Hospitality Daily Podcast Proven Strategies to Drive Revenue and Profits in Hospitality Today - Judith Cartwright
Jan 26, 2025
Judith Cartwright, the Founder and Managing Director of Black Coral Consulting, shares her expertise on boosting revenue and profits in the hospitality industry. She discusses innovative strategies to differentiate offerings, especially in wellness, to enhance guest experience. Judith emphasizes mastering revenue management through strategic pricing and team collaboration. She also highlights the importance of adapting to change and fostering teamwork, noting that culture plays a crucial role in successfully implementing new technologies.
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Profitability Factors
- Hotel profitability depends on factors like region, property type, and business unit management.
- Optimizing peak seasons is crucial, as most hotels earn 70% of their profits within a few months.
Pricing Strategies
- Avoid dropping prices during tough times, as it creates a downward spiral.
- Focus on differentiating your hotel and offering unique experiences to justify higher prices.
Differentiation Strategies
- Leverage social media and storytelling to highlight your hotel's unique offerings.
- Stay ahead of trends like longevity, fitness, and wellness, and incorporate them into your services.