Hospitality Industry

Nowadays, everyone is on social media – including hospitality businesses like hotels! Various social media platforms like Facebook and Instagram are widely used by hotels to promote and offer their services to potential customers, making this marketing effort is being referred to as “social media marketing”.

Leveraging social media as a marketing tool has become widely popular among hotels, especially since the latest pandemic finally ends when people begin to travel again and the competition to attract potential guests is back on track!

Our article today will talk about how social media marketing impacts the current and future success of hotels, in which we will start with understanding what is it and how it works; its significance for hotels, and even future social media marketing trends that hotels should keep updated with!

About Social Media Marketing for Hotels

The Definition

Social media marketing definition.

Social media marketing (sometimes abbreviated as SMM) is a form of digital marketing that utilizes social media platforms, allowing users to build social networks and share information. Many businesses in this modern era use social media to build their company brand and upsell their services to drive sales rates, including hospitality businesses!

The Way It Works

How social media marketing works.

So, how exactly do hotels make social media marketing work for their business? There are several steps to follow here:

• Do Market Research

Hotels can use social media to conduct market research in order to understand customer demands and purchasing trends, as well as to analyze the market situation and competitors’ efforts — all of which help hotels collect relevant data and solve marketing challenges.

• Discovery

The real-time nature of social media can be harnessed by hotels to discover and identify new target markets, connect with them, generate leads, drive sales, and of course, provide proper customer service.

• Develop a Strategy

With all the necessary data collected, hotels can seize this opportunity to create a well-defined social media marketing strategy. Speaking of which, there are numerous online tools available that can assist hotel social media marketers in planning and managing their strategies!

• Review

Another distinctive characteristic of social media platforms is that many of them provide users with instant reviews or reports on marketing campaigns. This feature is particularly helpful for hotel marketers in enhancing their social media marketing strategies!

The Significance of Social Media Marketing for Hotels

The significance of social media marketing for hotels.

Is social media marketing significant for hotels? The answer is a resounding yes! Over the past years, social media has become an essential part of hotels’ marketing strategies. This can be observed through some data gathered by Revenue Hub during 2021, which highlights the impact that social media marketing has had on hotels and the hospitality industry:

• About 71% of travel agencies that have committed to a social media marketing strategy receive better interactions with customers.
• Hospitality businesses that use location tags in their social media posts gain 79% more engagement.
• Social media advertisements encourage 85% of travelers to book their trips on mobile apps.
• 97% of millennials share their vacation photos on social media platforms, which often influences others to visit the same or different destination and publish their experiences too.

Since the pandemic has come to an end, it is expected that social media marketing will have a bigger impact on hotels and the entire hospitality industry in the future. More people are spending time on their phones searching for post-pandemic travel inspirations and recommendations, as such, having a social media presence is customary for hotels nowadays.

Up next, we have written down a few reasons why hotels should use social media for their current and future marketing activities:

Social Media Can Reach a Wider Audience

Social media can reach a wider audience.

There are various tools within social media that have the ability to reach a wider audience. An example is the targeted ads feature on platforms like Facebook and Instagram, which allows hotels to identify potential customers based on demographic information!

Social Media Can Increase Brand Awareness

Social media can increase brand awareness.

Using social media platforms, hotels can create and share relevant content for their brands, such as promotions, industry news, and even trivia that build brand awareness among potential customers.

Social Media Can Generate Leads

Social media can generate leads.

As a tool of utmost importance for social media marketing, social media platforms function to generate leads that can increase hotel sales by engaging with prospective customers through digital content and other marketing strategies!

Social Media Can Improve Customer Service

Social media can improve customer service.

Social media is named that way for a reason: it is an interactive platform for users to connect and socialize with each other. This makes social media an opportunity for hotels to enhance their customer service by responding promptly to inquiries, offering real-time support, and building relationships with their customers!

7 Future Social Media Marketing Trends that Hotels Shouldn’t Miss

The realm of marketing is always changing — you can never guess when one thing is trending and another is dissipating. Hence, it’s important to stay in the loop with marketing trends, especially for those working as social media marketers in the hospitality industry. Here, we have provided future social media marketing trends that hotels should take into account, and some of them have also been popular lately!

1. User-generated Content

User-generated content.

