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Get Digital To Avoid Having A Kodak Moment

Duetto Research Blog 17 November 2017
Hoteliers need to close the gap between what the customer wants and what they actually deliver, otherwise they'll end up facing a Kodak moment, says Rik Vera, Co-Founder of Nexxworks. Discussing 'extreme customer centricity' at the third Revenue Strategy Forum in London, Vera talked about the impact of the new normal - the digitisation of The post Get Digital To Avoid Having A Kodak Moment appeared first on Duetto.

OTA Stock Plunges Attributed to Direct-Booking Efforts

Duetto Research Blog 13 November 2017
Seven trending hotel news stories that will have an impact on your hotel Revenue Strategy. 1. HOTELS' DIRECT-BOOKING EFFORTS ARE KILLING OTAS The major online travel agency holding companies have been taking a beating of late on their bottom lines and in the stock market. The reason, according to this Reuters story, is increased pressure The post OTA Stock Plunges Attributed to Direct-Booking Efforts appeared first on Duetto.

Diverse offering drives Germany's hotel market

Duetto Research Blog 9 November 2017
Germany’s hotel market is one enjoying strong growth at present. In 2016, the country recorded 80.8 million overnight stays, while the German National Tourism Board has forecast up to 121.5 million overnight stays by 2030. Part of the secret behind Germany’s success is that it, quite simply, has something for everyone. It is a well-respected business and convention travel destination, thanks to its own heavy industry and financial hub status. The spin-off of that has been a world-class convention and trade fair offering. This sector accounted for 6.7 million promotable business trips in 2016. Germany is also a popular leisure market, especially with Europeans. It is the second most visited destination by Europeans and the number one city break destination by those travelling from the EU.

Revenue Strategy Report: The Hotel Industry's Big Bet on Personalized Loyalty

Duetto Research Blog 6 November 2017
Each time I visit our San Francisco office, not only do I have a favorite hotel that I stay in, but I have a specific junior suite at that hotel that is perfect for me. I've stayed in this same room more than a hundred times. Yet, each time I call or visit the brand The post Revenue Strategy Report: The Hotel Industry's Big Bet on Personalized Loyalty appeared first on Duetto.

Uncertainty Fuels Need to Rein In Acquisition Costs

Duetto Research Blog 3 November 2017
Now more than ever, revenue managers need to devise strategies to rein in galloping increases in the cost of customer acquisition. The hotel industry has been on a seven-year-plus run of improving performance but for a variety of reasons, that upward trajectory could soon flatten out or even dip. Growth in RevPAR for the U.S. hotel industry is forecast to be under 3% annually through 2021, or worse if an economic recession or some Black Swan event has a negative effect on hotel demand. Such a scenario could set off another stampede by hotels toward costly online travel agency business to fill rooms.

Let digital marketing aid your hotel Revenue Strategy

Duetto Research Blog 2 November 2017
Revenue management teams need to work together with the marketing department if they are to adopt an agile Revenue Strategy that maximises on market opportunities, according to speakers on a webinar titled, How Digital Marketing Can Power Your Hotel Revenue Strategy, which took place on 26 October 2017. Three industry thought leaders came together to discuss how, in today’s constant technically evolving marketplace, hotel management teams should be working together on their marketing message and Revenue Strategy. Michael McCartan, Managing Director for Duetto’s EMEA team, tackled the hot issues of the day related to Revenue Strategy, including digital disruption, total hotel integration and guest-centric pricing.

Casino Executives Double Down on Strategies to Grow Non-Gaming Revenue at G2E

Duetto Research Blog 27 October 2017
Once again, the interplay between gaming and non-gaming spending was one of the hottest topics at the annual Global Gaming Expo. Executives continued to insist both sources were integral to an optimal casino Revenue Strategy and suggested properties look to invest in offerings and amenities both on and off the gaming floor. Not that every gaming company has to go as far as MGM Resorts, which built T-Mobile Arena on the Las Vegas Strip in a joint venture with Anschutz Entertainment Group for hundreds of millions of dollars. But, as MGM’s Senior VP of entertainment Rick Arpin said of the rationale for investing in the arena, attracting a more diverse group of visitors would yield incremental traffic and better revenue in the city. He and other participants in a G2E panel thought that dynamic can play out the same on a smaller scale at most properties looking to diversify their amenities.

Revenue Strategy Report: The Real Potential for Artificial Intelligence in Hospitality

Duetto Research Blog 23 October 2017
Anybody who’s been to my house or Duetto’s offices would know I’m a huge “Star Wars” fan, but lately, the conversations I hear about artificial intelligence and how it might disrupt hotels and casinos remind me more of “Blade Runner.” Do we need to act like Harrison Ford hunting replicants and disable AI before it creates some dystopian future? No, I don’t think so. I won’t weigh in on the larger debate about how AI is shaping the future of work. Elon Musk and Bill Gates are doing plenty of that already. I can only really speak to the potential AI has for the hotel and casino industries, where I’ve spent my whole career.

