hotelier is provide a hierarchy of your inventories and a minimum price buffer you would like to retain between them. Pace’s algorithm handles the rest, acknowledging these hierarchies and maximising RevPAR across your full inventory by simulating demand for countless pricing scenarios. There is a true paradigm shift with Pace’s Inventory Hierarchies as hoteliers can now setup their product offerings in a way that maintains their branding and strategy, while also allowing for the maximum RevPAR optimisation through dynamic, demand-based pricing.   Juyo: Connecting disparate data sources with constellations Today hotels have access to a wide variety of data in different systems and places. Not only extracting that data is hard but also deriving insights from it is equally hard.Constellations are connected analytics that combine different widgets and dashboards that serve a specific business purpose. The goal of constellations is to connect external and internal data sources and empower hotel users to Fastrack decision making by connecting the dots. Constellations are used daily by revenue managers, general managers, analysts and other members of the hotel commercial team. Some give high-level information like on the books data while some deep dive in Net Revenue analytics.In the example of net revenue, hotels can use the data to track net RevPAR for past and future, optimize sales and marketing budget, track campaign ROI and develop the most profitable business and channel mix. The uniqueness of constellations is that in the analytics applications spectrum there are 2 categories. On the far left, you have the tools that offer reporting and dashboards that have been predefined. These are your typical hotel BI applications that are easy to use but often luck context in how the data is modeled. On the far right, you have tools such as Tableau or PowerBI that are extremely powerful but very difficult to model the data and put something together. Juyo constellations sits exactly in the middle and offers the best of each world. Read Juyo Reviews   Profit Intelligence: Smart sales & distribution helps make sense of channel profitability in real time One of hoteliers top revenue management and distribution issues is to monitor and leverage cost of client acquisition. The complexity of sales and distribution, make almost impossible to just know what is the real NET value of a reservation. Hoteliers all know their commission percentages per travel agent, but often forget or cannot calculate other important related costs such as credit card fees, loyalty member program expense, sales team commissions etc. This problem makes their sales & distribution decisions really difficult and often results in poor decision making. Knowing these costs in real time, sliced by channel, market segment and account canbe a true strategic advantage to your hotel and help drive bottom line results (via higher GOPPAR). Hoteliers get set up with PI team support who analyze different costs of sales & distribution through a user friendly interface that guides you through the process. Each cost gets attributed to a reservation using different methods depending on the cost (Distribution key, recurring fee, period of override etc.). Profit Intelligence Smart Sales & Distribution algorithm will then calculate the cost for each past and future reservation dynamically and make predictions for future bookings. Results will be displayed in different meaningful dashboards from top level to account level. From their hotelier can know what is the exact NET value of his reservations and even check the NET value for each Travel Agent or corporate account. The easy to use DIY interface for hoteliers to set up their cost structure and visualize results make this new module unique. The chain view and chain costs management feature is also unique in that it allows hotel chains or management companies to consolidate costs from all hotels using smart mapping feature to eliminate brand specific details. Profit Intelligence   RateGain: MarketDrone provides intraday rate updates to your mobile device without running reports An average hotel in North America changes its rates 3-4 times a day. The frequency of rate changes increases as we get closer to check-in dates. In other words, 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, traditional batch dependent rate shopping tools are redundant and manually triggered reports are inefficient. They are not able to capture and highlight the intra-day rate changes that happen on the go. Hoteliers are in dire need of ways to help them stay on top of these real-time changes and take action when it still matters. RateGain’s MarketDrone is a feed that automatically pushes market changes through push notifications to Revenue Managers on a device of their choice. The instant alerts give notifications to Revenue Managers or other users as soon as market changes. In other words, whenever, any competitive hotel makes a rate change, an alert is triggered to the subscribed Revenue Manager or user. This is a shift from the current experience provided by traditional rate shopping tools where Revenue Managers has to pre-schedule reports and spends a major chunk of their day looking for changes in their respective markets.  MarketDRONE tracks intra-day rate and rate plan changes by hotels in real-time and surfaces them on the go on a device of the user’s choice. It works on mobile, tablets and desktops. With MarketDRONE, Revenue Managers can be assured of staying on top of competitive landscape while they focus on what matters the most, i.e. making strategic decisions, improving business and boosting profits. Always keep an eye on market changes and keep yourself abreast of competitive landscapes on the fly. Not only can you keep an eye on market changes, but also respond to them as soon as they happen by taking corrective actions.  A Revenue Manager or any user do not have to come to the rate-shopping tool every time to know about the market changes. They do not have to run a complete report. The notifications update them on the changes. As such, they can focus on the more important strategic decisions involved in day-to-day revenue management.  With MarketDrone, revenue managers can be proactive about new promotional rate plans when nearby competitive hotels introduce them. Read RateGain Reviews   BONUS: 9+ Notable WTM London Product Launches   TrustYou launches direct response to Google and Booking in platform With this enhanced functionality, TrustYou users can now reply to the majority of all reviews directly without having to leave the platform. This development addresses a hotel’s increasing need to save valuable time and improve operations with technology. By responding directly to guest reviews received from Booking.com, Google, and TrustYou’s powered guest satisfaction surveys, hoteliers can respond on average to up to 78% of their total reviews without having to leave the TrustYou platform. Guests write reviews to be listened to and it is of great importance for businesses to reply to them. The limited capacity of many hoteliers to respond to all reviews means that there is a great need the new features addresses.Users can draft the response to a review in the TrustYou platform. Available response templates make it easier for users to address the feedback. Once submitted, the response will be pushed live to Google or Booking.com and the users do not have to leave the TrustYou platform to respond to a review for a hotel. Replying to reviews is essential in today’s sharing economy and online search-and-buy experience, as users expect their feedback and shared experiences to be valued by hotels. With these new feature enhancements, hotels can make a big impact on Booking.com and Google, where a majority of travelers start to search and book their accommodations, to actively influence a traveler’s booking decision. Actively managing the response and having a high response rate has a positive effect on the online reputation. TrustYou enables users to make this a priority, with easy response templates and that is available in different languages. Read TrustYou Reviews   hotelkit unveils its housekeeping software solution Cleanliness is one of the most important criteria for guests, which makes housekeeping a very important factor when running a hotel business. The correct deployment of personnel, the structure of workflows and ongoing monitoring are key so operations can run smoothly. In most hotels, housekeeping processes are inefficient and do not meet guest requirements. The housekeeping tool simplifies all processes within the department. The executive housekeeper or the housekeeper in charge can easily assign the rooms to the cleaning staff based on time resources and qualifications. With clear checklists, it is easy for the housekeeping supervisor to carry out inspections, thus guaranteeing a high standard of quality. Housekeeping staff is able to work neatly and efficiently with checklists. Recurring tasks make everyday jobs easier. After cleaning, the current room status is reported directly to the Property Management System, so the reception team is always up to date. The housekeeping solution lets you stay on top of traceable, paperless processes by using a PC, tablet or smartphone. Simple and fast distribution of work according to the time resources and qualifications of the employees can work wonders in terms of efficiency. Structured checklists for room cleaning and inspection ensure top quality. Thanks to real-time updates, you always have an overview of the cleaning progress. Read hotelkit Reviews   Bookboost launches a new guest messaging inbox Bookboost provides a messaging platform throughout the whole guest journey. Our new inbox makes sure the conversation with guests end up in the right inboxes. Also we provide hoteliers with AI based suggestions so during, especially, repetitive conversations they are able to automate most of those conversations while maintaining to be personal. Thirdly