For hotels, the evolving post pandemic operating environment with rising inflation and digitally enabled developments is altering customer behaviour.
To explore tailored solutions that use automation to grow loyalty and enhance profitability through personalisation, the Northern Ireland Hotels Federation (NIHF) is hosting a seminar entitled ‘To Revenue & Beyond’ on Tuesday, May 17 at the Clandeboye Lodge, Bangor.
Discussing the seminar NIHF president Stephen Meldrum, said: “The post pandemic business climate is turbulent. Escalating fuel costs have had an impact on all sectors. Put simply that means it is now more expensive to put food on a plate in a restaurant or to serve a drink. Equally, the rise in the price of utilities has had consequences for all businesses, and hotels are no exception.
“The Northern Ireland hotel industry had a strong summer trading period last year with a growth in Staycations. We are hopeful that this is a trend that is set to continue. The challenge in terms of balancing the need to cover increasing operational costs can be met through growing customer loyalty and providing personalised experiences that add value.
“The hospitality, travel and tourism sectors have been hit hard. Guests are aware of the rise in energy and food costs as many have first-hand experience when it comes to balancing their household expenses. This has given hotels some leeway when it comes to setting rates. However, many visitors to our hotels do not recognise the impact of other costs such as the 20% VAT rate or the significant rise in wages.
“Businesses have to cover the cost of trading which at the moment is proving tricky with costs for goods and services fluctuating. There is also a need to strike a balance between respecting customer loyalty and protecting profitability. The Federation has worked with Right Revenue and industry partners: For-Sight, Guestline and Net Affinity to provide a strong line up of speakers who have decades of experience in the hotel sector and a practical understanding of the steps required to secure success.”
Industry expert and founder of Right Revenue, Adrienne Hanna, who has helped curate the content for this bespoke seminar, added: “We are excited to take part in this event and we firmly believe that great revenue practices will be the cornerstone to our industry’s success and the driver that will help us navigate our way out of these difficult times. Understanding that Revenue Management encompasses every single department: from the impact of rising costs to the changing needs of our guests. Every single touch point, both internal and external, must be underpinned by a strong rate strategy and a flawless revenue culture. With some of our industry’s top experts on stage, I know this is an event not to be missed.”