Executive Summery
Most hoteliers understand to grow revenue by competitive analysis, historical data and current market demand. Now world business structure is reshaping; Revenue and marketing drivers are no more liner, most businesses are affected by impact of social media and customer reviews.
Many of us now book the hotel bedroom, holiday or restaurant dinner after reviewing review website like Trip Advisor, Booking.com or Agoda.com. Sharing our views on Facebook, Twitter or Linked In. Showing Visual effects on You Tube or Picasso. People not only check size of room / food, quality of product or services but also how customer sentiment handled at different situations.
Social Media is growing on verge of global transformation. There is rising pressure on businesses to be more socially responsible and crate long term value creation. In the coming years, social media will become a powerful tool that will aggressively use to influence business attitudes and force companies into greater social responsibility—and, I suggest, Integrating Social Media into Revenue Management and in hotels Reputation management tools to Best Available Rate will move us towards a more sustainable practice of capitalism.
Imparting social media ratings and sentiments from Review Pro with demand based pricing strategy will unable to make hoteliers to make more semantic pricing decision. The solution was analyzed using various process and frameworks and the main objective is to improve Revenue per available room.
Implementation???
Introduction
Organisation
The Hotel ABC is country house hotel and conference center; part of renowned national hotel group and located on M25 Corridor near Watford, London.
A premium venue has 197 bed rooms, 50 ...
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...oit : Sale effort to increase the revenue from group business.
Enhance : Attention to customer engagement, training and education programs.
Stage 2.3.5 : Risk Control
- Communicate daily Positive and Negative Customer feedback, Scores, Ranking, Revenue Rate RevPar, ADR and Occupancy to the team.
- All Incidents log in Risk Log and Plan of Action and Outcome for future learning as per example Exhibit 19
- Semantic Risk log if CompSet Ranking go higher due to any specific reason like new product in bedroom or special promotions.
- Most important Risk control tool is learning from daily activity, communicating and reviewing risk log.
Project Reflection
Exhibit:1 Company Revenue Management Structure.
Exhibit:2 Hotel Operations and Support Department Hierarchy.
Exhibit:3 Recommended Cross Department Process Analysis
Avoiding or reducing the risk, need to go through a process of analysis to determinate the right path to integrate it as a driver of the management about health and safety issues for their workforce.
Internet Marketing News and Know-How. Hotel Marketing. 18 Feb. 2011. Web. 19 Apr. 2011. .
The hotel or hospitality industry relies on guests who visit their facilities. In order to understand and project revenues it is critical that operators in the industry know how to calculate revenues. On the other hand revenue management in any business not only in the hospitality industry is important. Considering the perishable nature of hotel rooms as the main product under sale, it is important to focus on customer satisfaction in order to increase revenues. Therefore, hotel yield or revenue management is about balancing the demand for hotel rooms and the capacity through proper forecasting in order to maximize effectiveness of resources.
The hotel industry performs within a saturated market, driven by customer loyalty and competitive pricing to stand-out. This competitive nature makes it extremely important to capitalise on strengths while improving on
We are going to use Facebook, Instagram, Twitter and also an official web site of the hotel to allow our guest to know what the newest promotions are and also to share photos of the different rooms, recopies that are going to
Traditionally, the hotel industry has catered to the lodging, dining and other amenities of travellers or guests. The industry operates across the different value chain by offering services and facilities as per the preferences and paying capacity of guests’. Typically, players in this industry own assets and or franchise their brands or manage third party assets. The hotel business is highly capital intensive but at the same time highly competitive, this is due to the presence of a large number of players across the different value chain. The industry being highly regional in nature, the hotel business is directly impacted by overall economic or business activity and tourist movement
With that said consumers chose to compare hotels as the World Wide Web gives you that information needed and has taken over the way we book hotels. Increase of social media people are tending to book hotels by tread and online feed backs, this could be positive and negative, positive being consumers are enticed to make choice with people's feedback and use of shared images which give them real view and shows other consumers experiences however, on negative side bad feedback can be bad for your business as comments could lead to consumers choosing alternative
However, despite being so important, hotel websites are still not leveraged to draw maximum direct bookings. Majority of the hotels are largely and mainly dependent of third party booking agents to get reservations at their properties which is a costly affair. So, in this context, it is quite obvious to say that a hotel should adopt a smart web booking engine to turn its website into a potential source to generate enhanced booking which ultimately leads to profit maximization.
The luxury hotel industry has become a significant segment of the general hospitality industry and is undergoing expeditious expansions. Hilton’s goal is to create value for its constituents, customers, owners and shareholders, employees, strategic partners, and the communities where each hotel is located-by delivering a consistent value
In the past, the tourists were usually more influenced by the comments and opinions of friends and relatives; however, social media is taking place nowadays. The impact of social media tools for travelers and hoteliers has been paid highly attention since the presence of TripAdvisor. Because of the development of technology, social media has been widely adopted by travelers to search, plan, organize and share their travel stories and experiences by using the tools like Twitter, Facebook, TripAdvisor, YouTube and some other social network sites.
To research quality and reputation of hotels, browsing reviews online seems like the most convenient and popular way. In fact, a high rating of a hotel (usually considered as above 78%) makes potential costumers 13.5% more likely to book that hotel. (Anderson C, 2012) Table 1 shows different ratings of three resorts from four different travel/hotel websites. Clearly, the Caesars Palace gets the highest rating (79.5%) among all three, MGM Grand follows behind by only 1.25% difference, while Circus Circus has an extremely low rating (64.25%). M&S from Australia wrote a review of Circus Circus on Expedia in 2015, “When we opened our hotel room we all just stood in shock, it looked like a prison room, dark ugly room, lamp not working, concrete bars on window and room smelling like urine.” At the meantime, people on TripAdvisor describe their time staying at Caesars Palace as “Perfect Vegas Experience”, and a few customers claimed they got free upgrade to a suite, which was totally out of their expectations. Same as reviews on Expedia for MGM Grand, “comfortable”, “spacious” “clean”, and other positive adjectives were found a number of times. Although there are chances people write reviews online based on their personal psychological factors, it is still a quite useful source if the majority of guests make the similar
Social media is pertinent in use of communication throughout today’s organizations. There are many social media platforms that allow organizations to convey communication to potential consumers, stakeholders and the public. “It is essential for leaders to integrate these technologies and seek the best way to use social media and networks to the advantage of the business” (Billington, 2012, p.1). Business owners find that keeping up with current technology trends is essential in having a competitive advantage in the market place and having a strict set of standards and strategy is important in quickly adapting to social media trends.
I am covering the nuances of resort fees, bags fees and the overall measure of customer satisfaction through websites like Trip Advisor, Yelp and such in this essay. In today’s hyper competitive hospitality market where there is little to no difference in overall services offered, small charges like resort fees and baggage fees make a big impact in customer satisfaction. It can mean the difference between excellent reviews and negative reviews on websites like Trip Advisor and Yelp.
Thanks to these factors, pricing becomes one of the primary uses with which hotels attract customers. However, due to customers’ independent nature, there influence over industry players is limited. In the high-end segment of hotels, price influence becomes even less as hotels find it easier to differentiate themselves from the competition and customers become less price sensitive coming to expect higher prices as a symbolism of superior quality and services. Lastly, corporate business and tour operators can exert more influence due to their large purchases but this affect is of a limited nature and does not extend across the whole
The first advantage of using social media in business is increasing brand awareness. Social media can help business to build their brand awareness by increasing interactions with a business brand. Brand awareness means the total percent of a target people who know the company exists and what the company offers of products or services. When the brand awareness is increased, the possibility of buying is increased. Thus, efforts should be made to make the brand a part of the consciousness of customers. For example, Coca- Cola is one of the best companies that enjoy unusual...