our new inbox delivers a cockpit view over the guests. For example it enables hoteliers to give location based suggestions for, for example, restaurants or bars, after a guests shared their location via Whatsapp. Lets say a hotelier has a reservation office and 3 receptions in 3 hotels. Our inbox routing makes sure that reservation inquiries end up in the reservation office and that if a guests talks with a brand via Whatsapp this conversation will end up at the right reception at the right hotel.Also it enables staff in the hotel to collaborate and hand over converstion to each other. For example, a guest with a room service inquiry, can be handed over to the room service team by a receptionist. There are many guest messaging solutions on the market, however our tool makes it practical for bigger organisations to make sure that the right conversation ends up at the right people in the hotel. Combining the power of a range of messaging channels, PMS systems, an advanced CRM, and AI for conversational suggestions. Enabling groups & brands to share user data & intelligence between properties while making sure the right person talks to the right person in the hotel. Read Bookboost Reviews   Net Affinity launches 12 conversion updates to their high performance booking engine templates Based on extensive research and testing (including A/B testing, exit intent and user flow studies) Net Affinity hasdeveloped 12 key updates for their desktop and mobile booking engine templates. Their mission is to significantly simplify the booking process for hotel guests – with a special emphasis on mobile experience. The purpose of Net Affinity’s booking engine is, simply, to drive more direct bookings for their clients. The updates they’ve made were informed by ongoing quarterly device data trends analysis & reports which have shown consistent increases in mobile traffic and revenue. Their most recent in-depth report shows a mobile revenue increase of 6% (from Q2 to Q3 2019). With mobile at 45%, desktop at 44% and tablet at 1%, this means mobile revenue now trumps desktop revenue. The new templates will be an automatic upgrade for all Net Affinity clients. Their booking engine will work the same.  All that changes is the experience for the user will be even better. Some of the key enhancements include: - New Searchbox which includes a new Book Direct feature sidebar and improved promo code fields. - New top panel on mobile with filters and summary - New mobile “cards” feature for roomtype scrolling - Breadcrumbs have been simplified and animated - Improved booking summary - New occupancy filter functionality - Simplied Reservation Form - UI and UX refinements" Net Affinity is seeing 2 out of 3 users visiting their client’s hotel websites on mobile which has lead them to continue releasing smart, timely product updates that fully support the mobile booking experience. Read Net Affinity Reviews   Monscierge adds image functionality to its Connect Staff product There are three main use-cases for the new images feature: 1. Overcoming language barriers between hotel staff (using pictures to describe a chair is broken in rm. 213 or that a wall socket is loose etc.) and another, 2. Collecting penalty fees from guests opting to smoke in non-smoking rooms. By combining images of a room with incurred fees with the guest room policies signed by guests during check-in, Hilton Belfast City now has an easier process to more readily service their guest rooms.) 3. Creating a new task quickly and/or without language barriers or delayed reporting by floor;or utilize a quicker flow for room turnover and use the image/photo functionality to record issues in the room. Monscierge had several clients that asked if they had considered it, because while their teams were generally using Connect Staff for most things, at times it became faster to portray an urgency or need quicker by also following up on the requests/issues pushed through the app with a separate picture taken on their phones and sent through regular text between departments. Building it into the app allows the hotels to have that same option, but to also keep it together with the other details of the room turnover as well as become permanent documentation for that room in the Connect CMS portal - hotels cannot track images and messages from text messages as easily. Therefore it cuts short the overall data accrued each year.Housekeeping, maintenance, front desk, GM, operations, concierge... any member of staff that the hotel has assigned as a user. An application for hotel staff that take into consideration images/pictures functionality to communicate quickly what an issue might be, or to use for validating front office claims when trying to recoup money quickly, is a differentiator compared to other staff products.All of this data including images, is then stored for that specific room’s history. Read Monscierge Reviews   Nonius launches a branded guest app When guests make a reservation at a given hotel, they receive an email to download the hotel’s app. After installing it, guests immediately get access to information about the hotel’s services, events, landmarks of the city and the Online Check-In. If the guests check-in online, they can go directly to their room and use the digital room key to get in. The Nonius app allows for guests to enjoy Room control over the lights and the AC, while also using their mobile device as a TV Remote Control. Guests can make requests for room service, all while keeping an eye on the bill and being able to Check-out without waiting at the front-desk. The Nonius App has unlimited integration capacity and is integrated with the main PMS players. This allows single sites and hotel groups for infinite scalability. Read Nonius Reviews   HotelTime Solutions launches a PMS with specific functionality designed for serviced apartments Recognizing that serviced apartment operations require specific features within the PMS, HotelTime has been working hard in the past two years to bring innovative tech solutions to this part of the hospitality sector. HotelTime Serviced Apartments has been developing as a specialized version of the PMS based on feedback from our customers running serviced apartments.HotelTime Service Apartment features include : - Customised set of features with some standard PMS feature tweaked or removed and specific Serviced Apartment features added, like housekeeping and maintenance tools- 2-way integration to channel managers in multi-location environment where 1 PMS connects to various channel manager endpoints due to multiple OTA listings (one per each location)- Extended reporting ‘by apartment numbers’ for operations with multiple apartment owners (to be able to report revenue to each owner)- Automated ‘room number assignment’ adjusted to allocate different apartments to spread revenue proportionally throughout the property- Extended reporting by location as well as aggregated reporting by clusters in a multi-location environment Read hoteltime Reviews   Jonas Chorum launches mobile app for it's popular cloud PMS Chorum Mobile solves the issue of guests being unable to adequately reach hotel staff or having to wait long periods of time to get assistance by communicating with the front desk via their mobile device to order services. In addition, the ability to check-in and check-out speeds up the arrival/departure times and provides a more seamless experience overall. Chorum Mobile is accessible by both the hotel staff through the software and by the guests through a mobile application. Hotel staff utilize this on a daily basis, allowing them to be untethered from the front desk and perform actions such as messaging both guests and staff members, checking guests in/out, viewing room status in real-time, and documenting maintenance items. Chorum Mobile is truly device and platform agnostic, meaning it can be used on any tablet or smartphone. Security permissions allow properties to maintain complete control over who has access to the mobile app and what functions they can utilize. In addition, Chorum Mobile leverages cloud technology to ensure all data is updated and available in real-time. Read Jonas Chorum Reviews   HotelRunner launches its third generation booking engine With HotelRunner’s third-generation Booking Engine, properties can market their property online by uploading photographs, writing room descriptions, entering the room details and amenities. They can manage their direct reservations and availabilities with ease and provide secure payment methods to their website visitors. HotelRunner provides properties a code that they copy and paste onto their website. This code links their property’s website to their HotelRunner inventory, which allows them to display their rates and availability, promotions, packages and offers in real-time. Therefore, hoteliers can easily showcase their inventory and the website visitors can book a room seamlessly. Apart from the completely customizable appearance and infrastructure, with its minimalist and effective design, the new Booking Engine will encourage potential guests to make a reservation, resulting in a boost in reservation revenues. HotelRunner’s third-generation Booking Engine is different from its competitors in many ways: Seamless real-time inventory update, completely customizable appearance, availability calendar, and packages and offers tab. The properties can set market-specific payment methods and pricing, upload 360° virtual tour photos, set all their rate types, and create campaigns seasonally, integrate virtual POS or online payment systems to provide a secure booking experience. However, the newest, the most functional and unique feature of HotelRunner’s third-generation Booking Engine is the “Recommendation” feature. With this newly-added feature, the most suitable alternative room and price option for their guests is displayed as a recommendation. Read HotelRunner Reviews   -- Did we miss an innovative launch? Let us know via live chat!  

