The Hospitality Sales and Marketing Association International (HSMAI), in partnership with Infor, today released a new white paper entitled, “Ten MORE Ways to Pull More Revenue Through to Your Bottom Line: Taking Ownership of Your Customer Relationships.” The research is a follow-up to the 2014 white paper previously published by HSMAI and Infor, “Nine Ways to Pull More Revenue Through to Your Bottom Line.”
This year’s white paper, authored by Janet Gerhard, principal of Hospitality Gal LLC, offers specific recommendations to help hoteliers think critically about industry opportunities, not only to overcome new and existing challenges, but to pull even more revenue to their bottom line. In addition, it poses questions for hoteliers to look intrinsically at what they have been focusing on —such as their priority customer base and if it should be expanded, delivering an effortless customer experience, and the role of technology.
“In today’s market, if hotel operators don’t make it a priority to own their guest relationships, someone else will,” said Robert A. Gilbert, CHME, CHBA, president and CEO, HSMAI. “This white paper provides specific and achievable recommendations to maximize wallet share and increase customer loyalty, such as integrating internal data sources for a more holistic view of the guest.”
The hospitality industry remains under constant siege from escalating costs, unpredictable economic shifts that impact travel, market and channel competition, and consumer-driven pressures. In order to take ownership and drive more revenue, the research outlines ten important strategies as listed below, and detailed in the full white paper.
1. Focus on what is uniquely in your control.
2. Make data management a priority.
3. Invest in and leverage technology wisely.
4. Integrate internal data sources for a more holistic customer view.
5. Match the limited information you receive via other distribution channels against your data.
6. Personalize. Provide highly targeted and relevant offers to your guests, pre-, mid- and post-stay.
7. Engage in social media.
8. Be easy to do business with.
9. Hire (and occasionally you may need to fire) smartly.
10. Recognize the different needs of your various customers.
“These recommendations will help enable hoteliers to take ownership, lower acquisition costs and increase conversions,” said Bernard Ellis, CRME, CHTP, Vice President of Industry Strategy, Infor Hospitality. “Infor is pleased to collaborate with HSMAI to ensure the hotel industry remains relevant while driving more revenue to the bottom line.”
Visit the HSMAI Foundation Knowledge Center to download the complete white paper.