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!

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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!

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Data Shows Global Demand Growth for Airbnb, TripAdvisor, and Agoda, Marriott Wants to Sell You Everything, But the Plane Ticket, and The True Essence of Hotel Revenue Management

April 20, 2018 Kristina S. Park

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

Here at SnapShot we can't stress enough the importance of data. Data really says it all. According to the data in the first article, TripAdvisor, Airbnb, and Agoda are leading the way in the online travel sector through various strategies. TripAdvisor has adapted to new markets by analyzing traffic patterns and identifying areas of strength, Airbnb depends on brand awareness to drive growth, and Agoda has been focusing on entering new markets while holding onto their base. On top of announcing the revamped loyalty program for Marriott, the company has also relaunched their Moments marketplace. Not only is Marriott selling hotel rooms, but they're also offering car rentals, cruises, classes, shows, and local experiences to their guests. Read more about how they're expanding their scope in the travel market in our second read. Since hotel revenue management was introduced to the industry, hoteliers have integrated revenue management strategies into the core of their businesses. With more and more systems and technologies being developed specifically for revenue management, read number three highlights the exciting changes to come for the industry in the future of hotel revenue management.

Happy reading. 

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