Attracting millenials and families on Booking.com

Jun 23, 2021 | Channel Manager, COVID-19, Revenue Management

Attracting millenials and families on Booking.com

Summer heatwaves combine with cautious optimism in the European hospitality market this year.

Although inoculation is still before the halfway point in most countries, it has been proved to be successful, and travel restrictions are lifted fast across Europe.

International travel will not rebound soon to pre-pandemic levels, but the time for the first holidays since 2019 has come for many Europeans.

Now, as demand for accommodation services is on the rise at least among domestic travelers, Booking.com has prepared 3 recommendations for properties looking to rise occupancy levels:

1. Activate mobile rates

A Mobile rate is an exclusive discount of 10% higher available only to mobile users both on the Booking.com app and on a mobile browser. Offering mobile rates increases properties visibility in search results for mobile users. It also increases mobile bookings by 26%.

Two-thirds of mobile bookings are made by millennials. They write more guest reviews than any other traveler segment. By attracting millennials, a property can positively impact its overall ranking as it can become a top pick for mobile guests.

2. Configure child rates

Child rates can help attract more families to your properties

Families stay on average 28% longer and book 27% more stays than couples and solo travelers.

Booking.com has made it easier for your properties to configure their pricing and occupancy policies to attract more families to book.

3. Turn on online payments and see less cancellations

Plenty of bookers like to pay for their stay up-front. These guests are also less likely to cancel than others.

Booking.com will guarantee your properties’ payouts, even when the cards are invalid or fraudulent – so properties don’t have to worry about chasing up payments from guests.

YieldPlanet supports the above recommendations for properties and accommodation managers. All actions can be found and processed in YieldPlanet Channel Manager Opportunities section as pictured below:

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Long tail supply meets long tail demand

May 7, 2021 | Channel Manager, COVID-19, Revenue Management

Long tail supply meets long tail demand

Text by Nuitee Travel

The travel industry is facing the biggest challenge ever. We all players are looking at ways to reinvent ourselves, become more efficient, broaden the horizons and change some of our old ways of doing business. Finding a new set of customers, finding new partners, adapting and adopting technology, becoming more agile. All sounds good in theory, now the questions are where to start, where can I find some low hanging fruit that can add value to my business without killing my budget?

Among many areas we would like to crack the long tail demand and supply dilemma. A very large number of properties have contracts with the big folks (booking, expedia, etc). Fair enough, done. What else is out there for me, the hotelier?. Where can I find new distribution in a scalable way so I can showcase my hotel all over while still remaining under control?. Well, there are lots of other distribution and marketing options however you need to first find them and then you also need to contact them one by one. Bummer.

We all agree it is neither enough selling power nor strategically right for hotels just to contract with the big ones. There are also direct sales as well as a myriad of niche market players, such as Nuitee Travel. We can offer hotels the chance to diversify the business and the dependency risk. The problem for the hotel is to contact one by one those niche players, find the right ones and set up connectivity, T&Cs, etc. etc. Not scalable. You need access to marketing/distribution and sales in a scalable manner.

On this side of the table, at Nuitee Travel, we also have the same need, access to more products – your hotel – in a scalable manner. Going one by one, hotel by hotel, it is a long and tedious process. So how can we solve the dilemma of “long tail supply meets long tail demand”?

The answer is the partnership between Nuite Travel and YieldPlanet, that makes it simple by allowing hotels to be distributed through Nuitee’s worldwide network of affiliate partners in a seamless way. Hotels just need to visit our dedicated site for an easy sign up and you will soon be live and selling with Nuitee. Simple, easy and straightforward.

Interested in knowing more about Nuitee – YieldPlanet partnership and how to benefit? Learn more in our Interactive Integration List:

NuitéeTravel

Nuitee’s worldwide hotel offer makes it easy for travel agencies, tour operators, corporate travel management companies and airlines to access hundreds of thousands of hotels worldwide from multiple sources with a simple and easy-to-develop API based interface.

Learn more

Please feel free to Book a meeting in Nuitee’s calendar!

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Pricing flexibility on a road to recovery. Act fast

Mar 23, 2021 | COVID-19, Revenue Management

Pricing flexibility on a road to recovery. Act fast

On the way to hospitality industry recovery, we will probably still in 2021 witness many twists and turns – opening and closing borders, loosening and tightening local restrictions, limiting guests in accommodation properties, keeping restaurants closed and serving takeaways only, limiting access to main attractions, requiring immunity passports etc. How to operate in such uncertain and difficult to predict conditions? How to prepare your property to new market condition adoption?

Channel Manager is a tool which will help you in managing your property efficiently on the way to full recovery and adapting quickly to new market conditions. Now, more than ever before, you need a tool offering you great flexibility in starting or stopping sales, modifying rates or opening and managing only selected channels instead of all of them. With a right revenue management strategy and a tool that helps you automate the most of the task you will be able to act fast and adopt your business to a fast-paced environment.

What you should take into consideration on your road to recovery?

#1 Price flexibility is super important now – use grids functionality

For such unpredictable times we have now you should choose the right pricing strategy and have an option to change it easily and quickly when needed. And here comes the grids functionality that allows you freely and within a few seconds reload prices. Think in advance of possible price options at your property, introduce up to 30 ready price lists and change them in seconds whenever you need it. Current fast-paced environment might not give you much time to think how to react to changing market conditions. You need to be prepared and act really quick.

While working on a new pricing strategy have in mind that some of your services can be closed (e.g. restaurants, gym, spa) – adjust your prices accordingly or think about other values you can provide instead. Of course you can decrease prices in the hope of stimulating demand, but this may not be the best idea, especially if it comes to your property brand image. Think instead about targeting the new customer groups – those who are ready and able to travel at a given time. The right move will be also making the whole booking process as flexible as possible. This should influence booking decisions of your potential guests.

#2 Use the Channel Manager to open, block or restrict sale in selected periods

Having a reliable Channel Manager is now more important than ever before. Restrictions are now starting to ease but every time they may be tightened back again, thus you need to be prepared for every single scenario – bookings increase and wave of cancellations, restrictions easing and imposing new ones. To handle these you require a tool that allows you to easily manage the whole booking process and sales in all channels.

In case not all channels should be made available during certain periods switch to managing availability per channel. Be ready for the reloading system fast when demand is back. Having such a support in Channel Manager you can also think about testing new channels and attracting new groups of customers. In such a difficult time for your business you can’t rely on a few distribution channels only.

#3 Introduce automation to manage guest limits in your property with revenue rules

In difficult pandemic times you need to be prepared for adopting in a timely manner all newly imposed restrictions to stop spreading the virus. Thus there may be a need to temporarily close the hotel and cancel all reservations within a few days only or adhere all the bookings to the current guests limit.