Stop calling it 'Unconstrained Demand!'

Duetto Research Blog 20 October 2017
While going through old books the other day, I came across a textbook from my Ancient Greek class in high school. Thumbing through the book, an interesting word jumped out at me: “tautology,” which comes from the Greek “tauto” (the same) and “logos” (word or idea). A tautology is a figure of speech to describe an unnecessary repetition of meaning, basically using more than one word to say the same thing.

New Casino Loyalty Feature Will Help you Book More Loyal Guests

Duetto Research Blog 17 October 2017
The Find My Rate app gives you instant access to your guests’ loyalty rates anywhere, anytime. Casino hosts and front desk employees are using it daily to quote personalized rates to guests at their properties by simply entering in their member IDs and stay dates. We’ve added a feature that’s going to help streamline your workflow after a guest has decided to stay with you. The casino host can simply click the “Reserve” button next to the desired room type to add the reservation request to a brand new Reservation Queue screen.

Duetto Announces Revenue Strategy Partnership with Owner of Harry's Home Hotels

Duetto Research Blog 17 October 2017
Duetto, the hospitality industry's leader in Revenue Strategy technology, has partnered with Harry's Home, Adlers and Schwarzer Adler in Innsbruck, run by the influential Ultsch family, to bring the cloud-based applications GameChanger and ScoreBoard to Austria, Germany and Switzerland. 'The DACH region is a place where our company and The post Duetto Announces Revenue Strategy Partnership with Owner of Harry's Home Hotels appeared first on Duetto.

Technology Holds the Key to Personalized Rate Offerings

Duetto Research Blog 16 October 2017
Seven trending hotel news stories that will have an impact on your hotel Revenue Strategy. 1. ADVANCED ANALYTICS WILL FUEL ABILITY TO PERSONALIZE: According to a McKinsey & Company report, the time is close when hotel marketers and revenue managers will be able to deploy a range of technologies—including predictive analytics, geolocation data and artificial intelligence—to create ultra-personalized (McKinsey calls it “radical”) offers, experiences and pricing to hotel guests. The authors further project that advances in machine learning will improve hotels’ ability to optimize pricing through more accurate analyses and predictions based on market demand signals, local room availability, and a deep understanding of the individual customer’s willingness to pay. Advancements in analytics will also enhance revenue managers’ abilities to forecast business.

Revenue Management is Key Hub in Hotel Operations

Duetto Research Blog 13 October 2017
There is no more dynamic or interdependent business than the operation of a hotel. It’s an environment that brings together various functions —from food and beverage to housekeeping to maintenance to sales and marketing — all under one roof, and with a common goal of maximizing profitability. And while each function is separate, they must all work together and communicate with each other to create an operation that efficiently meets or exceeds guest expectations while maximizing sales and profits for ownership.

Germany: Pricing Right To Drive ADR

Duetto Research Blog 6 October 2017
Commanding a large share of the international business travel market, and with a fast growing leisure sector, hotels in Germany appear to be busier than ever. According to the German National Tourist Board, Germany saw 80.8 million international overnight stays in 2016, with the country the second most popular destination for Europeans. But are hotels seeing the high revenues to go along with their high occupancies?

How Technology Helps Tank Stream Hotel's GM Also Run Revenue Strategy

Duetto Research Blog 5 October 2017
At a busy intersection in the heart of Sydney’s central business district stands the Tank Stream Hotel, one of the newest international players to join Australia’s thriving hotel industry. Owned by Malaysia’s IGB group and within the St Giles Collection of hotels, Tank Stream Hotel is the group’s only representation in Sydney, although a second one in the Pyrmont district is due to come online within a year. The 280-room Tank Stream Hotel, named for the site of the freshwater stream that was the life source for the first European colony in Sydney, benefits from its ideal location. It is a few minutes’ walk of Pitt Street Mall and Circular Quay, one block away from Wynyard Train Station, and front, back and centre of the city’s finest eateries, retail and entertainment centres.

Revenue Strategy Report: Hotel Owners, Asset Managers Lead New Push for Innovation

Duetto Research Blog 2 October 2017
For as long as the hospitality industry has fallen behind in technology innovation, hotel owners and asset managers have been forced into a very tough spot. I sensed at industry conferences this summer that they’re aggressively pushing back and calling for more engagement from their tech partners and their brands, and I’m hopeful that the industry will be better for it. Owners, REITs and asset managers assume heavy costs to adopt new systems, whether to keep up with nimbler independents or lead new initiatives for their hotel brands. They’re also acutely aware of the problems caused by decades of underinvestment in innovation, namely aging technology that can’t execute new strategies. They bear the brunt of rising costs for acquisition and distribution that grow faster than revenue gains.

A Global Perspective Is Key to Maximizing Revenues, Profits

Duetto Research Blog 25 September 2017
Every so often it’s important to take a 30,000-foot-level look at revenue management. The true goal of the discipline, says the author, is not to maximize revenues; it’s to maximize profits. And to do so requires a global perspective on sources and potentials of business. He concludes from a global profitability perspective, the most valued hotel guest segment is group, more than leisure guests or corporate individual travel customers. He says group business typically has the lowest cost of acquisition, produces the most ancillary revenues and pays their invoices by check.

What's On the Horizon for the Hotel Industry?

Duetto Research Blog 15 September 2017
It wouldn’t be a CEO panel at a hotel conference if the biggest names on the speaker lineup weren’t asked for their predictions on upcoming industry performance. After several years of “enjoy the ride” and then a year or so of “cautious optimism,” hoteliers at last month’s Hotel Data Conference in Nashville were less optimistic. On Day 1 of the conference, STR’s President and CEO Amanda Hite announced the company’s revised forecast, which showed expectations of slower ADR and RevPAR growth than what was previously announced.

How Cognitive Computing Will Transform Hospitality

Duetto Research Blog 14 September 2017
Plenty of companies are reorienting themselves around machine learning and predictive analytics. Take Netflix, for example: It uses machine learning to recommend movies or a series you might like based on what you’ve previously watched. But the amount of data available relating to a person’s preferences extends far beyond whether or not you like House of Cards. Imagine if all the data available about an individual could be aggregated, analyzed and then used to deliver an experience unlike any other?

Gambling Revenue Drops in Atlantic City

Duetto Research Blog 13 September 2017
At first blush, the news sounds bleak—overall casino gambling revenue for Atlantic City was down 2.7% in July. But look closer. Turns out the numbers include comparisons to when the shuttered Trump Taj Mahal Casino Resort was open. If you take the Taj Mahal out of the equation, the news is actually pretty encouraging. The city’s seven remaining casinos saw their gambling revenues increase by 3.9%. This includes internet gambling, which grew by 18.5%.

Look for Casino Revenue-Driving Tools at G2E

Duetto Research Blog 12 September 2017
When you arrive on the Las Vegas Sands show floor for Global Gaming Expo next month, expect the newest bright and shiny slot machines, with this year’s focus on novel social games catered to millennials. Among the shiny new toys and head-turning booths, you’ll see a smattering of mostly understated suppliers dedicated to back-of-house technology. Ironically, it’s the least sexy tools that have the potential to make or break the success of your business.

What NOT to Look for in a Hotel Revenue Manager

Duetto Research Blog 8 September 2017
In my six years as co-founder of Duetto, we’ve grown from a two-man operation working at a single desk to more than 100 people in five offices across the globe. While I haven’t hired everyone at Duetto, I was highly involved in many, and I’ve led the development of a culture in which all of our new hires must fit.

Marketing Data, Technology Enable Hotels To Compete Alongside OTAs

Duetto Research Blog 6 September 2017
The digital revolution has given independent hotels a place on the world stage, but it is often hard to find them beneath the dominant marketing presence of the online travel agents. For many individual hotels and small chains, driving web traffic and direct bookings is a vital part of their marketing mix. Tools such as branded search, paid search marketing, metasearch advertising, SEO and content marketing are all key to levelling the playing fields between the large OTAs and small chains or bespoke properties.

The UK: Maximising On Market Uncertainties

Duetto Research Blog 1 September 2017
The UK hotel market has been on a roller coaster ride in recent years. First, there was the 2008 recession, then the 2010 European debt crisis, before London saw a raft of new hotel openings for the pre/post Olympics period (as well as enjoying a successful Games). More recently, business has become more volatile due to terror attacks and political uncertainly as Brexit negotiations get underway.

Optimizing Hotel Distribution for All Parts of the Customer Journey

Duetto Research Blog 29 August 2017
New research sheds light on the unique booking behaviors of Mexican travelers, who show greater propensity for planning last-minute travel. Hotels might benefit from many guests paying higher prices for waiting too long. But it’s still important to their Revenue Strategy to optimize hotel distribution and marketing for consumers researching their travel options further out in the booking window.

Exploiting Big Data Is Key to Revenue Success

Duetto Research Blog 28 August 2017
Seven trending hotel news stories that will have an impact on your hotel Revenue Strategy. 1. THE FUTURE OF REVENUE MANAGEMENT DEPENDS ON BIG DATA The author has seen the future of the travel industry, and it is Big Data. He argues that accessing the data isn't sufficient; rather, travel professionals-and this particularly means revenue The post Exploiting Big Data Is Key to Revenue Success appeared first on Duetto.

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