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SWOT Analysis Examples in Small Business and Hotels

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Hotel Tech Report
1 month ago

In this article we'll cover the basics of SWOT analysis and give examples on how small businesses can leverage this strategy to grow their bottom lines with a specific focus on the hotel industry. Too often, hotel managers switch software reactively or because their existing solution broke down.  This is the equivalent of waiting to hire their next team member until the entire existing team has quit. Rather than be reactive, managers should proactively analyze their hotel businesses to identify weaknesses and opportunities then align hotel software procurement around those goals. Rather than deploy new software as a bandaid to a broken system, a reaction to a negative review, or an impulse purchase influenced by marketing campaigns - you should perform careful analysis to decide where you can make pre-emptive investments before such problems arise. Smart technology procurement starts with a rigorous SWOT analysis. SWOT is a tool that helps assess your businesses’ unique opportunities in the context of hospitality trends and get a better sense of where to improve operations before making a purchase. SWOT can help your hotel align its technology investments with key business goals and needs. Use your SWOT analysis to get a snapshot of your hotel’s strengths and weaknesses before investing in software that helps you mitigate risk or capitalize on market opportunities.  Once you understand where you’ve been and where you want to go, you can then find the right tools and partners to help you get there. Here’s how to get started.    What is a SWOT Analysis? A SWOT analysis is a framework for evaluating the strengths, weaknesses, opportunities, and threats to your hotel business. The methodology originates from researchers at Stanford in the 1960s and 70s and has since become common practice at Fortune 500 companies and startups alike.  A SWOT can be used on an organization-wide level, or for individual projects within a team. Most businesses use a SWOT analysis to determine if the project or campaign is aligned with the broader organizational benchmarks. For example, a company might perform a SWOT to assess if an online advertising campaign will be worth the investment in comparison to other ongoing initiatives.    SWOT analysis definition SWOT is an acronym for strengths, weaknesses, opportunities, and threats. By identifying these elements around a particular business decision, you can make a more informed choice that uses resources wisely and leads to better outcomes. “Strengths” refers to the tangible and intangible advantages your hotel has at its disposal. This could include your stellar employees, your brand reputation, or your hotel’s location.  “Weaknesses” refers to elements that hold back your hotel from growth or optimal performance. Understanding your weaknesses involves some critical self-evaluation: weaknesses may include budget limitations, lack of in-room technology, poor online reviews, lacking certain facilities or an outdated website.  “Opportunities” refers to things you could do to increase bookings, improve guest satisfaction scores, or boost your profits. Research about market trends and look to guest reviews for ideas of where you can open up new streams of revenue or reach new markets.  “Threats” refers to anything that poses a risk to your hotel. Airbnb, for some hotels, is considered a threat. List out every strength, weakness, opportunity, and threat you can think of, both externally and internally. This will take a fair amount of market research, a deep dive into your hotel data and an investigation into your hotel’s past performance but the work will be well worth your time.  As the old adage goes, “to a ship with no harbor, no wind is the right wind”. A proper SWOT analysis gives your hotel a harbor and guiding light which will save both time and money in the long run when contrasted with making reactive decisions. Next, transfer your elements into a grid-like matrix with four quadrants, one for each category. This format offers a clear snapshot of where you can adjust, invest, and play to your strengths. “Ideally, there are two stages of action you should take upon completing a SWOT analysis,” writes one expert. “First, you should attempt to match your strengths with your opportunities. Next, you should try to convert weaknesses into strengths.”   Here's an illustration of how to implement SWOT in your business from Wordstream   Applying SWOT analysis to your small business and hotel Many small business owners think that SWOT analysis is important only for larger corporations but that couldn't be further from the truth. SWOT can be impactful in every aspect of life and even your personal life. All progress starts with a foundation of self awareness: knowing what you're good at and what you're not, understanding your unique selling proposition, etc. The first half of the SWOT analysis (the SW) helps orient around your internal capabilities. The second half (the OT) helps identify market opportunities to be exploited. By identifying market opportunities and exploiting them by leveraging your strengths you will outperform the competition. One of the most challenging parts of conducting the SWOT is identifying your hotel’s weaknesses. Start with these metrics to understand where your hotel’s strengths and weaknesses lie, and then brainstorm tactics that can turn weaknesses into strengths. Include the following KPIs in your SWOT analysis. 1. Revenue per Available Room (RevPAR), Average Daily Rate (ADR) and Occupancy.  Use STR reports to get the industry benchmarks with data from 63,000 hotels across 180 countries. If the data shows your property is behind the compset on occupancy, for example, you might want to consider using a metasearch management software like D-Edge MetaGenius to maximize reach on metasearch websites and increase occupancy moving forward. More bookings on channels like TripAdvisor or Trivago means less reliance on these third-party sites that diminish your revenue. MetaGenius can manage TripAdvisor, Google Hotel Ads, Trivago, and Kayak all in one intuitive dashboard. It gives you the power to increase the value of each guest booking. 2. EBITDA margin Your hotel’s EBITDA margin adds back depreciation and amortization to operating profit and then takes that figure as a percentage of revenue. It’s an acronym for earnings before interest, taxes, depreciation, and amortization. Compare your EBITDA margin to others in the industry through industry trend reports from brokers like CBRE and JLL.  If your margins are above market averages you are in a great spot, if they’re below average you’ll need to diagnose the root causes and develop strategies to frame this weakness as an opportunity.  If margins are low but RevPAR and ADR are strong relative to the compset you’ve likely got a cost drain in your P&L. How does your staff composition look in relation to the local compset? What is your distribution mix? 3. % of bookings made directly Direct bookings are more profitable than bookings that come through a third party site or OTA. Get your KPI by asking your digital marketing agency for the percentage of bookings that come through your hotel website. Compare that statistic against Phocuswright and Kalibri Labs benchmark reports to see where you stand. If your business mix schews more towards OTA bookings relative to broader segment data then you might want to consider revamping your website or search marketing efforts. You might also want to leverage a tool like D-Edge Smart Channel Manager to manage rates and room availability on hundreds of channels and ensure that you’re consistently offering the best possible rate on your hotel website. 4. Online reviews and rankings Look to hotel review sites like TripAdvisor or Trivago to see where you rank against your competitors. If you’re hurting for five-star reviews, remedy this weakness using reputation management software like D-Edge Sentinel that aggregates reviews from OTAs, social media, and metasearch to show hoteliers what their guests are saying. The dashboard uses an algorithm that adapts to reviews over time, suggesting keywords to use in targeted marketing campaigns and providing insights on areas where your hotel might improve 5. Website traffic Diagnose your website traffic using tools like SEMRush, Similar Web, Alexa. The more traffic your hotel website receives, the more likely it is that you can convert to (profitable) bookings.  Analyze your website traffic in relation to hotels in your compset. If your hotel’s web traffic is below average, you’ll need to improve this metric.  Dive deeper to determine whether it’s an SEO (search engine optimization), social referrals or paid acquisition problem.  The tools mentioned above will show approximate amounts of organic traffic. If your traffic is weak you’ll want to focus efforts on improving your website structure and producing higher value content.  Have your marketer create technical SEO landing pages around popular local attractions or consider creating blog content around popular live events and conferences. Once you’ve cleaned up your hotel website’s SEO it’s time to analyze search marketing and display remarketing.  Use the tools mentioned above to gather spend data and ask yourself whether you’re investing enough in paid acquisition. Paid acquisition and advertising is highly complex, so don’t try this on your own - you’ll want to work with an experienced practitioner and digital marketing agency partner and ideally one who has experience in your local market. Not sure whether these metrics are indicative of strengths or weaknesses? Use last year’s results, or compare your data against competitors to see where you stand. For new investments, compare your budget forecast to the costs of adding a hotel technology tool. Instead of simply throwing money at the problem, invest with a vendor who can pinpoint exactly where you need to improve.    What next? Tying it all together The SWOT analysis leads you to understand where you need to remedy weaknesses and play to strengths. Analysis should begin with a deep dive into goals, competencies and historical performance.  Layer onto this analysis with tactics to help turn weakness to strength and threats into opportunities. Tactics are often based on a reallocation of resources or human capital and the Swiss Army Knife of hotel strategy is technology.  Identify which software categories can help meet your goals then once you know what software you need, identify all the vendors who can help. Some hotels prefer specialists with single-point solutions; others prefer vendors like D-Edge who can provide solutions all across the guest journey. No matter which path you take, make sure you carefully consider your hotel’s position before making a procurement. On the surface SWOT seems simplistic to most learning the concept but it's actually quite complex when executed properly. The main benefit of SWOT is that it gives your business a framework to review your company and external market conditions in order to realign your business strategy and maximize results. SWOT results can be extremely overwhelming after a brainstorm session with your team. Score each opportunity based on: (a) Feasibility - how likely is it that you can succeed given your strengths and weaknesses) and (b) Impact - i.e. if you succeed, how impactful will that success be on business results. Once you've scored based on feasibility and impact you should sort order and prioritize the highest expected value opportunities then start with the biggest opportunities first and work your way down the list. SWOT analysis will help you prioritize decisions and resource allocation to run a more efficient hotel business. By prioritizing resources more effectively you'll drop more to the bottom line. By checking any business decision against the priorities that you develop in your SWOT analysis you will save time and internal conflict because every decision will have a clear evaluation rubric - this is especially important when shifting focus or resources between departments.

