The Ultimate 2023 Budget Guide for Hospitality

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I hope 2022 will be remembered as the year of travel industry renewal, as it seems nearly everyone I know has spent some well-earned time away from home this year – myself included.

NB: This is an article from Amadeus

Beginning in the spring, we saw leisure demand surpass pre-pandemic levels globally with some markets reporting record-high reservation rates. This trend continued throughout the summer, laying excellent foundations for a strong Q4 where hotel reservations are already outpacing 2019 bookings, according to Amadeus business intelligence data.

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Similarly, group and business travel is on the upswing, with 35 million more group room nights booked in H1 2022 over the same time last year, and 38 million group room nights already booked for H1 2023.

With such positive indicators heading into 2023, how are you preparing to allocate your technology budget to tackle your greatest needs? Which areas should you focus on to keep your property – or destination – ahead of the pack? Here are 5 important considerations for your 2023 budget plan:

1.   Lead with data

Comprehensive business intelligence data is critical to inform strategic decision making across all aspects of hospitality – from revenue strategy, to marketing, sales, and operations.

The most sophisticated solutions on the market provide both historical and forward-looking performance metrics and market insights, along with air traffic data to position your property or destination for success.

Pair this with other data available across all systems – CRS, CRM, and more – to gain a truly holistic view of your business. Armed with the ability to identify peak and need periods, you’ll be empowered to confidently adjust room rates, hire staff, or launch promotions to entice more bookings.

2.   Think outside the (marketing) box

How are you connecting with your most profitable audiences today? Through social media? E-mail marketing? If you haven’t yet adopted an omni-channel media strategy, 2023 would be the year to do so if you want to stay ahead of your competitive set. Employ all channels at your disposal (targeted ads, metasearch, GDS advertising etc.) to truly cast a wide net and elevate your brand’s visibility in front of travelers and travel agents alike.

Particularly with group and business travel returning, global distribution system (GDS) usage is on the rise. According to new Amadeus research, 60% of travel agents say they login to a GDS more than 4 times a day, and 88% say ads influence their buying behavior.

The results speak for themselves. Thanks to Amadeus supported media campaigns, Mexican hotel chain Posadas increased its web revenues by +364% since the pandemic, and Spanish destination marketing organization (DMO) Turismo de Tenerife secured +150K bookings to its island.

Read rest of the article at Amadeus

The post The Ultimate 2023 Budget Guide for Hospitality appeared first on Revenue Hub.

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