finding relevance in big data part 2

Finding relevance in big data – Part 2

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  Welcome to Finding relevance in big data – Part 2. Listen to Part 1 here. How can hoteliers make big data work for them? Big data is a buzzword that has gotten plenty of mileage and for good reason. Hoteliers looking to maximize room rates can look no further than their destination’s incoming data. Through the use of machine learning…

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Demand Factors influencing Pricing

Demand factors influencing pricing

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There’s one constant every business person understands; the law of supply and demand. In the hotel business, it’s the fundamental underpinning of how rooms are priced on any given night. But there is a catch, what the typical hotelier sees as demand is not an accurate bellwether of actual demand. It’s what we perceive demand to be, not what the…

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finding relevance in big data

Finding relevance in big data – Part 1

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  Finding relevance in big data is a concern on the minds of many hoteliers. What should you act on? How do you, as a hotelier, determine what data has the biggest impact on pricing? In this series, we discuss how evolving buying behavior impacts the amount of data points to be considered and how each data point impacts intelligent rate recommendations. Have a…

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hotel technology jargon

Hotel technology jargon overload!

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Sometimes, the hotel industry gets caught up speaking a language only experts appear to understand. Ever try talking to a person who is not in the hotel industry using industry buzzwords? For example: “Our hotel is experiencing a boost that’s helping us drive ADR to new highs, which is having an incredible effect on RevPAR.” For hotel industry professionals, that sort…

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UK hotel markets

UK hotel market thrives on weaker pound

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We were in Berlin recently for IHIF, the premier annual European hospitality financial conference. The event, a gathering place for 2,000 hospitality leaders, is where top executives meet each year to share ideas and make deals that will affect the global hotel industry for the next year. This year, one of the major conversations focused on Brexit – the UK’s…

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Forecasting and pricing are forever linked. Here’s why.

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Deciphering the perfect revenue optimization formula is an ever more challenging feat. Shifting reservation channels and morphing consumer booking patterns continually conspire to make the right revenue mix a moving target. Additionally, customers no longer have static needs. They have different priorities per trip – meaning during each excursion, they’re more apt to be seduced by a different price, which…

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Disruption center stage at Business Travel Show 2017

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Written by Glenn Haussman for LodgIQ. In London last week, the Business Travel Show became the focal point of the travel buyer community. The event featured more than 2,000 attendees, each of whom are charged with travel purchasing decisions for the road warriors within their respective companies. As LodgIQ is a company dedicated to helping hoteliers reinvent revenue management we…

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New year, new insights

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Disruption is everywhere and it’s forcing traditional businesses to reinvent themselves. Take Uber, for example, it’s forever altered how people travel around town, forcing traditional limousine and taxi companies to adapt, while peer to peer room rental sites are inexorably changing how customers think of the lodging experience, and how hoteliers think about their room product. So, it shouldn’t be…

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Tips for more effective pricing in today’s high-tech world.

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In a previous post, we focused on the intertwined connection between pricing rooms and forecasting rate thresholds. How they’ve become linked in our new digitally driven era. It’s an important realization needing to be made before it becomes possible to fully capitalize on revenue optimization opportunity. In this post, we’re discussing how to leverage this influential insight to seize pricing power….

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