Quality content is one of the keys to building a successful social media presence. What hotels with existing social media should create is not merely excellent content, but user-generated content (UGC) instead! UGC can be anything: videos, pictures, or even reviews. UGC encourages hotel guests to share their experiences on social media. In return, this strategy will give the hotel a long-lasting positive image and attract more customers!

2. Storytelling

Storytelling.

It feels great to hear a story that perfectly relates to what we experience, right? Hotels can also make themselves “relatable” to customers through storytelling! This social media content strategy uses narratives to connect with readers (in this case, hotel guests), which leads to an emotional connection. Storytelling is currently a popular strategy, and it’s expected to rise in the future.

3. Multilingual Marketing

Multilingual marketing.

We already know just how vast and diverse the hospitality industry is, as seen from how hotel guests hail from different countries all over the world. This is where hotels can try multilingual marketing in their social media marketing strategy! By offering content in multiple languages that target international travelers, this would make them feel welcome, and of course, attract more universal guests.

4. Hyperlocal Marketing

Hyperlocal marketing.

Contrary to the target of multilingual marketing, hyperlocal marketing has a smaller scope, aiming at potential guests in specific neighborhoods or areas with close proximity to the hotel. The focused target group should make it easier for hotels to create a customized marketing strategy to generate revenue from these guests!

5. Nostalgia Marketing

Nostalgia marketing.

Taking a walk down the path of happy memory lane often brings smiles to people, and there is a specific social media marketing approach for this known as nostalgia marketing. Evoking nostalgic aspects in guests creates emotional connections with them, and when combined with storytelling, it results in a powerful social media marketing strategy!

6. Social Media Messaging

Social media messaging.

Most social media has a wide variety of features, and hotels can harness one of them to improve their social media marketing performance using the messaging feature. Harnessing social media messaging would help hotels to communicate with guests and provide instant support, thus promoting the image of reliable hotels that results in greater customer trust and loyalty.

7. Influencer Marketing

Influencer marketing.

Winning customers’ attention on social media is tough competition for hotels, especially since many customers remain skeptical of hotel brands that indulge in too much self-promotion. However, influencer marketing can help hotels overcome this challenge! Collaborating with popular and relevant social media influencers to promote the hotel will likely increase revenue, as influencers are often perceived as experts, and their opinions or recommendations tend to be highly regarded by their followers.

Wrapping Up

Social media has proven to be a powerful marketing tool for hospitality businesses, especially hotels. A strong social media presence, combined with well-planned social media marketing strategies help hotels to achieve their current goals, as well as secure a possibility of successful business objectives.

As marketing itself is dynamic, hotels should be able to keep updated with the latest changes, events, or trends happening in marketing for hotels, typically in social media marketing. There are various ways to stay in the loop with hotel social media marketing, but for beginners, there is one that stands out as exciting!

Introducing: sales & marketing internship program in the hospitality industry, where you’ll have the opportunity to learn not only about social media marketing for hotels but also various other forms of marketing within the hospitality sector. Moreover, you can easily find it at RMC Asia!

Aside from sales & marketing internships, RMC Asia provides a wide variety of hospitality internship and management training programs in numerous hotel departments. Our programs offer participants hands-on working experiences in the global environment of prestigious hotels and resorts, which take place across Asia’s stunning destinations.

Sounds like a challenge for you to take? Let’s start your journey with us and join our successful participants now!

Recommended: Navigating the Future of Hospitality Jobs

The possibilities of the future are always an interesting thought, such as imagining where you will be in the next five years – or, in this article’s case, pondering what jobs in the hospitality industry will look like in the future.

Given the circumstances of today’s hospitality industry, numerous possibilities can affect job roles within it. An example of this is the integration of technology, such as the increasing use of advancements like artificial intelligence (AI) and mobile apps across all segments of the hospitality business.

While such developments may initially be viewed positively, it’s crucial to know that they have the potential to affect the existence of various roles within the hospitality sector. Thus, understanding the challenges and learning how to overcome them becomes important. Today, our article will cover the future of hospitality jobs; starting from the challenges, the required soft skills for tomorrow’s hospitality careers, and even a list of promising future jobs in the industry!

Intro to Hospitality Jobs

Intro to Hospitality Jobs.