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Who are Hotel Tech's Most Inspiring Female Founders?

by
Hotel Tech Report
2 months ago

Female entrepreneurship has seen a staggering amount of growth in the last 40 years. As of 2018, the US had 12.3 million women-owned businesses, compared to 402,000 businesses in 1972. Today, women-owned ventures make 4 out of every 10 businesses within the US, a shift that has altered the landscape of female leadership. Even traditionally male-dominated industries, such as tech, are being disrupted by female founders and leaders. Women in the travel technology space are solidifying their leadership and paving the way for their younger counterparts to find their way in this growing industry.  While not a founder, Booking Chairwoman Gillian Tans is arguably the most powerful woman in travel tech.  She shares wisdom with budding female entrepreneurs and leaders: “The advice I would give to anyone starting out is to take risks and not be afraid of new challenges or opportunities. My career path was not obvious, I had to make many twists and turns along the way to get where I am today. It required taking some chances. But those were the moments where I learned the most. Without challenging yourself, growth opportunities are limited. So take the risks. You will be better for it in the long run, regardless of the short-term outcome." Without further adieu five of the travel technology industry’s most inspirational female founders, and how they forged their way to the top.   Robin Deyo, Cendyn Robin Deyo is co-founder of the global travel tech company Cendyn. With over 30 years experience in hospitality, Robin began her career on the sales side for Hyatt Hotels Corporation and Red Rock Resorts. In 1996, she and her husband recognized a hole in the market and co-founded Cendyn, a SaaS marketing, sales and event solutions platform for the hospitality industry. Cendyn enables hotels and hospitality groups to leverage data and drive guest loyalty in a secure and compliant way, while cutting down response times and offering personalized service. Cendyn’s foundational product, eProposal, was one of the first solutions to allow hotels to accept group business RFPs via their websites, thereby growing their group business. eProposal still makes up a small but important part of Cendyn’s overall portfolio today. Cendyn is the leading hotel CRM platform with over 30,000 customers across 143 countries, offering products that incorporate sales software and hotel digital marketing services with enterprise spend levels in excess of $1 billion. In June 2019, private equity firm Accel-KKR purchased a majority stake in Cendyn. Robin and her husband have taken a backseat in the day-to-day operations of the company. Robin has recently started De Joux Holdings, a company focused on investing in hospitality-focused and philanthropic projects. It will certainly be one to watch to see what exciting new paths this industry veteren will take next.   Alexandra Zubko, Triptease  Alexandra Zubko founded Triptease in 2013. Since then, it’s become one of the industry's fastest growing tech upstarts. One of the biggest issues facing the hotel industry has been the rise of online travel agencies. OTAs cut off the direct connection between hotel and customer and obscure room data for hoteliers, creating rate parity issues and making profitable pricing more elusive. Triptease increases direct bookings by making the booking process easier. Triptease: Attract is a metasearch management software that aims to drive an additional 10% of direct revenue to hotels at a lower cost than OTA commissions. Triptease: Convert is a direct marketing tool that flags a hotel’s most valuable guests, offering ways throughout the entire customer journey to make sure they book directly with the hotel. Triptease’s cloud-based software and real-time pricing tool give hotels increased ownership on how rooms are priced. Triptease was the top-rated Direct Booking Platform in 2018. Alexandra was VP, Head of Global Strategy at IHG (Intercontinental Hotel Group) prior to co-founding Triptease. She had her first taste of start-up life – in between working at consulting giants McKinsey and Goldman Sachs – as the founder of TripTips, an online social networking platform for sharing travel recommendations. For more on her background, check out our exclusive interview with Alexandra about her career journey and vision for Triptease.   Allison Page, SEVENROOMS Allison page comes to hotel (and F&B) tech with a finance background and a bachelor degree from University of Pennsylvania's prestigious Wharton Business School. Allison and her co-founder Joel Montaniel founded the business in 2011 and haven't looked back since raising more than $21M in funding to date. Hotel food & beverage operations often lack the resources and know how to run personalized marketing campaigns. SevenRooms’ segmentation and email automation enables F&B managers to easily add customizable tags to guest profiles then run rules based marketing campaigns to those segments.  Run unique marketing to critical segments like: first timers, high value regulars, positive reviewers and more. Companies like Revinate and Cendyn have demonstrated the immense value of personalized hospitality marketing campaigns.  Now F&B outlets can benefit from marketing automation too.   Janine Williams, Impulsify Janine founded Impulsify as a retail technology solution for hotels. Impulsify equips hoteliers with customized retail technology solutions to maximize impulse sales in hotel pantries and gift shops through a POS and inventory management solution.  Hotel front desk teams see a reduction in front desk retail traffic by up to 90%, enabling guests to get what they want when they want it.  Based in Denver, with 29 employees, Impusify was named top rated Lobby Technology in the HotelTechAwards. Janine takes any opportunity to fuse travel and giving back. Recently, she launched a campaign to donate a whole house to a family in need for every 50 hotels that added ImpulsePoint POS to their pantry or gift shop. Janine regularly travels to Honduras to build schools, clinics, and houses for those in need. It’s hard not to be inspired by the incredible female leaders that are finding success and bringing innovation to the travel tech industry. We are seeing unprecedented support for women’s empowerment within the workforce, turning what was once a barren wasteland for female leadership opportunities into a fertile ground for growth.   Tammy Farley, The Rainmaker Group Tammy co-founded The Rainmaker Group in 1998 where she spearheaded all sales, marketing, and customer-related operations for the company. Rainmaker is a market leader in profit optimization solution for hotels, resorts and casinos. Rainmaker has three key products: revintel, guestrev, and grouprev. The proprietary guestrev revenue management tool optimizes room rates to reflect guest’s spend across an entire property enabling properties to plan revenue goals and set rates based on demand. Grouprev helps hotel owners convert group and meeting business and maximize revenue. The tool optimizes group room rates, function space revenue, and manages a property’s sales and catering calendar. Revintel is a tool that aggregates and analyzes data to produce actionable insights to drive revenue and help site managers measure performance against corporate goals.  The Rainmaker Group was recently acquired by industry tech giant Cendyn (yes, that's the same Cendyn founded by Robyn Deyo above!) to help round out their digital offerings. Tammy will become a board member and continue her heavy involvement in local philanthropy.   Amanda Szabo, ResortPass Amanda Szabo is a serial entrepreneur and founder of Los Angeles based ResortPass.  The firm has raised $12.7M in funding to data according to data from pitchbook and has its sites set on global expansion.  In hyper competitive markets finding new hotel guests is expensive and difficult. Travellers are notoriously hard to market to which led Amanda to realize that hotels were missing the lowest hanging fruit around - locals. With that insight Amanda created ResortPass to sell day passes where locals (or guests at other hotels) can use luxury hotel amenities when they're not a guest.  ResortPass works with hotels like the W Hollywood and Viceroy Santa Monica and leverages a congestion-pricing model similar to Uber to ensure that those amenities don't end up getting over crowded for guests while ensuring that hotels achieve maximum profit.  This is one of those ideas that everyone says "how did this not exist before" but Amanda took the reigns and is executing like crazy to bring her vision to life.   Jennifer Wong, LaaSie.ai (formerly Stay Wanderful) Jennifer comes to hotel tech with a finance and real estate background, a bachelor's degree from MIT and an MBA from Harvard Business School. Jennifer founded LaaSie.ai in 2016 under the name Stay Wanderful).  The start-up uses Instant Gratification to power the transaction moment (i.e. booking on a hotel website) in a more relevant way for today's consumers. LaaSie.ai leverages a unique approach to loyalty by providing personalized incentives and perks, such as free Uber, Amazon credits or VIP access.  The platform can increase direct booking conversion and retention by leveraging an ever growing network of premium national & local merchant rewards alongside its AI technology. LaaSie.ai (under its former name Stay Wanderful) won Top Direct Booking Platform in the 2019 HotelTechAwards. The Company also won the Most Innovative - Judge's Choice Award at HITEC 2017 and of the Best Business Model Award at Launch Festival 2016.

