Revenue Management

📝 A TrustYou study shows 95% of travelers read reviews before booking. Authors read an average of 9.8 reviews, while those just browsing read 7.5 reviews. About 51.4% prefer direct hotel feedback; Google is used by 47.5%. Hotel guests often don't leave reviews due to time constraints (50%), unawareness of where to post (35.1%), or simply not wanting to post-travel (1 in 4). Incentives like room upgrades or discounts could motivate over 6 in 10 guests to review. Email surveys are favored by 63.7% for feedback. Personalized responses to feedback can increase review likelihood by 43%.

🐔 Wingstop UK, named the UK's fastest growing restaurant group in June for the second consecutive year, started exploring a sale after unsolicited buyer interest. Goldman Sachs is handling the sale process, begun recently, with the brand's valuation undisclosed. Founded in the US in 1994, Wingstop reached the UK in 2018 and has grown to 48 sites. They plan to open at Leeds's White Rose Shopping Centre and aim for 57 locations by year's end, with a long-term goal of 200 sites in five years.

🍔 Restaurant delivery sales in Britain increased by 17.1% in June over the same month in 2023, following an 11.3% rise in May. The cool weather and Euro 24 football tournament prompted more at-home dining. Takeaway and click-and-collect sales, however, dropped by 1.1% year-on-year in June. In total, combined sales of deliveries, takeaways, and click-and-collect were up 9.7% compared to June 2023. Deliveries made up 11.2% of restaurant spending, while takeaways comprised 4.4%.

💰 Avoid common revenue management mistakes in the hospitality industry by incorporating real-time data, optimizing distribution channels, implementing dynamic pricing, focusing on customer segmentation, and monitoring competitor actions to enhance hotel performance and profitability. For instance, instead of static pricing, employ dynamic pricing strategies based on demand and market conditions using revenue management systems (RMS) and regularly review your strategies. Optimize OTA listings, promote direct bookings, and balance channel mix to maximize visibility and profits. Understand different customer segments to tailor marketing and offers for increased bookings and guest satisfaction. Regularly conduct competitor analysis and adjust strategies accordingly to stay competitive. Leave hotel revenue management to the experts like RevOptimum for a personalized strategy to boost RevPAR.

💾 STAAH SwiftBook's Smart Pricing feature enhances booking strategies by providing customized discounts aligning with guest booking behaviors to drive direct bookings and increase revenue. It offers six discount types, including Advance Purchase, Multi-Night, Device-Specific, Last-Minute, Pay Now, and Regional Discounts. These target early reservations, longer stays, mobile users, spontaneous bookers, advance payments, and international guests, thus maximizing occupancy and revenue. Users can find and set up Smart Pricing in the STAAH Max V2 dashboard under 'High Conversion Tools'.

💰 A survey by HT for the 2023 Customer Engagement Technology Study revealed customer preferences for loyalty programs: 78% favor discounts, 62% appreciate complimentary products/services, 36% desire exclusive experiences, and 25% prefer personalized communications/offers. Restaurants are integrating experiences to enhance loyalty, like Taco Bell's "The Cantinas" and Marriott Bonvoy and Starbucks' loyalty link. CC's Coffee House launched a new app for over 40 locations in Louisiana, Mississippi, and Texas, enhancing personalization and guest engagement.

💸 In June 2024, inflation stood at 3.6% with a significant month-on-month rise of 1.3%, the largest increase in 12 months. The foodservice sector sees this as a return to levels seen five months prior. Shaun Allen of Prestige Purchasing and Reuben Pullan of CGA by NIQ acknowledge the volatility of the market, urging vigilance. Vegetables, particularly potatoes due to poor weather conditions impacting 2023 crops, face double-digit inflation, while two other categories show year-on-year deflation, bringing some relief amidst ongoing cost challenges.

```html 📰 Setting effective room rates in the hotel industry involves targeting key metrics such as RevPAR, occupancy, and ADR. Utilizing historical data from a property management system (PMS) helps hotels understand booking patterns and optimize distribution. Monitoring booking windows and market segments informs strategic discounting and promotions. RMS tools automate tracking of demand, pricing fluctuations, and market positioning. Regular reviews of pricing strategies are recommended, with frequency depending on property size and resources; larger hotels may require more frequent reviews, while smaller properties can rely on RMS for 3-4 strategic checks per month. Implementing RMS reduces manual workload and helps hotels stay competitive by adjusting prices in line with market demand. ```

🍺 Chidensee Watthanawongwat, Kitiya Mokkarat, and Supatta Banklouy formed Sawasdee Hospitality Management in April to introduce less familiar Thai dishes to the U.S. They operate Soothr in East Village and Sappe in West Village, New York City. Sawasdee plans to expand across the country, including Los Angeles and Miami. They aim for an upscale Thai dining experience, diverging from typical takeout menus. Sappe offers skewers from $20, dook fu salad at $29, and Crying Tiger for $22, while Soothr features dishes from $14 to $28, including dry Sukhothai noodles for $18 and massaman curry at $28. Sawasdee's next venture is introducing Thai barbecue hot pot in Manhattan.

🍹 Chefs Zachary Engel of Galit in Chicago and Satinder Vij of Ilili in Washington, D.C. reinterpret Kibbeh nayeh using tuna, mixing global flavors. Roman Andres presents a scallop tostada at Siempre J.B. in Las Vegas, while Gladstone’s in Pacific Palisades, Calif., serves scallops over green risotto. Balcón Rooftop in Midtown Manhattan introduces a purple gin cocktail with blueberries, passion fruit, and Champagne.