This makes managing your reservations more difficult than ever before and really time consuming if done without proper software. Here also a good Channel Manager will give you a helpful hand. How? By allowing you to manage guest limits in your hotel with revenue rules. You don’t need to do anything manually and monitor the number of bookings all the time. Set up a proper rule and be sure you won’t welcome more guests than allowed in given time.

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Get the RMS now, pay when the demand is back!

Mar 10, 2021 | COVID-19, Revenue Management

Get the RMS now, pay when the demand is back!

Do you think RMS is too expensive a tool to invest in now? Or that it only works when there are reservations?

We want to support the hospitality industry and invest in your business by helping you prepare for the return of demand. For the first time, we are offering a special trial period on Price Optimizer RMS.

With the RMS support package, you will get:

Our certified revenue managers will provide comprehensive consultation on the sales and distribution strategy for your hotels.
2. We will connect and configure Price Optimizer Start RMS for all your facilities.
3. If the hotel is closed and staff is reduced, PO RMS will optimize the future dates of stay.
4. Whenever there is the slightest increase in demand, the PO RMS will respond automatically, generating an increase in bookings and revenues.
5. You can focus on keeping your guests safe and comfortable.

You will use the tool free of charge as long as the occupancy is not sufficient to cover the cost of the tool. Each hotel is unique, so details are arranged individually.

Schedule a demo now

The system works round the clock, so it never sleeps. It is an exceptional partner in quickly obtaining the key data to make the right decisions. It is a development product – it’s always changing and adapting to the needs of the organization”.
Download the case study with Dobre Hotel and learn more about how Price Optimizer RMS can help your facility react to market volatility.

Download now

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How to protect your property from phishing attacks

Jan 28, 2021 | COVID-19

How to protect your property from phishing attacks

Phishing is a cybercrime in which fraudsters try to lure your sensitive information, such as personal data, passwords, or even banking and credit card details, by disguising themselves as a trustworthy source. Use tips below to avoid scams and learn what to do if you think that your personal information has been compromised.

How to Recognize Phishing?

Fraudsters are constantly changing and improving their tactics, but there are some indicators that can help you recognize a phishing email easily. Phishing emails may give the impression that they have been sent by companies or individuals you know. These emails often encourage users to open a malware-containing attachment.

There are some signs that can help you to identify phishing emails and text messages:

The sender’s email address is incorrectly spelled or written with odd or ‘broken’ language.
The email looks different from the other emails that you’ve received from the company.
The email which they have used to contact you is different from the one that you provided to that company.
The email requests personal information (credit card number, account password etc).
The email contains an attachment.
The email contains a call for immediate action, such as asking you to click immediately on a link or send your sensitive information.

Phishing email may include next information or attachment:

claims that you have a problem with your account;
contains information that there are some suspicious activity;
reports a log-in attempt;
includes a fake invoice;
invites you to click on a link to make a payment;
offers to confirm personal information;
claims that you’re eligible to register for a government refund;
offers you a coupon for free stuff.

How to avoid phishing and other scams

Most email providers classify such emails as spam so do not move them into your inbox. But fraudsters always try to outthink spam filters, so it’s better to use following advices that can help you to protect yourself and your organization:

Don’t open suspicious emails. If it looks like a phishing communication don’t respond and delete this email.
Don’t click on links and don’t open any attachments in suspicious emails.
Don’t send any financial information through email. Trusted organisation will never ask you to provide them with bank account details, passwords or any other sensitive information via email.
Use spam filters which can help you to block emails from illegitimate sources.
Sign up for antivirus protection. Use an up-to-date antivirus software on your computer and on your smartphone.
In case of any doubts contact your security officer to make sure that your data is safe.

How to recover after responding to a phishing email

Here are some steps you can take if you’ve responded to a phishing scam to help protect yourself against identity theft:

Go to IdentityTheft.gov if you think that your personal information is stolen. This website will guide you through the recovery process.
If you have clicked on a suspicious link or opened a suspicious attachment that has downloaded harmful software, update your computer’s security software and then run a scan.

You might also be interested in reading:

Saving winter holidays as opportunities for properties in ski resorts
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Saving winter holidays – opportunities for properties in ski resorts

Dec 29, 2020 | COVID-19, Revenue Management

Saving winter holidays – opportunities for properties in ski resorts

Skiing in most European winter resorts has been restricted, due to latest outbreak of coronavirus pandemic. Shutting ski lift to stop the spread of Covid-19 was imposed widely by either national or local governments.The season between Christmas through New Year and January 6th Epiphany holidays is traditionally the most important time of the year for many skiing properties.

Now, as hotel revenues related to the ski season at Christmas and the New Year are mostly gone there is still a cautious hope for some benefits when the infection rate slows before the end of the winter and part of restrictions are lifted. At the beginning of 2021 we will probably still see dramatic changes in demand for skiing properties related to loosening or toughening restrictions or quarantining travelers from specific countries or regions at short notice.

Travelers faced with extremaly high level of uncertainity this winter season can be more willing to book if they are not afraid of high cancellation penalties in case of rapid changes in travel plans. That is why major OTAs like Booking.com, Expedia or Airbnb are encouraging skiing properties to address dramatic changes in demand by attracting bookers with flexibility in cancellation policies, refunds and easing minimum length of stay restrictions for 2021 stays.

Booking.com has prepared by far the most comprehensive business advice program for skiing properties in these difficult times. The program consist of several opportunities for each property in 4 major pillars: offering flexibility, reducing workload, securing bookings and setting up a sustainable rate plan. A mix of opportunities may work well for skiing properties to get more bookings when restriction are loosened, just to name a few options:

– Allowing free cancellation for longer can gain properties bookings from travellers in the current situation. Free cancellation rates are generally the most expensive and the most booked rate options.

– Offering last minute deals will help properties catch the attention of guests looking to book stays on short notice. As demand can pick up any time before the end of skiing season it is worth considering setting up promotions in advance.

– Properties can display the extended health and safety measures they are taking on their property page on Booking.com. Additional information about hygiene, social distancing and food safety can reassure potential guests and give them confidence to book.

– Offering mobile rates increases properties visibility in the search results for mobile users. It also increases mobile bookings by 26%. Once the slopes are made available for skiers again increase in last minute bookings via mobile devices is expected.

– Implementing child rates can result in more family stays. Families stay on average 28% longer and book 27% more stays than couples and solo travellers.

YieldPlanet supports all recovery plans prepared for properties and accommodation managers. All recovery opportunies be found and processed in YieldPlanet Channel Manager Opportunities section as picture above.

You might also be interested in reading:

Download an e-book: RMS algorithms during the pandemic: challenge or opportunity?
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What are your online distribution costs and is there a way to reduce them?

Nov 24, 2020 | Channel Manager, COVID-19, Revenue Management

What are your online distribution costs and is there a way to reduce them?

Online distribution costs are one of the main elements impacting the bottom-line profitability of hotel operations. As such, this cost element deserves closer attention, especially now during the crisis, when our businesses are suffering due to the pandemic.

