Check out the industry reads we have for you this week!
Here at SnapShot we can't stress enough the importance of data. Data really says it all. According to the data in the first article, TripAdvisor, Airbnb, and Agoda are leading the way in the online travel sector through various strategies. TripAdvisor has adapted to new markets by analyzing traffic patterns and identifying areas of strength, Airbnb depends on brand awareness to drive growth, and Agoda has been focusing on entering new markets while holding onto their base. On top of announcing the revamped loyalty program for Marriott, the company has also relaunched their Moments marketplace. Not only is Marriott selling hotel rooms, but they're also offering car rentals, cruises, classes, shows, and local experiences to their guests. Read more about how they're expanding their scope in the travel market in our second read. Since hotel revenue management was introduced to the industry, hoteliers have integrated revenue management strategies into the core of their businesses. With more and more systems and technologies being developed specifically for revenue management, read number three highlights the exciting changes to come for the industry in the future of hotel revenue management.
If you want to find the most innovative digital growth strategies, one of the best places to look is online travel. The sector is so highly competitive that for a company to have any success, they must demonstrate both incredible digital strength and innovative thinking. The same holds true for the strategies necessary for creating global growth, where overall market saturation makes international expansion a cornerstone of success. Finding the right markets and the right way to reach those audiences is critical and can often determine market winners and losers.
As part of Marriott’s announcement on Monday that it would hybridize the Marriott Rewards, Starwood Preferred Guest, and Ritz-Carlton Rewards programs this August, the company also relaunched its Moments marketplace, which sells everything from zip-line excursions to sumo wrestling tutorials and cooking classes with master chefs.
In 1972, an employee of British Overseas Airways Corporation by the name of Ken Littlewood provided the genesis of what has become today's revenue management (RM) discipline. He established "Littlewood's Rule," a yield management rule that addressed revenue maximization by proposing that discounted fares be accepted if their revenue value exceeded anticipated revenue from the expected value of full-fare tickets.