Navigating Budget Season in Hospitality: Insights from Distribution, Revenue Management, and eCommerce & Marketing
Budget season in the hospitality landscape is your strategic roadmap to success, where each detail plays a pivotal role. Join us in this immersive exploration of budget season, where we delve deep into the intricacies through the expert perspectives of Distribution, Revenue Management, and the ever-evolving world of eCommerce & Marketing. Get ready to fine-tune your strategies, optimize your resources, and elevate your property to new heights in the dynamic realm of hospitality.
DISTRIBUTION:
Do's:
Allocate Funds for GDS Campaign Marketing: Set aside a budget for GDS campaign marketing to effectively reach the travel agent community and promote property with engaging public offers.
Invest in Annual Hotel Profile Audit: Dedicate budget resources for an annual audit and review of your hotel's profile and point of sale details across distribution channels. Keep content fresh and engaging.
Budget for Cvent Participation: Allocate funds for participation in Cvent during the 2024 RFP season and engage in Consortia program participation based on market performance.
Evaluate Market Penetration: Continuously assess market penetration and reach out to key agencies for program support and corporate account expansion.
Review Image Library: Allocate funding to update images to high-definition quality and ensure they reflect recent updates from the past 12 months.
Don'ts:
Don't Neglect Hotel Profile and Content: Don't make the common mistake of "set it and forget it." Allocate funds to ensure your hotel profile and content remain current and engaging.
REVENUE MANAGEMENT:
Do's:
Gather Market Intelligence: Begin by collecting comprehensive market intelligence, including industry trends, competitor pricing strategies, and upcoming events that may influence demand.
Participate in Partner Calls: Actively engage in partner calls with online travel agencies (OTAs), tour operators, and distribution partners to gain valuable insights into market conditions and opportunities.
Schedule Time with Market Managers: Establish regular meetings with market managers to foster collaboration and alignment with market-specific strategies.
Gather Weekly Revenue Meeting Minutes: Review minutes from your weekly revenue meetings throughout the year to identify patterns and trends that can inform budget projections.
Involve Sales Team Early: Collaborate with your sales team from the outset of budgeting to ensure their insights into client relationships and market dynamics are considered.
Don'ts:
Don't Wait Until the Last Minute: Avoid procrastination, as it can lead to rushed decisions and less accurate budgeting.
Don't Hope for Anything, Prove Everything: Back your budget assumptions with data, historical performance, and market intelligence for credibility.
ECOMMERCE & MARKETING:
Do's:
Strategic Planning: Use budget season to strategically plan marketing and eCommerce efforts for the upcoming year, aligning them with business goals and objectives.
Resource Allocation: Ensure the right amount of funds are allocated to marketing and eCommerce initiatives to prevent overspending or underspending.
Data-Driven Decisions: Base marketing and eCommerce strategies on data analysis and trends to make informed decisions.
Prioritization: Prioritize marketing and eCommerce initiatives based on their potential return on investment (ROI).
Innovation Opportunities: Experiment with innovative marketing campaigns and eCommerce technologies by allocating sufficient budget.
Competitive Advantage: Invest in cutting-edge digital marketing tactics and eCommerce platforms to gain a competitive edge.
Don'ts:
Don't Overspend Without Measurable Results: Avoid overspending on marketing and eCommerce initiatives without a clear return on investment. Allocate your budget wisely.
Don't Neglect Your Online Reputation: Monitor online reviews and respond to feedback promptly to maintain a positive reputation.
Don't Let Budget Constraints Stifle Innovation: Insufficient budget allocation should not limit innovation in marketing and eCommerce strategies. Explore creative solutions within your means.
Budget season in hospitality is a dynamic process that requires collaboration and strategic planning across departments. By adhering to the do's and avoiding the don'ts outlined by Revenue Management, Distribution, and eCommerce & Marketing, hotels can position themselves for success in the year ahead. Effective budgeting empowers hotels to make informed decisions, allocate resources wisely, and stay competitive in a constantly evolving industry. Want to learn more about how PAG can be an extension of your team during budget season? #LeanOnUs
ABOUT PREMIÈRE ADVISORY GROUP
Première Advisory Group is a trusted commercial strategy advisory group for the hospitality industry. We help independent and boutique hotels around the globe drive profitability through a unique approach that combines experts in Distribution & Sales, Revenue Management, eCommerce & Marketing, and Hotel Technology, so they can maximize revenue and increase market share. With offices located in New York and Paris, Première Advisory Group supports over 125 independent and boutique hotels across the globe and was recently awarded Top Revenue Management Company by Travel and Hospitality Tech Outlook.