The standard sales commissions applied by the vast majority of OTAs are most often fixed, almost nonflexible cost elements. Consequently, most hotels are undertaking considerable efforts to reduce the share of their online agency sales in favor of direct channels.

This should be a rather obvious tendency especially if we consider that the vast majority of demand during the crisis was channeled towards leisure and resort hotels which usually offer diversified packages best displayed through their websites and not standard OTAs which are less adapted to distribute package deals. Strangely enough, our initial observations show that this is by no means not the case.

The processed data from all Yieldplanet users in Europe indicates that compared to the same summer period of last year, the share of direct booking increased only by a single percentage point from 8 to 9%.

Considering that due to the pandemic, many of the resort hotels recorded considerably better results in terms of occupancy and revenue compared to the previous summer season, the conclusion might be that not enough attention and effort was dedicated to introducing proper distribution policies.

Proper distribution policies should also address the costs of direct sales. Although sales through the Hotel’s Booking Engine are not subject to standard OTA commissions, they often also do not come cheap. This is especially true if we look at the already mentioned leisure and resort Hotels.

Most Booking Engine providers apply commissions for their services. These commissions are obviously much lower than the OTA levels but if we consider that the majority of direct sales of the resort hotels consist of long stay packages, the resulting cost can be substantial.

This should be reason enough to look for alternatives and find providers where fixed fees can be negotiated. We at Yieldplanet are ready to assist.

Fixed fees for the services of the Channel Manager in the form of a subscription fee (monthly, quarterly or annual) has always been the business model applied by our company. It has also come to our attention, that due to the pandemic, some providers have persuaded their clients to switch to commission-based models. Considering the pandemic, when there is almost no traffic, this at first glance might seem reasonable.

Very often however, this strategy might prove disastrous. Especially the resort hotels which managed to prosper. They are now faced with enormous distribution costs. The issue of distribution cost based either on commissions or fixed fees, should clearly be carefully addressed by all Hotels. If you require our assistance in evaluating the optimal distribution policy do not hesitate to contact us here:

Apart from the channel management services which we have been providing for over 11 years, our company has developed and successfully implemented a unique revenue management system called Price Optimizer.

Why unique? Because we encompass an advanced price recommendation system which yields the hotel per room type 24 hours a day, with immediate real time distribution capabilities. The distribution capabilities include a wide range of restrictions and can be individually adapted depending on channel. There is no need to go through any “accept and upload” procedures.

We will be happy to provide you with more information.

The crisis has and still is strongly affecting our operations. Hopefully we will soon see a light at the end of the tunnel. Many foresee that in the near future we should prepare ourselves for a wave of “Revenge Travel” which will unleash the demand for our services. Hopefully this time will come soon.

In the meantime, we encourage you to consider the use of YieldPlanet’ services both during the time of crisis management as well as to best prepare for the better times ahead.

You might also be interested in reading:

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Facebook Lives’ Statistics 02.09.2020

Sep 9, 2020 | COVID-19

Facebook Lives’ Statistics 02.09.2020

Hotels are opening, restrictions are slowly being lifted and the number of reservations are increasing. It only means one thing – it’s high time for action! Now we are observing an increase of reservations which we process in our Channel Manager. We have decided to share this data with you because we believe it might help you to make better business decisions. Every Wednesday, during a morning cup of coffee, we will share new data, briefly discuss it and suggest actions to take in this period of time.

Join us on our Facebook live every Wednesday at 10:00 AM CET!
Every week we will talk about:

– which channels are worth your special attention during prices setting
– when you should start adjusting prices and preparing your property
– which kind of traffic it is: local or global?

Find short summary from our last session on September 2:

After the initial rise in the number of new weekly bookings between mid-May and the beginning of July (weeks 20-28), the demand has reached its current limits. Over the last six weeks, we observe this number to even slowly decrease.
Let’s take a closer look at the graphs and understand the details of the recent booking behaviours.

Over the last 1,5 months, we observe a slow down in the number of new bookings made globally. You can see similar trends in most of the countries. At the same time, there are clear regional differences as a result of the local pandemic situation. For example, Spain is recently facing a growing number of confirmed COVID infections and therefore bringing back the restrictions. This results in the fall of new bookings in this region.
Also in other countries, the end of the usual summer season (months of July and August) seems to also have an influence as the numbers in most of the presented countries are not raising anymore.

Globally most of the reservations are made last minute. That was true already before the pandemic but the average booking window is much shorter now. It is also shrinking week by week as a result of existing insecurity of potential guests and existing travel restrictions. Guests are less likely to book further than 4 weeks before arrival. November and December are still beyond the interest.

Taking a closer look at regions of Poland we can see different patterns over the summer months (July and August). Pomorskie voivodeship is probably the most interesting case. This region has been facing weekly more bookings than at the beginning of the year (and in the last year). The end of the summer season is over now and the new weekly bookings are dropping again.

Bookings in Poland are also made mostly last minute. There are also some bookings for 5-7 weeks ahead. Over recent weeks we have noticed some interest in the last part of the year (November and December).

The total number of room-nights booked for selected stay dates confirm the last minute booking pattern. Saturdays are the most occupied days (spikes in the graph). Surprisingly Mondays are more occupied than Sundays. This means that there are bookings made only for the first day of the week. This can be a good sign for hotels focused on business segment since this can potentially come from non-leisure areas.
There is also a clear interest in the Christmas and New Year’s Eve period.

The mix of booking channels remains stable since the beginning of May (week 19). The vast majority of bookings come from OTAs. Unfortunately, all the campaigns encouraging guests to book directly didn’t bring expected results. The share of direct bookings remains at a similar level as it was before the lock-down.

Please, share your opinion with us and question you have, and suggest what data we should show next week.
Follow us on Facebook not to miss anything, see you there!

Summary:
– the ceiling of the demand, diminishing number of new bookings in most regions
– still(!) shrinking booking window
– first bookings for November in December in Poland

Tips:
– be patient in any price changes – most of the bookings will come in the last week before arrival
– open and control rates for as long as possible since the demand is unpredictable (don’t miss the chance!)
– implement automation tools (like Price Optimizer) so with the limited capabilities you can make sure your distribution is controlled 24/7

If you want to watch a full Facebook Live, you can do it here.

You might also be interested in reading:Facebook Lives’ Statistics 27.05.2020 Free e-book about guest communication tools Webinar: Guest communication and interaction Airbnb’s guide for software-connected hosts

Transitioning from short stay tourism to the mid-term housing market for a sustainable rental income

Aug 13, 2020 | COVID-19, Revenue Management

Transitioning from short stay tourism to the mid-term housing market for a sustainable rental income

Text by HousingAnywhere

The short-term rental market, with guests staying anywhere from a few days to a few weeks, has enjoyed an explosion in demand followed by an influx of investors over the last few years. Unfortunately, the COVID-19 outbreak has caused any excitement for a good summer season to evaporate. At the same time longer term projections for the short-stay market are also under threat by the implementation of restrictive legislation in many of the most popular destinations around the world. Instead, investors might be better off setting their sights on the mid-term rental market, exchanging high, but volatile income for sustainable, predictable cash flows that enable growth.

