Luxury Hoteliers Magazine 4th Quarter 2019 | Page 33

the knowledge and technical resources to implement a highly customized and profitable pricing strategy, accounting for room and non-room revenues, booking pace, trends, events and holidays, customer preferences, and more. By drawing from detailed customer data, you can boost revenue by sending marketing messages pre-, during, and post-stay. Perhaps a guest profile reveals she used the spa on her last visit. Prior to her visit, you can offer a package that includes spa treatments and fitness classes, encouraging her to use services she may not have previously thought about. Or send a customized post-stay email thanking a guest for their stay and promoting the benefits of your loyalty program. Group business can substantially impact your hotel’s profits. The advanced functionality of a group-inclusive CRM/ RM solution helps you drive more group business and optimize your entire property – including convention spaces. Automation lets you capture first-responder advantage, and you increase conversions by delivering highly personalized media-rich requests for proposal (RFP) replies. You’re also able to move beyond minimum available rate (MAR) and transient displacement analysis to evaluate the total customer value displacement of each opportunity – in comparison to both transient and other group business – looking beyond rooms to revenue from meeting spaces, F&B, audio-visual equipment rental and more. You can then quote group rates with confidence, knowing they will boost overall profitability for your property. 7. Increase ancillary revenue The Eye for Travel report, Ancillary Revenues in the Hospitality Industry, stated that more than half of hotels surveyed found that ancillary revenue contributed at least 10 percent to their profits, with another third reporting that it made up 25 percent of their bottom line. An integrated CRM/RM system captures data on both broad and granular levels – combining rich guest behavioral data with information on guest spend across all resort revenue sources. This makes it easy to spot additional upsell opportunities. And an integrated CRM/RMS lets you manage this incremental revenue just as you would manage your room rates – effectively generating growth and profitability. Furthermore, an integrated cloud- based combo makes all guest information easily accessible by every team, on every property in your portfolio. So, if a guest visits one property, then books a sister property in another destination, you’re able to provide that guest with a seamless, personalized experience that enhances their satisfaction and helps boost revenues. For example, during check-in, a front desk staff member could say, “I see you stayed in an upper-level suite away from the elevator at our sister property. We have one of those available, would you like me to upgrade you now?” 8. Combating the OTA squeeze Beyond the high customer acquisition costs with OTAs, a major negative is the fact that OTAs provide almost no information about the guest. An advanced CRM can pull data from multiple sources to build a bigger picture of each guest – often adding in social media profiles, and demographics, as well as interests and lifestyle data. It also allows for email capture opportunities as well, so you can covert that generic OTA booking into a potential loyal guest you can market to directly. Your integrated system can use this information to create enticing marketing initiatives, provide highly personalized experiences, and ultimately win future direct bookings. The forecasting and historical reporting capabilities of an advanced RMS can help you optimize OTA contract negotiations by allowing you to distinguish between the incremental revenue OTAs bring during need periods versus the revenue-diluting effect they create during peak periods. An integrated CRM/RMS platform automates many time- intensive and repetitive tasks, freeing up your employees to become more involved in the “personal touch” side of service. It ensures that every member of your resort is on the same page, and connects properties across your portfolio. It allows you to determine total guest value and create more granular segmentation, which in turn improves demand forecasting, marketing, and loyalty program strategies. Linking these systems future-proofs your business, guiding you onto a path toward increased customer retention and loyalty, as well as measurable revenue growth. Learn more about Cendyn’s fully integrated CRM and revenue management solutions for luxury hotels. VISIT CENDYN.COM ILHA 33