Ms . Barcan talks about which revenue strategies are working in the current market and the importance of ensuring your brand is visible across all influencers . Loyalty is still a key factor in attracting return business while negative reviews can have a huge impact on travel decisions . Lastly , she predicts 2017 will be challenging for the New York hotel industry with oversupply continuing to depress the market .
What are key revenue strategies working for you right now ?
The market is very turbulent and volatile at the moment . In New York City , supply growth is forecasted to climb 6.8 %, however demand growth is around 5.3 % this year . This means that that travelers have a lot of choices and it is very important to differentiate ourselves . We are trying to be on top of all influencers , whether it is online ratings and reviews , social media engagement , building loyalty and repeat clientele , creating the healthy base and yielding up , using your data for smart reporting and tracking competitor ’ s moves . I am taking everything into consideration and constantly changing my strategies , to capture all business .
How does guest satisfaction factor into some of these strategies ? Is brand loyalty still possible in such a competitive market ?
With the recent merge of some of the biggest hotel companies and possibility to combine different points , travelers have a choice to collect points and enjoy the rewards wherever they travel . More and more initiatives are being done by hotel companies to drive business to their own webpage and away from less profitable channels ( OTAs , opaque bidding , etc .). We are seeing a change in the industry where OTAs are forced to lower their globally contracted commissions in the face of brand loyalty discounts that no longer give them parity to brand . com websites . Loyalty is a great way to drive business back to your hotel . Initiatives such as additional discounts at time of booking and membership perks are successful strategies in OTA war . Even the
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