When it comes to varied career options, the hospitality industry is your best bet! Jobs in this industry are not exclusively limited to working in hotels or resorts; the truth is, careers within the hospitality industry cover vast areas, ranging from bars, restaurants, events, cruise lines, to even theme parks.

The hospitality industry’s diverse fields and services thus result in a broad range of career options, making the industry one of the popular choices for job seekers to pursue jobs there. However, it is also a fact that the hospitality industry is a dynamic one – and this also applies to jobs within the industry.

Amidst the modern era of the hospitality industry, lots of its jobs and workers are currently facing challenges that test their relevance. So, what are those challenges? Read more in the next section below!

Current (and Future) Challenges for Hospitality Jobs

Personalized technologies, one of the current and future challenges for hospitality jobs.

The more the hospitality industry transforms, the more challenges its jobs have to face! However, as one challenge ends, it also marks the start of other trials that should be adapted to or overcome, as they could shape the direction of future hospitality jobs. Up next, we have listed a few challenges that should be kept an eye on:

• Qualified staff shortages
• Skills gap
• Personalized technologies
• Attrition and retaining employees
• Overlapping job descriptions

Apart from raising awareness to face these challenges of job roles in the hospitality industry, hospitality workers should always remember to enhance their skills to keep up with this changing industry. You might want to know what kind of skills one should be equipped with for the future of the hospitality industry. Fear not, as we have prepared them for you!

Top In-Demand Hospitality Soft Skills in the Future

We know that, aside from the significance of specific skills like finance and marketing, soft skills are also key to successful careers in the hospitality industry. What do you think are the essential soft skills that one should master to thrive in future jobs in this industry? Find the answers in the list below!

1. Customer Service

Customer service skills.

The nature of hospitality businesses focuses on providing services for customers, making customer service one of the highly valued skills required for any job role within the industry ever since a long time ago, and, of course, for the future! Having exceptional customer skills means that you understand the customers’ needs and deliver a positive experience for them.

2. Networking

An illustration of networking skills.

For hospitality workers, networking skills are essential to cultivate strong, loyal customer relationships. Building a loyal customer relationship with effective networking not only leads to the said customer repurchasing the business’s service but also enhances the employee’s career in the long run!

3. Communication

Communication skills.

Working in the hospitality industry means one will get involved with people of a variety of backgrounds, whether they are co-workers or customers. This is why excellent communication skills will always be needed! Speaking of which, the higher someone’s position in a hospitality business, the more important communication skills become!

4. Foreign Languages

An illustration of foreign language skills.

Remember, the hospitality industry is vast, dynamic, and diverse, which means its customers come from different backgrounds, cultures, and languages too! Mastering one or more foreign languages would obviously be a useful asset to add to a hospitality worker’s arsenal and prepare them for the future challenges of the hospitality industry.

5. Multitasking

Multitasking skills.

Multitasking skills always come in handy for hospitality employees. As a bustling industry, it’s important for workers to handle different tasks simultaneously while completing each assigned task. Surely, having this skill is also a way for employees to showcase their qualities to employers!

6. Organizational

An illustration of organizational skills.

Alongside multitasking skills, organizational skills are necessary to maintain an employee’s workflow and accomplish their daily tasks efficiently. Additionally, this particular skill set will help you effectively manage your time as well.

7. Cultural Awareness

An illustration of cultural awareness.

Then again, hospitality is a diverse industry that is comprised of people from diverse backgrounds, which is why cultural awareness ability is crucial to building a successful career and strong relationships with customers in this sector. By cultivating cultural awareness skills in hospitality workers, customers will feel comfortable and at home with the hospitality services, resulting in positive customer experiences!

Most Sought-After Hospitality Jobs of Today and Tomorrow

As the hospitality industry continues to evolve, its job roles are following right behind. While many of them are extensions or transformations of existing hospitality jobs, there are also some that are relatively new in the industry. Here, you will get to see the in-demand hospitality jobs as of current, and possibly in the future – each based on a specific hospitality area!

Digitalization

An illustration of digitalization.

It’s obvious just how much digitalization affects the growth of today’s hospitality industry. The significance of digitalization has led to the birth of various jobs; some of them are currently in demand and expected to gain more popularity in the future, such as:

• Digital Marketing
• Website & App Development
• Social Media Management
• Data Analytics

Health & Wellness

Health & wellness activities.

