At Koncept Konnect we work with a lot of Accommodation Managers who are BRAND NEW to the travel and hotel industry and the jargon that comes with it. Imagine what it sounds like to them when we all start throwing phrases around such as; ‘What’s your current ADR?’, ‘We want you to be more visible on the OTAs’, ‘What MLOS do you want in place?’ ‘Does your PMS facilitate the functions you require?’
For those of us already in the industry, these are words and acronyms that we use everyday, but it’s always important to remember who you are talking to.
New Staff – it could be overwhelming to have all this new jargon coming at them.
Guests – do you modify your language so that they actually understand what it is you’re telling them?
With those new to industry in mind, we’ve put together a short introduction to some of the more common industry terms.
PMS – Property Management System. The software that you use to take bookings, manage your guests once they arrive, record payments and run reports. This is a very important tool if you own a Management Rights Business as it must have certain functionality in order to meet government legislation.
OTA – Online Travel Agents. These are our wonderful friends at Booking.com, Expedia, Agoda, Trip.com just to name a few. They are internet based travel agents who guests can book their holiday through. A great way to be seen but you will have to pay commission on every booking received.
Visibilty – how are you being noticed in a very crowded market place? If people can’t see/find you then you can’t be booked.
Channel Manager – connects your pricing and inventory to the world outside of your office. Channel Managers reduce the likelihood of overbookings and allow you to connect to online businesses that you would not be able to do business with otherwise.
MLOS – Minimum Length of Stay. A great condition to put on high season bookings.
BAR – Best Available Rate. The best non-restricted rate a guest can book.
AP – Advance Purchase. A common marketing rate to get guests to book and pay for their accommodation in advance. You know that you have guaranteed business.
ETA – Estimated Time of Arrival. What time are your guests arriving? Allows you to work around cleaning schedules and staffing issues to ensure your guests get the very best service.
Dynamic Pricing – this is a model of pricing where you look at what your competitors are doings, what your occupancy is like and adjust rates frequently and strategically based on a series of factors. It allows you to get the best price for your rooms at any given time rather than just setting a rate and waiting for guests to book it.
As we’ve said, this is just an introduction and if you’ve read it and either didn’t know some of these or still don’t quite understand them, then please reach out to us to see how we can help you. We have tailored solutions to suit just about any client whether you need a little bit of help or a lot. Contact us today.