How do you quantify the value derived from exchanging unsold travel & tourism inventory for media exposure?
The concept of converting unsold inventory into marketing assets is equally relevant when applied to hosting travel writers (or any media specialist, for that matter).
Unsold bed-nights or packaged tour itinerary tickets, empty seats in restaurants, on tour coaches, and on airlines are very much like perishable products in the FMCG sector – if they're not sold by the due date, they’re gone forever.
Historical data, however, should provide an indication of average unsold inventory. In the accommodation sector, for example, global average occupancy rates for hotels can range anywhere between 60% to 80%. In South Africa, the occupancy rate of hotels and similar establishments in 2021 amounted to just 23%. (Statista, Nov 8, 2022).
In financial terms, this means that hospitality establishments are losing between 20% to 80% of their inventory. Inventory that could easily be con...
Comments
I used to work in an R&D of a hotel management software company what gave me opportunity to talk with many innovative hotels.
I'm passionate in researching how hotels operate, what some do differently than others.
The market has changed a lot in the last years...
The MICE is not the same, business travel revenue is shrinking.
On other hand you have digital nomads, remote companies, a lot of guest's behaviour has changed.
In my newsletter I'm trying to transform my observations and research into actionable "nuggets". We will chat about hybrid hospitality and how the most progressive hotels combine coworking, coliving, events, etc.
Any feedback and ideas for new topics are highly appreciated!
Love this! I read through a few articles and I like the bite size content style.
I used to explore the hybrid hospitality concept and many of the brands you mentioned as part of my PhD thesis on hospitality.
Is your PhD thesis somewhere available to read online?
Unfortunately, not. It's also only in Bulgarian. I explored models which city hotels in Sofia can incorporate to increase their earnings through ancillary products, so I used lots of examples of city hotels in other places in the world.
Very interesting, the first time I heard about hybrid hospitality.
Subscribed!