Health and wellness activities in the hospitality industry are gaining more recognition after the pandemic. As such, many hospitality businesses are offering job opportunities related to this area. Some of the trending health and wellness jobs with bright prospects in the future include:

• Recreation & Activities
• Spa Manager
• Wellness Tourism Marketing
• Organic Food and Beverage Management

Food and Beverage

Food and beverage employees in a hotel.

The food and beverage field has always been an essential part of the hospitality industry, and it might be the biggest contributor to career options in the industry as well! Recently, these hospitality food and beverage jobs are on the rise and are predicted to see even more future demand:

• Pastry & Bakery
• Culinary Arts Chef
• Bar Managers
• Restaurant Managers

Artificial Intelligence

An illustration of artificial intelligence.

Artificial intelligence (AI) automation in various aspects of the hospitality industry is increasing lately. While the use of AI is said to replace many hospitality jobs in the future, it also opens up new opportunities for job seekers. Here are some of the recent in-demand ones with bigger potential in the future:

• Automation Programmers
• Technology Integration Specialists
• Process Optimization Managers
• Customer Experience Designers

Wrapping Up

The future is a mystery, but one thing is for sure: making the most of what we have today to prepare for tomorrow! The same principle applies to hospitality jobs and employees. By learning about potential challenges in the future, many hospitality job roles have transformed to adapt to and overcome those challenges — thus, opening doors to new opportunities!

With numerous jobs in the current hospitality industry offering promising prospects for the future, hospitality workers should take note of continuously enhancing their capabilities with a variety of skill sets, especially soft skills, which will always play a crucial role in shaping the future of the hospitality industry.

One of the easiest ways to acquire and refine soft skills for hospitality jobs is through practical work experiences, such as internships and management training. These programs are well-suited for young talents taking their first steps in the hospitality industry, and you can find both at RMC Asia!

Our hospitality internship and management training programs take place in prestigious hotels and resorts across Asia’s captivating destinations. They are designed to provide participants with real work simulations, educational cultural exchanges, and, of course, the skill sets and knowledge necessary for our participants to become valuable assets in the hospitality industry.

Ready to embrace the challenges of working in the future hospitality industry? Prove it by joining our talented participants and embarking on your own successful hospitality career now!

Recommended: The Insider’s Guide to Hotel Budgeting

A hotel’s financial area has always been one with its own intricacies. There are numerous financial aspects crucial to ensuring smooth hotel business operations, and one of them includes budgeting!

While just “budgeting” might already sound familiar, hotel budgeting is a more specific thing than that. Budgeting for hotels is an essential, accurate plan created by hotels to prepare and roadmap the potential revenue for the year ahead — and, of course, an important influencing factor to the success of the hotel business!

Our article here will introduce you to basic, yet crucial things one should know about hotel budgeting: starting from the definition, the importance, how budgeting works, and even provide you with tips on better budgeting for hotels!

What to Know About Hotel Budgeting

Hotel Budgeting Definition

Hotel budgeting definition.

There are many words to define what hotel budgeting is, but let’s keep it simple: hotel budgeting is the hotel’s plan for generating and allocating revenue for the upcoming year to achieve its objectives. Budgeting shows hotels the potential revenue they are going to earn and is regarded as a roadmap for the hotel’s financial performance in the year ahead, as well as one of the keys to a successful hotel business.

Who Should Participate in Hotel Budgeting and How It Works

Who should participate in hotel budgeting and how it works.

We already know that a hotel is comprised of various departments. When it comes to budgeting, the managers of those hotel departments participate by creating their own budgeting plans, as each of them has different expenses. This is where the role of the hotel finance department begins; they are responsible for consolidating the department budgets to create a proper overall hotel budgeting plan!

The Importance of Hotel Budgeting

The importance of hotel budgeting.

Do you think every hotel needs budgeting? The answer is yes! Whether it is a small or independent hotel, having a budgeting plan is essential for any hotel to ensure that the financial results are well-aligned with its business objectives. Moreover, budgeting can also help hotels compete in the highly competitive hospitality industry!

Timing for Hotel Budgeting

Timing for hotel budgeting.

Budgeting for hotels doesn’t happen anytime the hotel pleases. In fact, budgeting has its own timing. Typically, the hotel budgeting season starts around the end of August, followed by presentations to the management in the following month. During the budgeting period, it’s important for hotels to consider factors like booking trends, increasing room rates, or even inflation, as such factors might heavily influence the accuracy of the hotel’s budget plan.

For Hotel Budgeting, Research is Required

Research is required for hotel budgeting.

As stated previously, there are numerous factors that can affect the accuracy of the budget, which hotels should take into account. This is the reason why research is required; by gathering necessary market data and information, it gives the finance department a clear idea of what the future hotel revenue may look like when they make forecasts for the key variables in the budgeting plan.

There are so many details to know about budgeting for hotels! Given the importance of these details to the hotel budgeting process, it is crucial for hotels to ensure that the budgeting process runs seamlessly. As such, we have covered several valuable tips to achieve a better and more successful hotel budgeting, which we will share with you here!

7 Worthy Tips for Better Hotel Budgeting

One thing to always be kept in mind is to avoid rushing the budget planning process. Such carelessness might lead to inaccurate hotel budgeting, which will influence the hotel’s future revenue. Surely, there are also ways to dodge such mistakes — some of which you can find in the next section below!

1. Analyze Historical Data

Analyze historical data.

For an accurate calculation of a hotel budget, one of the best ways is to analyze historical data in the hotel’s finance area. Hotels usually will have predictable expenses and changes that occur at the same times every year, such as how food expenses increase significantly every Christmas period. This kind of data is helpful and provides vital information!

2. Create a Demand Calendar

Create a demand calendar.

A demand calendar is made up of the data of customers’ demands, such as demands for hotel rooms and other hotel services, which are compiled throughout the year. With a demand calendar, hotels can use the document to make plans for their hotel budget, an example is how to maximize revenue during the high-demand season.

3. Track Staff Performance

Track staff performance.

Creating and optimizing a budget for hotels comes with understanding the workforce first! By keeping track and having a good perception of the staff’s performance, it will be easier to comprehend the correlation between salary and productivity, thus helping to maximize employees’ value and plan a better budget.

4. Compare Year-to-Date Hotel Revenue

Compare year-to-date hotel revenue.

Another tip for accurate hotel budgeting is to identify the amount of revenue the hotel has earned year-to-date. Compare this year’s number to the hotel’s revenue at the same time last year, making it easier to forecast and plan the budget for the upcoming year!

5. Take Incentives into Account

Take incentives into account.

It’s crucial for hotels to track all costs spent on hotel operations, including the financial incentives for employees. Keeping accurate track of incentives helps to seamlessly allocate them to employees or departments, avoid miscalculations, and, eventually, convert unpaid incentives into additional budget for the hotel.

6. Utilize Hotel Digital Technology

Utilize hotel digital technology.

Although hotel technology won’t be able to fully replace the role of hospitality professionals, using the help of tech in hotel budgeting can reduce costs and optimize the budgeting process. There are lots of budgeting software for hotels to use, such as Actabl!

7. Review Profit and Loss Statement

Review profit and loss statement.

Lastly, reviewing the profit and loss (P&L) statement helps hotels determine their performance year-over-year based on average profits and losses. This also gives hotels a clearer picture of their financial success and, in addition, helps forecast the upcoming financial performance and budgeting.

Wrapping Up

Budgeting, either the planning or management part, is a complex area of the hotel’s finance. So, let us give applause first to every hotel’s finance department for handling this task! Aside from its intricacies, hotel budgeting is an equally essential aspect of the hotel’s business, as accurate and proper hotel budgeting will lead hotels to generate more revenue and excel in competition against competitors.

Understanding hotel budgeting does not only affect the success rate of the hotel’s business. In fact, individuals who master the art of hotel budgeting will undoubtedly be led to bright, successful finance careers in the hospitality industry, and be labeled as valuable talents!

So, does the idea of working in hospitality finance interest you? If yes, then you should not miss the chance to gain advanced access to a finance career in the hospitality industry, which you can easily get with us at RMC Asia!

Our internship and management training programs provide participants with practical work experience in various hotel departments, ranging from finance, food & beverages, front office, and more – all taking place in prestigious, international-scale hotels and resorts across Asia’s fascinating destinations.

Get a head start on your successful hospitality career by joining our programs and participants now!

