Group business for hotels has changed dramatically in recent years. To meet the evolving needs of this segment and to remain competitive, hotels need to adapt their strategies.
An Ever-Changing Landscape
We’ve seen several emerging trends and challenges reshaping group business, including:
Increased Demand for Personalization
Today’s travelers seek personalized experiences—something out of the ordinary. Hotels and casinos can meet this demand by offering dynamic pricing and customizable strategies that cater to the unique preferences of each group, enhancing guest satisfaction and loyalty.
Rising Importance of Ancillary Revenue
Ancillary revenue streams, such as catering, event services, and add-on experiences, are increasingly significant for hotels and casinos. Revenue teams must be creative in including add-ons to group quotations to capture all additional revenue opportunities. This also helps with point one above, enabling businesses to personalize quotes and tailor them to the wants and needs of a group.
Data-Driven Decision-Making
With the proliferation of data in the digital age, hotels and casinos must harness the power of analytics to make informed decisions. More than ever, hotels need robust, actionable insights into market trends, customer behavior, and competitor pricing, to empower them to optimize pricing and inventory strategies for group business.
Hybrid Events and Virtual Meetings
The rise of hybrid events and virtual meetings presents opportunities and challenges for the group business segment. To turn this into an advantage, hotels need to offer flexible booking solutions and dynamic pricing structures, so that they can revenue-optimize all events regardless of the format.
Using Technology to Optimize Group Business
So, how can a revenue management system (RMS) help?
With an RMS, hoteliers can unlock new revenue opportunities, streamline operations, and stay ahead of the competition in an increasingly dynamic market landscape. Here’s how:
Streamlined Communication
An RMS is a centralized hub where sales, event, and revenue management teams can easily communicate and collaborate on group proposals. This ensures that all stakeholders are aligned and have access to the latest information, reducing the risk of miscommunication and errors.
Automated Quoting Process
A full-service RMS eliminates manual tasks and reduces the time required to generate proposals. This enables sales and catering teams to quickly input event details and preferences, to generate optimized proposals based on pricing logic and revenue management algorithms.
Integration With Property Management Systems (PMSs)
An RMS integrates with a PMS and other relevant systems used by sales, catering, and revenue management teams. This integration ensures that all data is synchronized in real-time, allowing teams to access up-to-date information and make informed decisions when creating group proposals.
Getting Ahead of the Competition
In summary, RMSs, like Duetto, help hoteliers address the emerging trends and challenges impacting group business by providing innovative solutions that enhance personalization, flexibility, and revenue optimization.
By leveraging data and analytics, revenue and sales managers are empowered to make data-driven decisions that drive profitability and success in an increasingly competitive market landscape.
Sponsored by Duetto.