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These Are the 5 Hottest Cities in Hotel Tech

by
Hotel Tech Report
2 months ago

Success for any startup is a blend of luck and skill, peppered with grit and resilience. It takes a methodical approach to pull together a team with exceptional skills to execute on an idea that solves a real problem for a well-understood customer. Even in a world of remote work, it also helps to be surrounded by knowledgeable advisors with industry expertise and a supportive community that can be tapped face-to-face. This is especially true in hotel technology, a tight-knit community that thrives on relationships. Of course, success is not solely dependent on location. However, clustering near other related businesses can rapidly increase your chances of success. A strong local network fosters better industry relationships that can shorten lead times on the sales side and accelerate development cycles on the product side.  That’s because the right locality puts you closer to your customers, which helps with getting actionable feedback quickly, and closer to potential investors, which accelerates momentum in rapid growth phases.  Proximity can also bring you the types of talent that underpin some of the 10 Best Places to Work in Hotel Tech. Cities with clusters of industry- and trend-specific companies give you better chances of finding the right talent for your business -- especially since former employees often go on to start their own startups that solve problems in the same industry, such as with Arise Travel. We’ve done a little legwork to help you discover some of the most vibrant and active places in the world to headquarter your hotel tech startup. With an active community familiar with hotel technology, depth of local talent pool, and a global mindset, these are our top five cities for travel technology.   London: Focus on Business Intelligence and Hardware London is an ideal place to take advantage of Europe’s diversity, as well as its relative closeness to the financial centers of New York. And, in spite of the looming Brexit, London remains itself a financial powerhouse. That means a dense concentration of global capital, coupled with a workforce details from countries all over Europe and beyond. With London's six airports, alongside train connections to most of Europe, London's location is ideal for startups looking to situate Themselves at the gates of Europe -- while still remaining as close as possible to the Americas. London also has the Traveltech Lab, a hub for travel technology startups that focuses on fostering a community of “innovation, collaboration, and creativity” that connects “technology startups with big corporates within the travel industry.” The dedicated space and organic community can be a boon to startups as they look to establish themselves, build a product, and grow their business. Hotel tech companies based in London: SiteMinder’s guest acquisition platform combines powerful optimization and analytics tools to capture more direct bookings for hotels. The company has greatly expanded its Exchange, which features dozens of integrations that make its guest acquisition tools even more useful for its 35,000 hotel and property manager clients.  While the firm will always call Sydney its home base - they've got a big presence from the London office. Mews is the backbone of hotel operations. Founded by a former rising star at Hilton, its property management system is the top-rated solution on HTR, and its kiosk, mobile check-in, and hotel app solutions are all highly rated by customers. OTA Insight is a “new breed of hotel tech company” that empowers hoteliers to fight against rate disparity, benchmark their own rates against competition, and leverage market intelligence to optimize revenue. The company’s newest feature gives hoteliers the ability to rate shop across different points-of-sale in order to monitor for regional differences in rate parity. Crave’s interactive tablets enhance the guest experience by putting property information, ancillaries, and in-room technology and messaging at guests’ fingertips. Thanks to industry-wide integrations, the tablets fold seamlessly into existing operations. Clock Software’s property management system combines crucial features, such as reservations, housekeeping, and channel management, as well as a robust API, into an all-in-one tool lauded by hoteliers. Case in point: Hoteliers votes Clock Software as a top PMS in the 2019 HotelTechAwards. Triptease is designed to return control of distribution to hotels. From acquisition to conversion, its direct booking platform merges metasearch advertising, parity monitoring, website widgets, and revenue management into a cohesive. Just last year, the Company earned an accolade as a top place to work in hotel tech. Pace reinvents revenue management with its “booking curve” approach to forecasting demand. The “intelligent revenue management” system alerts hoteliers to any unusual patterns to booking curves for each night, room-category and segment.  Fornova is a great example of London companies focusing on business intelligence: the company helps hotels monitor and benchmark distribution, as well as analyze market and property-level intelligence with HotelsBI and optimize pricing via its eCommerce Optimizer.  Iris Tablets offers hardware for guest rooms via its tablet technology. Its software also sets it apart: the cloud-hosted Guest Experience Platform (GXP) increases revenue, reduces costs and successfully improves the end-to-end Guest Experience for over 3000 hotels and restaurants worldwide. eRevMax is known for its pioneering channel manager and rate shopper RateTiger. Its latest product LiveOS turns “chaos to clarity” by smashing silos and pulling data from disparate systems into one dashboard to support real-time decisions.  Impala tackles a critical problem for hotels (and vendors serving hotels): how to integrate systems that don’t integrate themselves. Software providers can run a simple JSON script to integrate their products with those of other vendors in hospitality thus unlocking a new market.   San Francisco: Focus on Big Tech Silicon Valley has long been home to Big Tech. And even though the area has long since become less affordable than other cities the region’s reputation continues to attract ambitious entrepreneurs and world-class workers. The competitiveness is a double-edged sword: It can be costly to hire the best talent here, and investors quite literally have the cream of the crop. It can be a struggle for startups to both find the best people and raise the necessary capital to thrive. For these reasons, Silicon Valley has become home to larger hotel tech companies that serve the hospitality industry worldwide. These companies can compete effectively for talent, and take full advantage of the regions saturation of startups. San Francisco is also an interesting place for workers who eventually want to do their own startup: rich networks of talent and capital are useful at the seed stage as well. Hotel tech companies based in SF: Revinate’s CRM and email marketing software helps hotels develop long-lasting relationships with guests through targeted marketing, personalized campaigns, and deeper guest insights. Highlighting the value of being near other companies in the vertical Revinate recently announced a partnership with SF-based Duetto to allow hotels to use Duetto to price upsells dynamically in Revinate. Duetto is a full-stack revenue management technology. The company‘s Revenue Strategy Platform optimizes revenue and profitability across channels. This singular focus on total profitability underpins Duetto’s philosophy of Total Revenue Management. Sojern helps hotels marketers segment audiences and identify the best channels to advertise on. The company, which recently celebrated its 12 year anniversary, moved into new offices last year to accommodate its continued growth. Frontdesk Anywhere is a complete hotel management software suite that facilitates the guest journey from the initial online booking process through arrival, onsite operations and checkout.  Autoclerk serves hotels with property management and central reservation systems as well as a booking engine. It’s an end-to-end solution for booking guests, managing reservations, and operations. In a surprise move, BestWestern is the new owner of Autoclerk and promises to continue investing in the platform. MS Shift solves several operational issues for hotels: concierge management,  luggage tracking, front desk management, asset tracking, and maintenance/engineering management, among others.  Salesforce is the granddaddy of enterprise technology. It's fully-customizable CRM and sales software is widely used in the hospitality industry.  HelloShift is an easy-to-use messaging platform that enhances communications among staff as well as between staff and guests. With its combined approach Helloshift can become a hotel’s communications backbone. The company was recognized as the top staff collaboration platform in the 2018 HotelTechAwards. Medallia is a Customer Experience Management company that solves the problem of uneven feedback: it’s not easy to gather customer feedback across online and offline and transform them into something relevant and useful. Suiteness has an unexpected take on hotel bookings: it offers only suites. The value proposition extends to groups as it also empowers travelers to book connecting suites so that groups can stay together. Suiteness integrates with DHSCO and SynXis to expand access to the unique inventory.   