Hospitality and travel is the largest service industry globally in terms of gross revenue and foreign exchange earnings. This Industry has potential to stimulate other sectors in the economy owing to cross-synergistic benefits and its backward and forward linkages. The global hotel industry generates approximately between 400 and 500 billion U.S. dollars in revenue each year, one third of that revenue is attributable to the United States.
Hospitality and travel companies constantly explore new opportunities to increase revenue per available room, guest satisfaction and profits. From the guest offering to marketing and communications to capital investments, these companies must select the best approach to achieve the brand’s objectives. From signage to lobby decor to in-room renovations, options are endless. Getting the most out of these capital investments can have a significant impact on profit growth, returns, and guest experience.
Hospitality and travel executives are challenged in efforts to quantify marketing effectiveness, given the scale of investments made in marketing campaigns and the opportunity for successful campaigns to drive performance. Effectively differentiating hospitality and travel brands from their competitors and from other brands in a multi-brand portfolio is one of the most crucial objectives of a hotel executive, as there are many distinct areas to be managed and optimized.
Virtual Labsapproach cuts through the noise of marketplace dynamics, macroeconomic shifts, trends in guests’ preferences and competitor actions to accurately quantify the effectiveness of the marketing strategies and for improving performance across a range of business initiatives.