Recommended: Hospitality Finance: Hotel Revenue Management Edition

One of the objectives of hotels as a business is to generate revenue. However, earning it is not as simple as it may sound! In fact, a proper financial strategy is needed for hotels to be able to obtain revenue – and what’s a better way to achieve it aside from implementing hotel revenue management?

Revenue management is a financial strategy used by many businesses in the hospitality industry nowadays. It boosts sales and revenue – both in the short and long run – by using data and analytics to obtain the maximum amount of overall possible revenue!

This time, our article will take you deeper into the topic of revenue management in hotels; what it means, its history, its objectives and importance, even covering the key strategies and top software for hotel revenue management!

About Hotel Revenue Management

The Definition

The definition of hotel revenue management.

For starters, hotel revenue management is defined as the strategic pricing and distribution of all the hotel’s facilities – such as rooms and amenities – to the right customer market. It involves both analytics and performance data to predict customers’ behavior, and this data is then used to formulate appropriate pricing and distribution strategies.

The History

The origin of hotel revenue management.

Interestingly, the concept of revenue management was inspired by inventory management and price optimization in the aviation industry! Hotels in the past did not consider the importance of new market segments, nor did they apprehend whether the prices they offered were ideal. And, it wasn’t until the late 1980s that hotels began to implement revenue management strategies in their businesses.

The Goal

The objective of hotel revenue management.

What about the goal of implementing hotel revenue management? Well, its ultimate objective is to serve the right facility for the right customer at the right time and place. Once this goal is achieved, hotels are more likely to maximize their revenue, as well as their profit.

The Importance

The importance of hotel revenue management.

Revenue management is considered important for several reasons. First, it provides reliable data to make calculated decisions, leading to revenue boosts and maximum profitability. Moreover, revenue management has the ability to generate data about potential services that hotels can benefit from. Another crucial aspect of hotel revenue management is how it is able to improve financial forecasting, drive down costs, and even help hotels advance over competitors!

Key Strategies of Revenue Management for Hotels

Key strategies of revenue management for hotels.

Truth be told, there are no strategies that can guarantee a 100% successful revenue management in hotels. But, these strategies have proven to be reliable and have contributed to great hotel revenue management performance. See below for the key strategies of revenue management for hotels!

• Accurate Data Collection and Analysis: An accurate data collection and analysis leads to effective decisions for greater hotel revenue management!
• Market Segmentation: By segmenting their customer market, hotels can personalize their services for specific segments and boost occupancy rates.
• Dynamic Pricing: A real-time, algorithmic approach to calculate room prices, dynamic pricing is a method that takes advantage of big data to factor consumer behavior and the hotel’s current room supply to generate optimal prices for potential guests.

Aside from proper strategies, effective hotel revenue management is also influenced by the use of revenue management metrics, some of which are commonly used and listed up next!

Examples of Hotel Revenue Management Metrics

Hotel revenue management metrics.

Finance departments in hotels use various revenue management metrics that are useful for gauging revenue progress! However, every metric has its own strengths and limitations, which is why a proper revenue management strategy is needed to use the right metrics and make the right decisions. Below, we present a few examples of hotel revenue management metrics:

1. Revenue Per Available Room (RevPAR)

How to calculate it: Room Revenue / Total Rooms Available

This metric is commonly used to measure the hotel’s overall revenue performance. It allows the finance team to assess and maximize the hotel’s revenue relative to last year, as well as do budgeting and forecasting.

2. Average Daily Rate (ADR)

How to calculate it: Room Revenue / Rooms Sold

ADR gives insight to the hotel’s finance department regarding the customer’s willingness to pay for a single room through specific channels and at specific rates!

3. Occupancy Rate (OCC)

How to calculate it: Number of Occupied Rooms / Total Rooms Available

Meanwhile, OCC is a hotel revenue management metric commonly used to calculate the success of securing bookings, which is later utilized to determine the hotel’s future pricing strategies.

4. Gross Operating Profit Per Available Room (GOPPAR)

How to calculate it: Gross Operating Profit (GOP) / Total Number of Available Room Nights

The GOPPAR metric serves to evaluate the broader performance of the hotel’s revenue beyond bookings, and changes in GOPPAR must be evaluated alongside changes in RevPAR, OCC, and ADR metrics as well.