Amsterdam: Focus on the Booking.com Alumni and Partner Networks Amsterdam is another great European city from which to base your hotel tech startup.  Data from Startup Europe found that Amsterdam’s share of Europe’s venture financing was EUR 1.67 billion. Amsterdam also has an added advantage: It's the home of globally-recognized behemoth Booking Holdings. The company, best known for Booking.com, employs thousands and will soon move into a high-profile new headquarters building. The steady growth of the company means that there is a sizable local population with the knowledge of travel and hospitality. The population is also highly fluent in English, which makes Amsterdam a city with solid international bon afides. Hotel tech companies based in Amsterdam: HotelChamp is a website experience and marketing optimization tool for hotels. When deployed on a hotel’s website, the toolset boosts direct bookings by adding a layer of personalization and segmentation. The latest tool, called Autopilot, leverages millions of data points to optimize a website in real-time.  Oaky unlocks pre-stay up selling so that hotels can offer room upgrades and other products prior to arrival. The solution improves profitability-per-booking before a guest even arrives on property. Oaky was awarded the top upselling and merchandising solution at the 2019 HotelTechAwards. 4Suites solves the keyless entry problem for hotels. It's smart access technology simplifies hotel operations, reduces costs and upgrades the guest experience. iReckonU sits at the core of your hotel’s tech stack to pull in data from other tools to reveal new insights and to enrich guest profiles. This “guest experience framework” improves the efficacy of marketing while also putting operations closer to guests. Hoteliers.com combines all distribution channels into a single view which reduces complexity and increases control for independent hoteliers looking for an affordable-yet-powerful channel manager. Olery solves reputation management for hotels. The system captures reviews from over 100 channels, and pulls them into a single interface for hotels to handle quickly and efficiently. It also has an analytics and marketing component to give hoteliers tools to improve and promote its reputation. Olery’s latest report dives into reputation in the Middle East.   New York City: Focus on Marketing NYC is a fantastic place to run a hospitality technology startup. The city has one of the highest concentrations of hotels in the world, which puts your startup close to many potential customers. The city is also one of the global hubs for media, which may have something to do with the over-indexing on start-ups with a hospitality marketing focus. New York is also home to Voyager HQ, a hub for a global community of travel and hospitality tech startups. The co-working space is home to many startups in the industry and often hosts meetups and networking events that provide a solid base for its startup community.  As European companies hit scale they tend to make New York their first foray into the U.S. market as evidenced by Triptease and Mews Systems both sending their founders overseas. The flight between NYC and London is pretty manageable and so is the time zone - what better launchpad for world domination? Hotel tech companies based in NYC: Travel Tripper provides distribution and marketing support to everyone from small independents to major brands.  Hotels looking for an all-in-one marketing partner should look no further since the firm has it all: Booking Engine, CRS, Digital Marketing Services and Hotel website development.  With freshly infused Accel-KKR capital Travel Tripper merged with Pegasus and now provides additional business intelligence and GDS services. InnRoad is a popular property management system for small properties and boutiques. HeBS recently rebranded as Next Guest with the integration of Serenata Intraware’s CRM technology.  While Serenata remains run out of its Germany headquarters NY provides the mothership and HeBS’ bread and butter is still digital marketing. TravelClick was recently acquired by publicly traded travel tech behemoth Amadeus and while Amadeus is run out of Spain, we imagine that it’s New Hampshire based hospitality division is going to get a little FOMO when they see their sister company’s New York City digs. Volara provides voice recognition software to hotels solving for the challenges of systems integrations and cyber security - giving hotels the ability to install turnkey Amazon and Android devices in their rooms. ALICE was one of the first company’s in the market to “make hotel tech fun again” lead by marketing guru Alexander Shashou and technical savant Dmitry Koltunov - the firm is an unstoppable force in the hotel operations space. LaaSie.ai (formerly Stay Wanderful) is a lesser known direct booking platform providing a network of merchant partnerships that can be leveraged to increase hotel website conversion and ultimately drive more direct bookings.  LaaSie recently rebranded and similar to Travel Tripper above was originally funded by NYC based Highgate Ventures. SEVENROOMS is a restaurant software company that provides CRM and guest management services to dozens of hotel restaurants around the world. Bizly is a meeting booking platform that helps corporate meeting planners find the best venues for small breakout meetings (i.e. hotels). Los Angeles/San Diego: Focus on Messaging Long known as the entertainment capital of the world, LA has emerged as a tech hub in its own right. Part of this is due to its status as a (slightly) more affordable option for SF startups. Another part is due to the convergence of technology and entertainment; as more startups emerged to build technologies underpinning next-gen entertainment, it naturally created a local base of tech talent. Another reason for the rising popularity of southern California as a technology hub? Clearly it's the weather! But the preponderance of sunny days, many weather-weary San Franciscans and New Yorkers have made the move. By the influx, the city intense relative affordability compared to cities of the same size and scope. Coupled with the great quality of life, southern California has become quite the contender on the global tech stage. Socal is an hour flight to both a hotel hub and tech hub, Las Vegas and Silicon Valley respectively. Hotel tech companies based in Los Angeles/San Diego: INTELITY’s guest engagement platform bridges across departments to connect staff with guests across text, voice, and digital channels. The company also offers an hotel operations platform for staff management, That includes recorder and task management, as well as analytics. INTELITY recently merged with KEYPR to expand its reach and reliability worldwide. Cloudbeds provides a booking engine, channel manager, property management system, and revenue optimization tools for independent hotels, boutiques, B&Bs, and hostels. The comprehensive hotel management solution was named a finalist for the People’s Choice Award at the 2019 HotelTechAwards. Whistle’s guest messaging technology simplifies communications so that staff can respond to messages in real-time from a single dashboard, regardless of whether the message is an email, website chat, or text message. For the second year in a row, Whistle earned the top spot as the #1 messaging platform on HotelTechReport. ResortPass has raised more than $12M to help hoteliers grow revenue by selling premium access to luxury amenities like the pool and spa during off-peak hours.  The Company is based in Santa Monica and works with top tier hotels like the Viceroy Santa Monica and W Hollywood. TrustYou While they are headquartered in Munich, Germany, TrustYou set up shop in San Diego, CA back in 2014 in order to better serve the growing US hotel industry. Their 10 local employees support functions across all facets of the company including Business Development, Account Management, Client Success, Finance, and Marketing. Zingle is a messaging platform that connects guest and staff across channels and devices so that communications is always streamlined and never siloed. The company recently announced AI-driven Intelligent routing that analyzes a guest’s intent to intelligently (and automatically) route guest requests to the right department or person. GuestBook Rewards is a loyalty program for independent hotels. Guests have a choice of cashback, credits for a future trip, or a charitable donation -- an incentive model that sets GuestBook apart from its competitors.  The program has become the largest network of independents, with over 600 member hotels in 55 countries. GuestCentric gives hotels control over their revenues by solving the guest acquisition problem: with a CRS, a digital agency  The company was a HotelTechAward finalist in 2018. JDA Software’s revenue management solution solves the revenue management problem for hotels. Thanks to an advanced forecasting engine that includes consumer intent and price sensitivity, the software increases revenue and boosts margins. Clicktripz is a monetization platform for publishers. Using proprietary ad-serving technology, Clicktripz’s targeting and granular bidding means that publishers can efficiently monetize audiences by connecting them to suppliers and advertisers. Kallpod is a service tracking solution that encourages guests to call for service right from their table. Kallpod Pro extends this functionality with customizable buttons, a two-way interface for staff to talk to each other, and a data platform to assist with more intelligent staffing.