When demand plummets overnight

The world had seen travel restrictions before, without any real long-term consequences. But then, countries like Italy started quarantining entire regions of the country and major companies started sending their workforce to work from home. For short-term accommodation providers, what was supposed to be a record summer full of travelers, tourists and weekend wanderers, turned into a market that ground to a halt almost completely over the weekend. Google Trends shows us that the interest in the world’s biggest bed-and-breakfast site decreased by over 75% in a matter of weeks. Worst of all, nobody really knows when the Corona crisis will be over or, perhaps more importantly, if things will even go back to the way they were before the virus?

“Google Trends shows us that the interest in the world’s biggest bed-and-breakfast site decreased by over 75% in a matter of weeks.”

“Nobody knows when the Corona Crisis will be over, nor if things will even go back to normal.”

When the rules of the game change while playing

At the same time, the short-term rental market is facing local threats that could impact the long-term viability of the global short stay market. Where acquiring and renovating properties was well worth the investment due to virtually nonexistent short-term rental regulations and premium prices to meet the demand, this will no longer be the case in the near future. In many countries, the already volatile housing markets of popular cities were further disrupted by the arrival of a large number of short-term providers. As a result, governments and municipalities all across Europe have passed or are drafting legislation to regulate the short stay market. These measures range from requiring special permits, capping short stay rentals at a max of 60 days a year, setting up quotas for popular neighborhoods and even include contractual constraints. For many providers, this means a large chunk of their projected income is no longer guaranteed.

“Many short-term providers just like you are looking for an alternative.”

With both the long and short-term results of the market under pressure, it’s not strange that many short-term providers are looking for an alternative. Thankfully, there is no need to jump ship. Instead, a shift in strategy in order to meet the needs of your local housing market could mean a relatively painless solution.

Shifting gears

While demand for the international short stay market has collapsed, housing markets across Europe are still buckling under demand from locals, international students and highly educated expat workers. Rental prices have been steadily rising for years, but still the supply cannot meet all the demand.

While your target audience is different than before, they are still hungry for ready-to-go rooms, studios or apartments close to their work or studies. The hard-working tenants that will stay with you for anything from a semester to a year are also willing to pay extra for the services you already provide to the city hopping weekend crowd. International students or expats often arrive on Saturday and start work on Monday. This means they are happy to pay extra for the fully equipped kitchen, the weekly cleaning service, high speed internet and included Netflix account that allows them to simply unpack their bags and focus on settling in.

What’s different is that you’re exchanging weekend guests for longer term, contracted tenants. For you, this means less frequent mutations and stable long-term income through monthly payments. At the same time, you avoid the risk of being stuck with a tenant for years on end by focusing on the mid-term rental market. All in all, this keeps your business agile, able to respond to changes in demand and seasonality without your cash flow running dry over the weekend.

“… give yourself the stability to focus on the growth of your rental business.”

At the same time, these longer-term tenancies allow you to scope a more robust projection of your future rental income. You have plenty of time to find new tenants and you know exactly how much your home will earn you in the coming months. This gives you the stability to focus on the growth of your rental business and makes it easier to secure the additional funding to realize that growth. After all, your now stable rental income counts towards securing a loan for your next properties. Over time, your business will grow into something more and more passive and sustainable for the long term.

Finding a new home for your business

Even though your properties are ready for a transition, you are still entering a new rental market. You’ll be dealing with different legislation, new target audiences and the market’s own quirks and pitfalls. Where short stay platforms are king in getting your place booked for the weekend, you now need a different strategy to convince potential tenants to come live at your place for months on end.

“Roughly 60% Tenants on HousingAnywhere book their stay for a period of 3-6 months.“

As a housing platform, HousingAnywhere has over a decade of experience in matching landlords with the right tenant time and time again. Roughly 60% Tenants on our platform book their stay for a period of 3-6 months. Before, guests might have booked blindly, but for longer term tenants, communication is now key. For example, tenants will reach out to you, introduce themselves and ask questions. Initially making it more time consuming than a blind booking but making it much easier to find the right match for your place. This might seem strange at first but getting to know a prospective tenant will save you time and effort in the long run by preventing friction, damage or rental arrears. Additionally, bookings now give you peace of mind for months on end, instead of having you hustle to get your accommodations booked every weekend.

Pricing your place is also a different ballgame, as you need to adapt to new kinds of seasonality and different pricing strategies based on location, quality, and property type. HousingAnywhere helps landlords navigate these changes, using data to predict the optimal pricing strategy in their neighborhood, using the RentRadar tool. The platform also includes a Rent Index data report so landlords are also kept up to date with the latest trends in the European market.

You might also be interested in reading:

Booking.com Recovery Toolkit
Guest communication tools: why guest engagement is important?
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part II
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part I

Booking.com Recovery Toolkit

Aug 6, 2020 | COVID-19, Revenue Management

Booking.com Recovery Toolkit

The COVID-19 has brought unprecedented challenges both for society and our industry. It is clear that the unconventional approach is more important than ever before to tackle the far-reaching effects of Coronavirus pandemics.

Booking.com has gathered market insights, tools, and advice from experts to help hoteliers and accommodation managers work through these difficult times. The company recognizes three stages of recovery:

Lockdown with extremely limited travel activity
Recovery characterized by slowly rebounding of domestic travel
Extended recovery described a gradual increase in international flights and travel

The bad news is that as of the end of July 2020 around 7% of all countries are still in the lockdown phase, but the good one that 20% of countries benefit from the extended recovery stage.

Depending on the recovery stage and market conditions Booking.com has prepared a recovery action plan for all properties focused on 4 pillars:

Reducing workload by e.q. informing potential guests on Health and Safety standards so that travelers can find extensive hygiene, food, and distancing measures the top of a property page or letting properties to modify reservation stay dates with no restrictions.
Offering flexibility by allowing guests to book in advance with flexibility and with the possibility to cancel up to 24 hours before check-in or encouraging partners to allow children in their property to attract family travelers
Setting up a sustainable rate plan by offering travelers a variety of rates and policies that can attract potential customers like for example using occupancy-based pricing, mobile rates or setting up family rooms and pricing
Securing bookings by boosting visibility and ranking high on Booking.com’s search pages which can be achieved via joining Genius or Preferred Programme

YieldPlanet cheerfully supports all recovery plans prepared for hoteliers and accommodation managers. All recovery suggestions can be found and processed in YieldPlanet Channel Manager Opportunities section:

The recovery toolkit by Booking.com consists of 25 selected options, please check them either in YieldPlanet Channel Manager Opportunities or directly at Booking.com extranet.

