How Chatbots Can Drive Revenue, How To Attract Millennials To Your Hotel, and The Growth of Instagram Use By Travelers

May 18, 2018 Kristina S. Park

Check out the industry reads we collected for you this week!

"What time is checkout?" "Do you have a fitness center?" "Where can I find the nearest...?" The list of questions is endless when it comes to a guest's experience at a hotel. Luckily, hotels with chatbots can answer any and all frequently asked questions using the round-the-clock technology with very little manpower required. However, it shouldn't just stop there. Did you know that you can enable your chatbot technology to generate actual revenue? Instead of simply answering questions, our first read shows hoteliers how to take advantage of chatbot systems to better understand their guests and sell more services to them. It's a well known fact that millennials are a huge market for the hospitality industry. However, it's not as easy to capture this segment by using run-of-the-mill marketing tactics. As millennials have grown up with the Internet, it's crucial to identify the characteristics that set them apart from other generations in order to meet their technological standards. Hotelogix, a SnapShot partner, breaks down the steps to catering to millennials in five ways in our second read. Speaking of millennials, our final read shows how the power of millennials has affected the travel industry through social media. Since 2013, Instagram usage has grown by 375% in relation to travel. If you're not already on Instagram, perhaps you should consider it given the social media platform's newest update that allows businesses to add action buttons for users to reserve, book, or purchase items without exiting the app. If we haven't been able to convince you of the power of technology in the hospitality industry, perhaps that statistic alone will change your mind!

Happy reading. 

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How Blockchain Could Affect Hotel Distribution and Loyalty, Marriott Partners With Salesforce, and Why GMs Need Revenue Management

May 11, 2018 Kristina Park

We have some new industry reads for you this week!

Blockchain, GDPR, fintech, cloud-based technology - there are so many new words we need to continue adding to our vocabulary to keep up with the changes of the business world as it advances into 2018 and beyond. While not all technological changes directly affect to the hotel industry, there are many innovations that we simply cannot avoid. Did you ever consider that the blockchain technology hype would apply to your hotel's distribution and loyalty? In our first read, you can read about how blockchain could potentially provide an alternative to online travel agencies, which would greatly affect a hotel's distribution strategy. While the consequences are yet to be confirmed, OTAs will definitely be on their toes as more and more airlines and hotel brands begin to adopt this new approach. Moreover, with blockchain, hotels can also access more complete profiles of their guests and create stronger loyalty programs. In the second read, we see how another hotel chain is attempting to provide it's customers with higher customer recognition levels through technology. Marriott International and Salesforce, the customer relationship management software, have entered into a partnership that will allow Marriott to enact complete, cross-channel recognition of their guests, to allow for a smoother, more knowledgeable communication approach with its customers. Finally, while modern technology is a crucial part of the hospitality industry, we cannot forget about the basic concepts of hotel operations like revenue management. In our third read, the importance of revenue management to general managers is broken down into six reasons. Interestingly enough, revenue management only surfaced in the industry in the 70's, and has since become an integral part of how hotels can optimize revenue and help GMs manage their properties. It only makes you wonder how blockchain technology and data-based customer relationship strategies will look like in the next 50 years too!

Happy reading. 

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Accor to Acquire Mövenpick for $567 Million, Exploring Niche Markets in Hospitality, and 5 Signs It's Time to Change Your Hotel PMS

May 4, 2018 Kristina S. Park

Check out the reads we've collected for you this week!

There's excitement in the air for the hospitality industry this week! AccorHotels has had a busy few years in terms of acquisitions (remember when they purchased Fairmont Raffles Hotels International in 2016 for $2.7 billion USD?). Most recently, the company has announced that they are purchasing the Swiss-based Mövenpick Group for $567 million USD. Not only does this acquisition allow Accor to add 84 hotels with a strong presence in Europe and the Middle East to its portfolio, but it also solidifies the company's move into the luxury sphere of hotels. AccorHotels clearly means business as they pursue a leading role in the luxury hospitality, which you can read about in our first read. In this world of big hospitality players and online travel platforms, you would think it's nearly impossible for smaller players to have a chance. In our second read, see how hotels, big or small, can go after opportunities in the niche markets in hospitality. There's something out there for everyone - think wizard-themed hotels and guitar room service. Last but not least, hotel technology continues to play a major role in the industry, particularly when it comes to property management systems. Without an up-to-date PMS, it's difficult for a hotel to compete with continuously changing technology and an evolving industry. The third article highlights five signs that it may be time for your hotel to switch its PMS option. Plus, then you can access amazing industry-leading applications like the ones listed on the SnapShot Marketplace if you're using one of the many integrated PMS versions! (hint, hint) 

Happy reading. 

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