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Revenue Management Category Press Releases

15 Tech Companies Partner to Solve the Hotel Industry’s Billion Dollar Problem

By Hotel Tech Report
2 months ago

15 technology companies have come together to create transparency for hotel technology buyers around the world.  The initiative, facilitated by Hotel Tech Report, rates hotel software vendor customer support processes on more than 30 key variables to help buyers make better partner decisions. Each year hotel owners lose billions of dollars due to software downtime and unused features.  By leveraging the new Global Support Certification, hoteliers can confidently enter new technology partnerships with transparency into the support systems that are in place to mitigate such issues.  Software inevitably goes down and great customer support is the best defense against steep losses. Hoteliers who work with Hotel Tech Report Support Certified vendors also know that those partners have invested in training materials and content to ensure that their teams have everything they need to realize successful outcomes. The certification creates accountability in the vendor community to maintain the highest levels of service for clients through an annual audit by analysts at Hotel Tech Report, the world’s largest technology research platform and online community for the global hotel industry. Leading firms such as Mews Systems, OTA Insight and IDeaS Revenue Solutions have been key supporters of this new industry standard which paves the path for better relationships between technology firms and their hotel clients. “We initially came to Hotel Tech Report with a simple concept.  Our hypothesis was that companies with great customer support would be happy to grant full transparency around their support KPIs with Hotel Tech Report and that companies with subpar support would never give that kind of access.  The team at HTR has brought that concept to life and we’re proud to give full transparency into how we engage, educate and support our customers on a global scale. Ultimately this support certification is an easy way for hoteliers to identify the companies who really treat their clients as partners - it’s a gamechanger for the industry,” says Richard Valtr, Founder of Mews Systems. Decision makers at hotel groups often spend months researching software feature functionality and pricing - but rarely are they able to develop deep insights into how the relationship changes and the level of support their team will receive once the contract is signed. “Hoteliers are constantly rated by parties like JD Power and AAA on the service they deliver to guests which ultimately helps guests find the best hotels.  With this initiative, hoteliers can now benefit from the peace of mind that comes with knowing their future vendors have not only been pre-vetted for professional customer support prior to contract lock-in but they can also easily learn about which tools and processes are most important and which one’s prospective vendors have invested in to help them succeed beyond deal close.” ~Adam Hollander, Hotel Tech Report Poor customer support is incredibly costly for both hotel software buyers and sellers.  For buyers, poor customer support from technology vendors can lead to lost revenue, poor guest satisfaction and weak ROIs on technology spend. “When a booking engine goes down hoteliers can lose thousands of dollars each minute.  What if it takes 24-hours to reach their vendor’s support team and fix the issue? Hoteliers rarely anticipate, let alone, calculate these kinds of costs when signing up with a new vendor because they’re out of sight and out of mind.  Once it happens to them they go into a panic and wish they knew ahead of time,” says Hollander. Another benefit of strong customer engagement processes is maximization of software feature functionality.  A study conducted on 3.8M software users shows that $30B is wasted each year on unused software in the U.S. alone.  Vendors that meet Hotel Tech Report’s support certification have been pre-vetted for the tools and processes necessary to ensure that hotel teams will be properly trained on all feature functionality which ultimately helps them maximize their investments in software and achieve higher ROIs on their software spend.  "45% of software features across the SaaS sector never get used. This is a huge waste. While OTA Insight's usage stats show that the intuitive features in our tools are very well used, we strive for more than just delivering software that works properly; we're committed to ensuring that clients can maximize their investments by ensuring our products and functionality are simple, intuitive and add value. With a heavy focus on customer feedback and input, this informs our ongoing product development," says James Parsons of OTA Insight. Founding members of the Support Certification rallied across the globe to bring this initiative to life.  Each founding member granted Hotel Tech Report access to their internal systems for the team to rate service delivery with its proprietary support certification framework.     Founding Members of the Global Support Certification include:  Mews Systems (Prague) IDeaS (Minneapolis) OTA Insight (London) TrustYou (Munich) Travel Tripper (New York) Hotelchamp (Amsterdam) Oaky (Amsterdam) Revinate (San Francisco) D-EDGE (Paris) Pace (London) Beekeeper (Zurich) RevControl (Eindhoven) Hotel Effectiveness (Atlanta) GuestRevu (Port Alfred) Stardekk (Brugge) The Global Support Certification is now live for hotel technology suppliers to apply for certification.  This budget season, for the first time ever, hotel tech buyers can easily vet customer support for future vendors and access support certification details right from company profiles on Hotel Tech Report. Learn more about the certification

Registration is Now Open for the 2020 HotelTechAwards

By Hotel Tech Report
4 months ago

Registration is now open for the 2020 HotelTechAwards (www.hoteltechawards.com), the industry's only data driven awards platform that recognizes best of breed hotel technology companies who win in the eyes of the judges that matter most - their customers. 2019 winners of the HotelTechAwards included top hotel technology companies such as TravelClick, Beekeeper, Screen Pilot, Atomize and Oaky. New York based ALICE won "The Best Places to Work in Hotel Tech" edging out runner up Mews Systems (10 Best Places to Work in Hotel Tech). "Revenue generation and operations have become very complex for hotels, threatening profitability and detracting from the customer experience. The answer lies in innovative technology solutions, which can disrupt the disruptors. The HotelTechAwards recognize these technologies and their beneficial impact on the future of our industry." says Marc Heyneker, CEO at Revinate, one of the hotel tech industry's most recognized brands and 2019’s top rated Hotel CRM. Companies are competing for category leadership across marketing, revenue management, guest experience, operations and sales technology. Hotel technology companies ranging from hardware to software and service businesses like digital marketing agencies are eligible for nomination. More than 40 companies around the world have already pre-registered for the competition. Registration closes on September 1st. Voting will take place through December 31, 2019 and winners of the 2020 HotelTechAwards will be announced on January 15, 2020. "As a former hotelier there was ultimately one thing my team wanted to know about prospective technology partners," says Jordan Hollander, co-founder of Hotel Tech Report. "We wanted to know what other hoteliers like us thought about the service providers, that they were tried and true and that the company could deliver on their sales promises. The HotelTechAwards were designed to do exactly that - they help hoteliers see what people like them honestly think about products and services to help them make better decisions for their properties." Learn more about the HotelTechAwards and register now at www.hoteltechawards.com

HotelIQ Named 2018’s Top Rated Business Intelligence Software in the HotelTechAwards

By Hotel Tech Report
4 months ago

February 12, 2018 -  Hotel Tech Report has named HotelIQ 2018’s top rated Hotel Business Intelligence Software  based on data from thousands of hoteliers in more than 40 countries around the world.  Over 100 of the world’s elite hotel technology products competed for a chance to win this prestigious title. The HotelTechAwards platform (by HotelTechReport.com) leverages real customer data to determine best of breed products that help hoteliers grow their bottom lines. “There’s a saying in Silicon Valley that if you can’t measure it, you can’t fix it.  HotelIQ is a leader in the Business Intelligence category that is more important for hoteliers in today’s competitive market than it’s ever been in history.  We are living in a data driven world, but without the right tools it’s almost impossible to effectively interpret that data and tweak strategic decisions in real time.  Business Intelligence is a must have for any hotel who wants to maximize their topline through Sales, Marketing, Distribution and Revenue Management and HotelIQ is leading the charge with its best of breed product,” says Hotel Tech Report’s Jordan Hollander. HotelIQ is poised for sustained growth in 2018. Hoteliers have recognized HotelIQ’s truly world class ease of use, depth, multidimensionality, dynamism and design capabilities where HotelIQ has exceeded the category average by more than 8% and received a perfect score of 100 out of 100. One Orange County California based General Manager describes their experience with HotelIQ’s business intelligence software, “The platform is incredibly intuitive and with the first use I was able to access my data at an extremely granular level with only a few clicks. A San Francisco based SVP Sales & Marketing says “HotelIQ Business Intelligence software is one of the most revolutionary products to come our way in some time. It has helped a number of our hotels maximize performance by providing quick and immediate insight. You will be amazed at how easy and intuitive it is, and how much it will help your hotel drive top-line revenue.” To read the full review and more, head to HotelIQ's profile on Hotel Tech Report

Revenue Management Category Overview

Revenue management has made great strides in recent years. The transition to cloud-based systems built flexibility into the software development process, accelerating the pace of new features. The shorter cycles allow the software to more accurately meet the evolving needs of hoteliers. This is a relief to many hoteliers with less-than-pleasant memories of the shackles of frozen legacy technology.

