For the ninth year in a row, HeBS Digital announces the launch of "The Smart Hotelier's Guide to 2015 Digital Marketing Budget Planning," just in time for the 2015 budget planning season.
This article outlines how to structure your budget so that you can shift more bookings to the direct online channel, better utilize your marketing dollars by increasing campaign effectiveness, and generate the highest returns possible from your property website and digital marketing initiatives.
For each of the last several years, I have felt honored to work with the award winning Short Course of the Texas Hotel & Lodging Association. TH&LA for the past six decades has annually offered a week-long course at a very attractive rate for rising hospitality professionals.
Last year, one of the topic areas I addressed was marketing. Today's rising professionals are very savvy on social media and a number of related areas. Below are a sampling of questions for your review. Mark True or False and take a moment to think why you answered the way you did.
Why are we even talking about SEO in this day and age? HeBS Digital's own experience categorically shows that more than half of website booking revenue across our client portfolio comes as direct referral from the search engines, including organic and paid search.
At the same time, there is a direct correlation between the quality of the website SEO and the results from your paid search (SEM) campaigns. The better the SEO on the site, the better the Quality Index assigned to your paid search campaigns by Google, which means higher ad position, better conversion rates, higher ROIs and lower cost per click.
The hospitality industry is slowly waking up from a slumber it was forced into due to the recent economic downturn. Thankfully, things are looking up now and hotels are not wasting time making up for the low occupancy they had to endure. Incidentally, there are number of things that hotels can do to increase sales. The trick is to use a multi-pronged approach.
Discussed here are some strategic ways through which hotels can increase their sales and profit margin:
Hotel owners and asset managers are frustrated.
They no longer want to hear about "branding initiatives" or fuzzy math from their management teams… they expect their sales and marketing leaders to contribute to revenue in a measurable way, communicate in number-speak and be accountable for tangible results.
So it's important to have complete fluency in the KPIs that affect the bottom line.
Revenue Managers and Marketing Directors understandably are keenly focused on the top-line impacts of revenue decisions - including pricing. Owners and most General Managers are more attentive to figures further down the P&L statement including Gross Operating Profit (GOP) and Net Operating Income (NOI), since performance at this level is most often directly tied to the value of their hospitality asset.
Fortunately, a simple pricing formula has been created that will help clarify the risks associated with a given pricing decision on GOP - before that pricing decision is implemented. While tolerance for risk varies from one individual to the next and from one corporate culture to the next, at least all parties involved may now have a common starting point from which smart pricing decisions can be made.