You might also be interested in reading:

Guest communication tools: why guest engagement is important?
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part II
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part I
Rate management in the peak season with YieldPlanet’s Channel Manager

Guest communication tools: why guest engagement is important?

May 28, 2020 | COVID-19, Hotelier Academy

Guest communication tools: why guest engagement is important?

Guest engagement has never been so important, as we move forward through the next couple of years travelers will look for peace of mind when planning their trips. Hotels need to clearly communicate cleanliness and hygiene policies, and be accessible to guests throughout the guest journey.

Consumers expect immediacy, whether it’s quick search and book options, or response to their enquiries and in-stay questions, or dealing with cancellations – hotels have to deliver a higher level of service in ever decreasing profit margins and reduced people resources. Hotels will need to use their staff smartly to make sure guests are serviced and hotel operations are seamless. Technology is providing the solutions while improving opportunities for the hotel all within the confines of social distancing and heightened health anxieties.

Guest messaging solutions give the additional boost hotels need to secure bookings, manage online check in, and provide guest services digitally – especially when there is less people interaction. This not only protects staff and guests but gives the opportunity to reach guests instantly.

Hotels can own guest communications

With the rise of social media, the way to communicate and engage with guests has changed radically. People have moved from email and phone to social media apps such as Facebook Messenger, WhatsApp, SMS. Instant messaging has given way to a generation of travellers who want information quickly and efficiently without being bombarded with lengthy email messages, or having their inboxes inundated with irrelevant offers.

Millennials and younger generations prefer texting rather than calling because it is less intrusive and time consuming. Hotels need to look towards SMS and messaging apps where 75% of consumers are OK with receiving SMS from brands (according to Techjury). This gives you the chance to be direct and relevant.

Hotels should engage with guests on the messaging platforms they are using. Guest messaging platforms provide a central inbox for all consumer messaging channels, so your staff only need to manage one inbox. Preset answers and automated replies is saving hotels a huge amount of time on repetitive enquiries.

Making Upsells work for your hotel

Upselling is a great opportunity for hotels to maximize revenue from occupancy and increase RevPAR, upselling potentially makes up 10% – 20% of hotel guests’ total spend (Hospitalitynet).

The front desk has become the first personal touch point upon arrival, making the front desk prime for more sales responsibilities. In the short-medium term this will need to change, social distancing will mean less people contact – yet how do hotels keep open communication channels with their guests?

Traditional ways of upselling through the front desk or emails are no longer effective. According to PhocusWire, marketing campaigns only have an average open rate of 16.1%, click-through-rate of 2%, and conversion rate of 0.3%, which is very low.

SMS and messaging apps have opened a new door for hotels. Upselling by direct messaging has a much higher open rate of nearly 99% (Adobe Blog), response rate is 209% higher than phone or email (techjury), read within 3 minutes, and we have seen a conversion rate of 10% according to one of our own case studies.

Precise Targeting: Message the Right Guests at the Right Time

A real case: Jorplace Beach Hotel which has selected BookBoost as their guest communication tool

Maika, the Operations Manager of Jorplace Beach Hostel was struggling to increase ancillary revenues. Guests are very budget-conscious, seeming unwilling to spend on extra services, not even when they needed it.

To tackle this problem, Maika launched a campaign precisely targeting specific guests with relevant messages; for example, scheduling an invitation for a ‘late check-out’ at exactly the moment these guests are having such a good time to inspire them to act on this offer.

With a conversion rate of 10%, guests purchased the late check-out. Moreover, 87.5% of all late check-out sales resulted from using Bookboost’s messaging services. It turns out that guests are more than willing to pay for more, you just need to pick the right audience and communicate the right message to them.

In a time when staff numbers will be at an all time low, hotels need to be as efficient, yet responsive as ever.

One of YieldPlanet’s partners Bookboost wants to make it easy for you and your teams to address all customer enquiries in the most lean and efficient way possible. Bookboost Guest Messaging is offering all YieldPlanet customers its Web Messenger and Unified Inbox for FREE! All you need to do to get Bookboost Guest Messaging products totally for free is just sign up, using a special code “freeforme”. Take advantage of the special offer until 30th June 2020.

You might also be interested in reading:

Strategies for hotel revenue managers in COVID times: brace your business upfront! Part II
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part I
Rate management in the peak season with YieldPlanet’s Channel Manager
Price management: the key when selecting hotel technology

Facebook Lives’ Statistics 27.05.2020

May 28, 2020 | COVID-19

Facebook Lives’ Statistics 27.05.2020

Join us on our Facebook live every Wednesday at 10:00 AM CET!
Every week we will talk about:

– which channels are worth your special attention during prices setting
– when you should start adjusting prices and preparing your property
– which kind of traffic it is: local or global?

Find short summary from our last session on May 27:

Data Source

– 743 properties from Poland (n=743) – all property types included

New reservations weekly: all YieldPlanet clients (from 5th week)

– steady grow but still far from the reference level from January/February

New reservations weekly: all YieldPlanet clients (from 5th week)

– clear demand division on weeks 25, 35, 44

– since week 18 some demand on May and June

– July and August started to grow only since the last 2 weeks – still a lot of uncertainty

– September still too far to have any visible demand, October-December beyond the interest

– mostly short booking windows (last-minute reservations)

New reservation weekly: chosen countries

– trends are similar across all the countries with some little differences depending on the local defrosting strategy applied

New reservation weekly: selected Regions

– in Poland, the dynamic of growth is similar across all the regions but still way below the previous level

Total number of new reservations: distribution (res. from weeks 12-21)

– distribution is very uneven, only selected properties received hundreds of reservations over the last 9 weeks (after the lock-down)

– median is only 17 so half of the properties didn’t even receive 2 online reservations per week

Arrival month for new reservations weekly: Poland

– in Poland, the majority of reservations are made for May during the last 3 weeks – mostly last-minute bookings

– June is coming so the demand for this month arises

– July and August grow slow but steady

– other months clearly beyond the interest

Channels share weekly: Poland (hotels with BEs)

Poland: channels share: only properties with BE connected via YieldPlanet Channel Manager

– OTAs are having a strong 80% of the share for online reservations

– ~20% of direct bookings during the last 4 weeks (which is better than in Jan/Feb) but the share is slowly falling

– neglectable share of other channel types (wholesalers and tour operators)

Booker country share weekly: Poland (b.com declarative data)

Poland: only b.com reservations and declarative residency data

– the share of local cookers has grown during the last 5 weeks to 90% and clearly shows that Polish guests should be the most important for any offerings and marketing

Booker country share weekly: Poland (various channels)

Poland: all online channels

– confirmation of the above

Please, share your opinion with us and question you have, and suggest what data we should show next week.
Follow us on Facebook not to miss anything, see you there!

Summary:

– the demand is still on the very low level but it’s clearly growing in all countries and regions

– bookers remain mostly local and are still cautious, therefore booking last minute

Tips:

– focus on offering for June but start looking in July and August

– make sure the direct offer is always the best (rate imparity, USPs communication and good website flow – are key points)

– start advertising your property, especially on the existing customer base

– open and control rates for as long as possible since the demand is unpredictable (don’t miss the chance!)

– control any pick-ups carefully and react accordingly

– implement automation tools so they save your time and take care of most of the points above (POS)

If you want to watch a full Facebook Live, you can do it here.

Reopening Hospitality in a COVID World

May 26, 2020 | COVID-19

Reopening Hospitality in a COVID World

Text by Marina Yoveva, Exploreist

Tourism has undoubtedly been changed by the Coronavirus. Whether you are in Rome or South Florida, the normal flow of late-winter and spring tourism has almost completely ceased. As countries began to reopen, the hotel industry is starting to open their doors as well giving us access to some of the best travel destinations in the world. How do major world countries’ hospitality industry plan to emerge from Covid? Read on to discover how these countries plan on having a healthy and safe summer, with tourism included.

Spain COVID-19 Response:

Spain is known for its warm culture, beautiful beaches, and fascinating cultural attractions. Unfortunately, the country has suffered greatly from high Coronavirus-related deaths. Spain began to reopen on May 4th after a stringent lockdown. The country’s reopening process is mapped out in four stages, and is anticipated to move into a “Nueva Normalidad” by June 22nd. This includes the reopening of Spain’s hotels, whose new guidelines will include sanitation measures and limits on public areas. Spain’s economy heavily relies on tourism, with some 14.3% of Spain’s annual GDP coming from it (World Travel & Tourism Council). Yet striking a balance between profit and safety is at the core of Spain’s success.

France COVID-19 Response:

France has an international tourism market that piques in the summer. France headed into “deconfinement” on May 11th. The initial phase included the reopening of schools and shops. The second phase is scheduled to begin on June 1st. This tentative stage allows for a partial reopening of bars, restaurants, hotels, museums, and cultural activities. The hotel industry may not open doors until mid-June, and the hospitality industry in France has been lobbying for tax exemption in 2020. Passengers arriving from a non-Schengen Member State are not currently allowed to enter France. With little time to recover for the high tourism season, it is anticipated the hospitality industry in France will continue to suffer.

Germany COVID-19 Response:

Germany’s methodical approach to the Coronavirus has paid off, with one of the lowest death rates in Europe. The nation has already begun its reopening process of shops, but will continue its ban on worldwide travel until June 14th. The hospitality industry reopened in a trial period starting from May 9th to May 22nd. Germans hope to travel domestically this summer, as well as to neighboring countries that have receding Coronavirus rates. All openings come with the understanding that if things escalate again, an “emergency brake” will be applied.

US COVID-19 Response:

US citizens continue to live day by day as the hefty Coronavirus death toll continues. A three-part plan has been proposed by the national government. Still the ultimate power is with the state governments. The majority of states had been getting set to reopen by mid-May or the end of May. Many hotels have already begun reopening, although occupancy rates are low, hovering around 5 to 10%. The US Travel Association has issued new guidelines called “Travel in the New Normal.” Aimed at making travelers comfortable enough to begin traveling again, it lays out best practices for the industry. With the highest death rate in the world, the US hopes to curtail an impending second wave.

Argentina COVID-19 Response:

Argentina’s economy has been devastated by the Coronavirus. Still, Argentina continues to ban any commercial airline sales until September 1, 2020. This restriction is one of the toughest in all of the Americas. Keeping a tight lockdown on borders is the country’s proactive response to curbing a second wave. Argentina is known for a vibrant cultural life, including the birthplace of tango. However, international tourism—for now—will have to wait.

China COVID-19 Response:

China has made innovative steps in reopening after the pandemic. China has implemented a health-pass system that allows one to leave their house only if they have a “green” bill of health. A person who is “red” must undergo a 14-day quarantine. The bill of health is linked to phone and passport numbers. Strict sanitization and social distancing in restaurants has created a “new norm” in China, however, there has been activity within the hotel industry. China saw a 50% usage of hotels in May, which was a drastic difference from February 9%, reports USA Today. Additionally, those coming from abroad to the city are required a two-week quarantine.

Switzerland COVID-19 Response:

Switzerland surprised citizens by reopening bars, restaurants, and gyms on May 11th—ahead of the planned time. Hotels in Switzerland were never closed, to try and maintain normalcy as much as possible. Switzerland will continue to practice a mix of social distancing, strict sanitation measures, and tracking. Switzerland is still figuring out how to reopen important borders with France, Germany, and Italy. Though the US Embassy in Switzerland noted “an easing of restrictions began May 11th,” how the situation will look in future is still to be defined.

Poland COVID-19 Response:

Poland also began an earlier reopening process in mid-April with reopening forests, public parks, and revised restrictions on small shops. May 4th marked the reopening of hotels, museums, and shopping centers. Additionally, Poland’s political system is in limbo, as the scheduled presidential election on May 10th has been pushed to sometime in June. With the incumbent president, Andrzej Duda, up for reelection, Poland holding a successful election will not only affect Poland but also set a precedent for the American election in November. Though Poland’s borders opened on May 3rd, the alien entry remains forbidden.

Czech Republic COVID-19 Response:

Czech Republic has been one of the most restricted countries in Europe during the Coronavirus. These tough measures have paid off with an early reopening, which began in late April. Libraries, small shops, and universities have already been reopened. Hotels are scheduled to reopen on May 25th. In-bound university students and EU business travel will also be allowed. Outbound travel is also reopening for citizens, with the caveat that upon return travelers must test negative or enter a two-week quarantine. Similar to other EU countries, the progression of reopening will be on a two-week basis.

Sweden COVID-19 Response:

Sweden’s all-around approach to combating the Coronavirus was unique, leaving looser restrictions and no formal lockdown. Hotels, primary schools, restaurants, bars, and hair salons remained open during the height of the pandemic. Hence, the country’s reopening process is much softer. However, international travel remains under strict lockdown. Hotels in Sweden may see local visitors, looking to have a staycation. Sweden’s relaxed approach has yielded a high death rate per capita, and Sweden seems to be learning its lesson on the spot.

Case By Case, Day By Day

The moment-to-moment nature of the Coronavirus has created a situation where all plans are changeable. Though May has marked a turning of the page for reopening many countries worldwide, every reopening comes with the potential to reclose if Coronavirus resurges. Though many countries do not yet have open borders, the summer will be a telling time as to just what is possible as far as travel and tourism go.

You might also be interested in reading:

Strategies for hotel revenue managers in COVID times: brace your business upfront! Part II

May 14, 2020 | COVID-19, Revenue Management

Strategies for hotel revenue managers in COVID times: brace your business upfront! Part II

While COVID-19 has brought the hospitality industry to a standstill, at YieldPlanet we believe that by providing our clients with the right advice we will win this battle together. Therefore our team of experienced and certified revenue managers has prepared a list of the tips and recommendations of what you can do to start getting ready for the market bounce back already today and outpace your competitors. Check out the first part of this anticrisis list here [LINK] and keep learning!

1. Local market.

When the situation starts to improve, and life starts getting back to normal, movements between countries and cities still will remain difficult during some period. The domestic travel most probably will be increased in comparison to previous years.

Check your reviews
Local people have a bigger choice, so an excellent online reputation will be your pros. Answer to your reviews – the feedback is important. Let people know about all the services you offer and keep staying in touch.

Local people area
Review the most popular channels and forums that local people use when they are looking for plans for the weekend. Check the integration list, to find channels local people use. Every area has its leaders. Think about how you can improve your offer for local people (packages, promotions) and try to find the best platforms to present yourself there.

Review your competition
You can start by checking your competitors: packages, prices, promotions. Use additional value to complete your offer, give to your guests a bit more than others (welcome drink, discount for the dinner at the hotel restaurant, free parking, possible late check out etc.). To be updated with the latest news you can follow your competition at social media and see what they offer, analyse their offers and improve yours.

2.Data

Update your competition set
Monitoring the market situation, don´t forget to keep the list of your competition updated. Evaluate your strengths and weaknesses and compare all these points with your competitors.
Do some research at your engine using the name of your city, famous sights and conference stages nearby, extra service or good points you have (SPA, terrace view, central location, Eco-friendly etc.). You will find more accommodation options to compare. You can also open popular channels and travel platforms, find your hotel and check similar accommodations, recommended below. Even if you know that some of these recommendations are not your competition, take a look to know what your potential guest could be proposed to.

Analyse the data you have before making changes
Take advantage of the reports you can find in the analytic systems you work with. Examine the data provided by the revenue management system or channel manager to understand your clients better. This will help you work with prices, rate plans and will assist you to optimize your current structure. Data analysis can prompt you unexpected solutions: additional services cost changes, differences between categories, new distribution ideas, promotion ideas etc.
Maybe it’s a good time to finally implement a proper segmentation?

Update your event calendar
Most of the events were cancelled but some of them were rescheduled. Update the calendar and prepare the strategy in advance.

3. Content

Attractive pictures and descriptions
Capture attention, convey the hotel mood, give clear and complete information about the accommodation, compel a sense of confidence that this is what the guests were looking for and let them be happy with their choice. Take as an advantage the time you have now to choose truly “sweet” pictures. Correct your descriptions if needed. Try to provide only necessary information to win every second of the customer’s attention.

Adjust the information at all OTA you are presented
Don´t be afraid to delete old pictures if you have new ones. Use different pictures for each of the different categories you have. The customer has to clearly understand the distinction. Check the information on additional services, taxes and cancellation policy.

Give the priority to your own website
This is not only the hotel face but also the most important booking channel. In times of crisis, lower commission payments will be an absolute help in reducing hotel expenses. Verify translation into different languages, maybe you have time to add a new one, based on the historical data about your guest’s nationality.

Extra tips: Always put yourself in the customer’s shoes. What is she going to look for after the long time of social distancing? What kind of additional services will be mostly appreciated? How does she want to feel? Try to show it from the very first moment.

4. Direct reservations

Website conversion
Check if the booking engine is working properly. (When was the last time you tried to make a reservation at your own property?) Make sure that there are no mistakes in settings and whether the hotel information is clearly stated. Ask your account manager or website support what can be improved to increase the conversion. Check with them the rate plans and cancellation policy information, photos and descriptions of all room categories you have. Look into your promotions and special offers. Think what else you can do to make your customers finish their booking at your webpage? People don’t like to spend a lot of time reading conditions choosing the appropriate option. Help them with their choice, make it user-friendly, simple and logical.

Digital marketing
While under the quarantine your marketing budgets might have been cut, the activity of people on social media has increased. Activity on social media doesn’t cost money if you already have some visual content and a good idea. Think about an attractive promotion with flexible conditions. No need to lower the price too much, but you can include more extra benefits, making your offer more interesting and complete.
Inform your followers about the measures taken due to Covid19 (increased attention to cleaning, taking care of the guests and hotel staff healthy etc.). Actively answer questions the guests might ask. Keep your answers polite and positive to maintain good vibes.

Dealing with cancellations
Try to win back those who have cancelled their bookings recently. Reach out to them and offer them a special rate for the long term stay date – you already got their interest and you can still use it. It can be a direct email for the guest who made a direct reservation or, if still there is a possibility, you can send an email through the OTA chart.
Depending on the additional services you have, you can offer a discount for dinner in the hotel restaurant or free breakfast, a discount for accommodation or a free massage in the SPA.

Customer base
Reaching out to your guests email base is almost free of charge. Write your loyal customers a personal email. They will appreciate your attention and caring. Inform about new packages and promotions you create. Give the special bonus or an extra discount for the first couple of months.

We have a special Price Optimizer Revenue Management System helping program where we offer 3 months for free. Learn more here.

You might also be interested in reading:
Strategies for hotel revenue managers in COVID times: brace your business upfront! Part I
Rate management in the peak season with YieldPlanet’s Channel Manager
Price management: the key when selecting hotel technology

Strategies for hotel revenue managers in COVID times: brace your business upfront! Part I

May 7, 2020 | COVID-19, Revenue Management

The spread of the coronavirus SARS-CoV-2 followed by the lockdown of many countries around the world is obviously very difficult for the whole travel industry. We understand you are doing your best to save your business. As travel and hotel enthusiasts, it hurts us to see how the hard work you all are putting into your businesses every day is overshadowed by the COVID-19 crisis.
After the most urgent things are done, this is the time for all of us to concentrate on the future, be strategic and prepare for the time when the situation gets back under control. When it happens, you will be again very busy restoring your business to operations.
Therefore our team of experienced and certified revenue managers has prepared a list of the tips and recommendations of what you can do to start getting ready for the market bounce back already today and outpace your competitors.

Revenue management

Switch to flexibility
In conditions of instability, it is very important to allow your guest to choose a flexible rate at an affordable price. People will be still afraid to make plans, so definitely they will prefer flexible rates during the next few months. It is necessarily important to check the restrictions for flexible rates as well. Each hotel may have a different situation, but on average it is advisable to give the possibility of free cancellation 2-3 days before arrival. In case of late cancellation, the penalty should not exceed the first night.

Check your pricing structure
Review the pricing structure until the end of the year. Make sure that your Best Available Rate is available at all OTA. If you have a rate shopper, compare prices based on a refund rate. We are not recommending dumping the prices, but maybe for some dates, you should make adjustments. Some hotels build their pricing policies based on non-refundable rates, so, if that is your situation, please take a look at that. Try to find a balance between your rates and offer just 1 or 2 options with flexible conditions. Only closing the non-refundable rate and leaving the “unattractive” refund rate is not the right option. Make the flexible rate affordable and competitive.

Get used to more cancellations
Unfortunately, as you offer now free cancelation, expect to receive more cancellations than usual during the next few months. Offer upfront easy rescheduling of the booking instead of simple cancellation. When it comes to people’s health, all other plans take second place and guests will appreciate your understanding and kindness. Be patient, give people time to recover from the situation and high indicators will back to you again.

Extra tips:
Keep the non-refundable rates still available especially for higher room categories. That way you will be able to examine the customer’s behaviour and have the clear data for market recovery. But make sure you always offer the best price for the cheapest categories with a free cancelation. This will bring you up on any OTA search results.

2. Distribution

Extend the distribution period
Check your rates and availability for at least next year and make sure you are offering the possibility to make a reservation in your hotel in a long-term distance.
YieldPlanet’s Channel Manager offers an opportunity to distribute future rates without limits. Being presented on the long-term perspective is a must for every hotel. Not every channel will accept rates for a very long distance but make sure you are fully using the it’s capabilities.

Review your integration list
Use your channel manager’s help. Check the descriptions and rates on various resources where you are already presented. In parallel, start monitoring the integration list, available for connection. Pay your attention to B2B channels as well. These channels are not available for any “customer eye”, but they have a wide base of users and can bring you good income.
The increasing audience will help you to get more bookings not only through this new channel but also to expand the base of loyalty guests in the future, it will give you more visibility and advertising. The channel diversification is one of the key elements to maximize your revenue and keep the balance between customer segmentation.

Concentrate at your future guest
How can you choose a new channel? The first step is to identify the target customer for your hotel (geographic and demographic zone, the purpose of his stay, his budget). You should take into consideration the fact that the profile of your customer can change now. Crisis will influence travelling budgets and travel restrictions might modify the addressable market.
Having mapped out your target area, imagine the way your future guest is looking for accommodation. Try to follow his steps in the search. Review the properties listed at the new channel you’ve found (your competitors, target group), check the connectivity list of your channel manager and if they have this channel, ask for work conditions. Remember to calculate the net profit of the reservation you will receive and check all conditions before signing a contract. It is always a good idea to stay in touch with your competition. That way you can exchange the information and ask their opinion about certain channels.

Corporate business
From the data from China, we can see that the corporate travel segment was the first one to recover. Make sure you have a targeted offer for this type of guests and you can reach them on suitable channels. Use the time to negotiate the contract with the GDS if you were not present there before (check the connections available at the integration list).
Some of the traditional online channels you work with can offer you as well the special program for Business guests. Being presented in the list of the hotels recommended for business trips can bring you not only higher occupancy when the tourist demand is low but increase your visibility showing your hotel to many people across the world.

Invest in automation
You will not have time for any manual work during the hotel reopening. Make sure your channel manager is sending reservations to the PMS and availability are updated accordingly. This will help you to use the time of your staff more efficiently which will become more important than before.
Implementing the real dynamic pricing is only possible if you do it 24/7. Look for good revenue management systems which are fully automated and can offload you.

We have a special Price Optimizer Revenue Management System helping program where we offer 3 months for free. Learn more below:

GET PRICE OPTIMIZER FOR FREE

You might also be interested in reading:
Price strategies that support increase in revenues
Rate management in the peak season with YieldPlanet’s Channel Manager
Price management: the key when selecting hotel technology

Airbnb’s guide for software-connected hosts

May 4, 2020 | Apartments, Connections, COVID-19

Airbnb’s guide for software-connected hosts

We know this is a challenging time in the travel business, and there’s a lot of uncertainty around COVID-19 and how it will affect you and your hosting business. Understandably, many guests are concerned about booking future travel right now.
There are still many guests making reservations, but under different circumstances. Much higher demand for longer stays and flexible cancellation policies, and many hosts are opening their properties to COVID-19 responders.
Our partner Airbnb wants to help you get through this difficult time. They’re working to support you by giving you resources to do what you do best – providing excellent hospitality for guests around the world. Airbnb also launched a new site, Airbnb.com/COVID, an online resource for hosts with valuable info including frequently asked questions, updates, and more.
Read on to discover how you can adapt your business, including tips for updating your settings to encourage guests to book now, cleaning guidelines, and how to open your space to COVID-19 responders.

DOWNLOAD GUIDE HERE

You might also be interested in reading:
The 8 most common distribution management mistakes
Rate management in the peak season with YieldPlanet’s Channel Manager
Price management: the key when selecting hotel techn ology

How to protect your business from the Coronavirus pandemic

Mar 20, 2020 | Channel Manager, COVID-19

How to protect your business from the Coronavirus pandemic

The hospitality industry is particularly affected by the coronavirus epidemic. Number of reservations is rapidly going down, some hotels are forced by law to close temporarily. However, some positive prognosis says that this situation is temporary and will last several weeks, as far as all measures have been taken. This cannot but encourage hoteliers and vacation rental managers to keep monitoring the market development very closely in order to spot opportunities when they arise.

Following practices would help you to continue maintaining your property in business and to overcome the difficulties which coronavirus could bring:

The first step you should take to ensure that your business remains viable is to create and implement an emergency strategy for your property, as well as forecasting and productivity enhancements. Build a profit protection plan with your executive team; have a clear revenue management direction to avoid reckless discount actions to reduced demand.
Your Channel Manager should keep on running. People postpone their holidays but once the situation is under control hoteliers and vacation rental managers may expect many last minute bookings. Moreover, some people are still making reservations, so they (reservations) could come from different sources, which hoteliers would not usually expect them to.

Stay in touch with your customers. Keep informing your guests about how they can protect themselves in your hotel and facilitate their needs for additional hygienic care.
Provide appropriate human resource management and take health measures to protect your employees. Maintain relationships with service providers to inform each other about epidemic-related issues.
Focus on the long term to be ready when business picks up. Update the reforecast weekly, monitor how it is reflected on your cashflow.
Concentrate distribution more on domestic markets – advertise your alternative services to local citizens. Protect your public rates and use non-restrictive cancellation policies
Manage your existing customer base well. Use silent time to organize your database. Fulfill the missing information, make updates, segment your customer base properly.
List all your costs to be sure that your expenses are within your budget borders. Create an emergency budget plan which will help you to avoid unexpected expenses and save funds.

Now is the time to take actions that make sense for your business in this challenging period: brainstorm ideas, innovation solutions, special approaches. Besides it is time to take care of your team, customers and yourself. Travelling is a present-day lifestyle. We stay optimistic that demand for accommodation services will improve as fast as soon as the situation improves.

Want to talk to us right away? We’re happy to help via email if you need immediate assistance.