A review of today’s revenue management technology highlights just how far the industry has come in fulfilling a vision of connected revenue management systems that use data to dynamically price room inventory. Real-time, data-driven intelligence now comes standard in the industry-leading tools.  

An agile approach to releasing new features is also a requirement. As the industry experiments with new ways to sell its inventory, such as attribute-based selling, the best revenue management software anticipate change, test features, and deliver on the promise of true revenue optimization.

Even so, only 1 in 10 hotels deploys some level of revenue management software, due largely to the complexity of practicing proper revenue management. A comprehensive approach to revenue management generally includes a solution from each of the following categories: CRS, RMS, rate shopper, and business intelligence. Some solutions offer more of a one-stop-shop, while others overlap.

Whether you choose to stick with one multi-purpose solution or craft a bespoke tech stack, be sure to prioritize agility, flexibility, and extensibility. You want a vendor that keeps ahead of the trends, while also offering a flexible product that can be customized to your needs through flexible implementation and extensible integrations.

With that in mind, here are some of the key categories that you should be leveraging to optimize revenue management at your hotel.


Revenue management software automates the process of using analytics -- mainly supply and demand -- to determine the right price for hotel rooms to maximize revenue and profitability. The primary goal is to sell the right product to the right customer at the right time for the right price on the right channel. Revenue management software ingests historical and market data, combines this with forward-looking demand signals and recommends a rate for each segment and room type at your hotel, specific for each channel on which you are selling. Recently, modern software has moved from on-premise to cloud-based applications that are delivered as Software-as-a-Service, meaning multiple users can login to the applications from anywhere they have an Internet connection.

Key Features:
  • Integrations - It’s important that your RMS integrates with your PMS, CRS, CRM and booking engine with a reliable, two-way connection so that the systems can share the right data.
  • Open Pricing - Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.
  • Cloud technology - An RMS that runs on multi-tenant cloud architecture allows your systems to integrate and share data more seamlessly, and allows developers to push updates to your software in real time. No more purchasing new versions of software just to get the latest features.  
  • Intelligent reporting - It’s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.
  • Data Visualization - A good RMS not only presents your data in tabular reports, but allows you to visual your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data.

Key Players:

Market intelligence tools help hoteliers make more informed decisions on pricing and revenue strategies. Previously manual processes, such as monitoring competitors’ rates, managing your own property’s (or properties’) rate parity across multiple channels, predicting your competitors’ demand, pulling local event and weather data, etc. are now fully automated. For those who operate a broader portfolio, the time savings is multiplied for each property under management.

Key Players:

A central reservation system (CRS) is a platform used by hotels to centrally manage and distribute room inventory, rates, and reservations. The CRS typically receives inventory from the PMS, then distributes rates and availability in real-time to direct and third-party channels, including the hotel’s own website booking engine and call center (direct channels), as well as channel managers, OTAs, GDS, and metasearch (third-party channels). Reservations from these channels are sent back to the CRS and subsequently synced into the PMS for room allocation. Hotel revenue managers and marketing/e-commerce managers use the CRS to create various promotions and offers through rate plans for different channels and to adjust pricing quickly to be updated across all channels. Reservation agents also work in the CRS to manage reservations.

Key Features:
  • Integrations and distribution: channels The CRS should integrate seamlessly with your existing PMS and allow your hotel to distribute rates and availability through a wide network of channels, including direct channels (website, call center) and third-party channels (OTAs, GDS, metasearch). 
  • Pricing capabilities and flexibility: Every good revenue manager needs a good toolset. Your CRS partner should offer dynamic pricing tools that will give your hotel enormous flexibility when it comes to executing complex revenue strategies. Also consider whether integrations between your revenue management, merchandising, and CRM platforms with the CRS would help to increase operational efficiency (e.g. being able to automate pricing from an RMS, being able to enter rates only once within a backend, etc.) 
  • Booking engine / e-commerce platform: A huge deciding factor for many hotels is the quality of the CRS’s booking engine, which should offer conversion optimization features to encourage direct bookings. Key features include the ability to showcase strikethrough pricing, social proof, scarcity messaging, and incremental pricing, among others. 
  • Support and account management: A good CRS partner should not only provide round-the-clock technical support, but should also have active account management focused on customer success. Client services should include performance reviews with detailed analytics and reporting, as well as advice on revenue and pricing strategies. 
  • Innovation: Your CRS partner should always be seeking to enhance features, support the latest technology trends, and evolve the platform to fit the needs of today’s hotel.

Key Players:

Business Intelligence tools are designed exclusively for analysis; to provide fast and widespread access to accurate information and insight. Through dashboards, reports and analytics. users can explore their business – both historical performance and future activity. BI automates reporting, turning report producers into information consumers who can in turn analyze and apply their findings to influence business results. Business Intelligence is about gathering data from a variety of sources and then utilizing technology to serve information to decision-makers in ways that help them to understand where opportunities exist within their business.

Key Features:
  • Cloud Infrastructure: Ease of access to BI across devices. No expensive, lengthy implementation or physical on-site installation. 
  • Depth of Information: Ability to not only view statistics/figures, but to dive deeper into the data and understand what’s impacting those results. 
  • Data Management: Ability to manage & clean data to maintain data & reporting quality and accuracy. 
  • Forecast & Budget Support: Forecasting/Budgeting at the most granular level allows hotels to measure their performance on an ongoing basis to achieve their goals. 
  • Enterprise Level Reporting: Allowing users to view performance of multiple hotels using unified standards makes for easier reporting at an area or portfolio level.

Key Players:

A channel manager is a technology that allows a hotel to expand its reach and visibility online, as well as more easily manage its rates, availability, and reservations. With a channel manager, hotels can access hundreds of online distribution channels and connect to as many as they like at the same time. Hotels can list all of their rooms and availability on all channels and the channel manager will update these automatically and in real-time when a booking is made, thanks to a pooled inventory model. This allows the hotel to maximize occupancy and reservations with minimal risk of being overbooked.

Key Features:
  • Supports your existing booking sites and has a large network: Hoteliers will want to make sure their preferred channels are supported by the channel manager they plan to invest in. Additionally, it’s important the hotel has the opportunity to connect with many new booking sites, in new markets, to grow business and revenue. It’s important the hotel can have the opportunity to connect with many new booking sites, in new markets, to grow business and revenue. 
  • Deep system integrations: The channel manager should be able to integrate with existing systems such as the PMS, RMS, and CRS, and ensure seamless, two-way reservation delivery. 
  • Simple and effective reporting: To manage revenue properly, the channel manager needs to provide the hotelier with a clear view on channel performance for as many channels as the hotel is connected to. 
  • Pooled inventory: It’s vital that the channel manager operates on a pooled inventory model, to minimize overbooking and maximize the room sales. 
  • Real-time channel management: Manage room inventory, availability and rate plans across all channels through a simple user interface, in real-time.

Key Players: