Industry Outlook: How Group Business Can Infuse Stability Into Hotel Revenue Management
The hospitality industry relies on the stability provided by group business. Confirmed revenue, and long-term visibility into that revenue, enable marketing, sales, and revenue teams to better strategize to meet their hotel’s annual earning goals.
But this stability, and the benefits of group business, are frequently threatened by the volatile nature of the industry. From economic uncertainties to growing competition from within and outside the sector, hotels face myriad challenges as they look to compete and grow this critical part of their business. In fact, the most significant question from hoteliers today relates to how they can protect themselves and create contingencies within the group business market to minimize the fall-out caused by industry upheaval.
That said, with American Express Global Business Travel projecting 2 percent growth in the meetings and events sector, the goal for hotels should be more than maintaining current business — hotels should be thinking about how to grow their business. We think this will come in the form of gathering actionable intelligence in the form of data-driven insights.
This exclusive Trend Report, created by SkiftX in partnership with Cvent, explores how data-driven decision making can deliver long-term and short-term benefits to hotels looking to grow group business in 2020 and beyond.
In this report
- Challenges and opportunities facing hoteliers looking to attract more group business
- Insights from a survey of hoteliers conducted by Cvent and Skift
- Key features hoteliers should seek in software tools
- How to harness the power of platforms to supercharge business
- How to build a stable framework for growing meetings and events business