5. Total Revenue Per Available Room (TRevPAR)

How to calculate it: Total Revenue / Total Available Room Nights

Finally, TRevPAR functions to gauge the hotel’s overall financial performance. Since TRevPAR counts all of the hotel’s revenue streams and expenses, it helps determine the most valuable customer segment for the hotel.

Top Hotel Revenue Management Software in 2023

IDeaS, one of the top revenue management software for hotels.

Of course, the implementation of revenue management in hotels comes seamlessly with the use of revenue management technology. Here, we have compiled a list of the best hotel revenue management software this year, which you can find in the next line!

• Gamechanger by Duetto: A cloud-based predictive analytics platform with an open pricing methodology that maximizes booking revenues and profits!
• IDeaS Revenue Solutions: IDeaS drives optimal revenue results across all segments through scientific pricing and rate availability decisions.
• RoomPriceGenie: An easy-to-use and completely transparent software that will save users time checking rates against competitors!
• Atomize: This software focuses on increasing revenues and operational efficiency using price optimization, making it a fit for hoteliers that want to do more with less.
• BEONx: BEONx brings revenue management to a new level with a highly adaptive AI-driven algorithm, providing users with accurate pricing recommendations anytime!

Wrapping Up

Such a great impact is left by revenue management on a hotel’s financial operations! With the use of proper revenue management strategies, hotels can attract more customer markets, maximize revenue performance, and, in turn, profitability.

Being a crucial aspect of the hotel’s finance department and the overall hotel business, revenue management is one of the most sought-after skills in the hospitality industry as well. Mastering it will undoubtedly lead one to achieve a higher level of career in hospitality finance. Moreover, the opportunity to learn revenue management is widely available in the industry!

For starters, one of the best ways to master hotel revenue management is by joining hospitality finance internships or management training programs; both of which you can easily access with us at RMC Asia.

Our programs are far from ordinary. As a participant, you not only get the opportunity to learn from and work with seasoned experts but also experience a unique, unforgettable cultural exchange in your program placement, thanks to our partnerships with prestigious hotels and resorts in various destinations across Asia!

There are more to our internship and management training opportunities available for you here! Why wait? Find your dream internship and join our successful participants now!

Recommended: Fintech: The Brilliant Innovation for the Hospitality Industry

It’s not unusual that almost everything has been imbued with technology in this digitized era. This includes the finance sector, leading to the birth of the term “fintech”—a combination of financial and technology.

In the current hospitality industry, fintech plays an incredibly important role for many businesses. The innovation of fintech has transformed the industry, making it more advanced and benefiting both businesses and customers alike.

Our article today will take you to explore and understand ways fintech influences and transforms the hospitality industry, starting from its definition, crucial roles, to its advanced innovations that take the hospitality industry to a whole new level!

Understanding the Basics of Fintech

Understanding fintech.

Let’s start with a simple question: What is fintech? Fintech (financial technology) is a term that encompasses technologies created to automate traditional financial systems for businesses and customers. Fintech includes a wide range of technologies, ranging from mobile apps for payments to complex blockchain networks.

So, how does fintech work? To simplify, fintech streamlines financial transactions for businesses and customers, making them more accessible and affordable. For instance, Venmo or Cash App—both examples of fintech products—allow users to send funds directly to their desired accounts at any time of the day, which is highly efficient.

Over the years, fintech has become a growing trend in various industries, including the hospitality industry. Many hospitality businesses have now integrated fintech into their day-to-day operations, resulting in a modernized hospitality industry. In the next section, we have compiled the roles that fintech plays in transforming the industry, which you can read about below!

How Fintech Transforms the Hospitality Industry

Fintech plays an important role for both customers and businesses in the hospitality industry! Here are a few ways how fintech becomes a difference-maker that transforms and takes the industry to a new level.

1. Fintech Modernizes Payment Methods

Fintech modernizes payment methods.

We might be stuck with hasslesome cash payments forever if fintech didn’t exist. Thanks to fintech, the payment process in the hospitality industry has become seamless, allowing customers to pay for their purchases easily using modern methods such as online payment channels in mobile apps. Less hassle, more frictionless travel!

2. Fintech Improves Customer Loyalty

Fintech improves customer loyalty.

It takes a lot for a hospitality business to achieve customer loyalty, let alone retain them. Using fintech will help to gain and improve customer loyalty. One way that can be tried is implementing convertible loyalty points as a payment option; this is more likely to make customers return and repurchase businesses’ services due to their economic benefits!

3. Fintech Reduces Operational Costs

Fintech reduces operational costs.

There are more operational costs that a hospitality business should pay every day. Adopting fintech software as a digital finance solution will reduce businesses’ operational costs and save more time, as it allows businesses to control payments better, secure payment flow, and even avoid fraud!

4. Fintech Attracts and Retains Employees

Fintech results in more engaged workforces.

Employees are the lifeblood of a hospitality business; making sure they are satisfied leads to better customer service and guest experience. The good thing is, fintech benefits can also be perceived by employees in this matter. For instance, the use of fintech software that gives employees instant access to their wages at the end of each shift will lead to a more engaged workforce, as well as great customer service and guest experience!

5. Fintech Manages Risks and Boosts Customer Confidence

Fintech manages risks and boosts customer confidence.

Furthermore, fintech does not exclusively cater to modernized payment preferences; the use of fintech is also able to manage risks and boost customer confidence in purchasing hospitality services. An example is the protection for flights, hotels, or car rentals purchases through policies like refunds for cancellations, which can be found in many hospitality booking apps!

On a scale of 1 to 10, how important do you think fintech’s role to the hospitality industry is? Well, it is safe to say that its existence is one that is paramount to the current hospitality industry. What we will see next is the essential implementation of fintech in the hospitality industry, all of which we have covered just for you!

Fintech Products in the Hospitality Industry

Did you know that some fintech products that we use are also common in the hospitality industry? If you’re interested, you might want to proceed below for some examples of fintech implementations in the hospitality industry.

1. Digital Wallet

Digital wallet.

This fintech product securely stores payment information and passwords in the cloud system. It is a financial transaction application that can be accessed on any connected device, primarily mobile devices. With a digital wallet, you no longer need to carry your cards and cash around!

2. Conversational Commerce

Conversational commerce.

Hospitality businesses can easily interact with their customers using conversational commerce! Conversational commerce enables customers to make reservations, receive personalized recommendations, request support services, and even purchase products through a payment link within the messaging apps used for conversational commerce platforms.

3. Buy Now, Pay Later (BNPL)

Buy now, pay later.

Establishing BNPL as one of the alternative payment methods allows customers to set up a flexible and short-term financing plan. BNPL also makes it easier for hospitality businesses to upsell more expensive packages, as merchants will receive more money per customer with BNPL compared to other payment methods!

4. Open Banking

Open Banking.

Open Banking allows users to securely transfer money between accounts and authorize online payments directly from a banking app or website. Compared to regular transfers, transactions using Open Banking happen within seconds! This offers advantages to both hospitality businesses and customers, as transactions with Open Banking provide a much more seamless experience.

5. Hospitality Finance Software

Hospitality finance software.

Hospitality finance software offers numerous benefits to hospitality businesses. A good hospitality finance software enables businesses to effectively manage their day-to-day finance and accounting functions, including budgeting, forecasting, financial reporting, and cash flow management. Some of the best hospitality finance software options this year include FreshBooks, NetSuite ERP, and more!

Wrapping Up

The combination of finance and technology has proven to be crucial and beneficial to the hospitality industry. Fintech caters to both hospitality customers and businesses, ensuring that every financial aspect between both parties runs seamlessly.

There are many fintech products that we use in our everyday lives that are also common in the current hospitality industry, ranging from digital wallets to hospitality finance software. These innovations are taking the hospitality industry to a whole new level, and it is important for businesses and customers to keep up with them!

If you want to stay ahead of the curve in this regard, we recommend you an exciting way to do it: by joining a hospitality finance internship! At RMC Asia, we offer a variety of internship opportunities beyond finance, thanks to our partnerships with prestigious hotels and resorts across Asia.

Our programs provide participants with the skills, knowledge, and practices they need to become valuable hospitality talents, while also immersing them in unique cultural exchange experiences taking place in Asia’s enticing destinations!

This is your call! Unlock your potential with our internship programs and join our successful participants here.

Recommended: Exploring the Realm of the Finance and Accounting Department in Hotels