Revenue management is more of a philosophy than a set-in-stone strategy. Regarding the hotel and hospitality industry, revenue management is all about selling the right room to the right guest at the best possible time, and always at the best price. Moreover, a good revenue manager will be able to identify which distribution channels are best suited for these efforts.
Revenue per available room, or RevPAR, and gross operating profit per available room, or GOPPAR, are two of the most vital KPIs available to hotel managers. Both form an important part of any effective revenue management strategy. Both metrics concern themselves with occupancy rates, but they detail very different things, as one is centered around money being brought in, while
Revenue per available room, or RevPAR, and revenue per occupied room, or RevPOR, are two KPIs used within the hotel industry, especially for revenue management purposes. Although the two metrics have similar names, what they measure is quite different, meaning neither KPI is necessarily more useful than the other. How Do You Calculate RevPAR and RevPOR? The formulas for working
For resorts, hotels, and other hospitality companies, revenue management is vital, allowing financial results to be optimized. However, many outsource revenue management to a third party rather than handling it internally, because it requires specialist knowledge and tools. In this article, you will learn more about revenue management strategies and some of the key reasons why they are often outsourced.
For hotels and other businesses operating in hospitality management, customer experience has developed into one of the single most important battlegrounds, and those who excel in this area are likely to gain a significant competitive advantage over rivals. With that in mind, this article will provide you with eight of the most effective ways to improve the experience you are
Hotel owners and other leaders within the hotel industry are constantly striving for new ways to reduce costs and improve the customer experience. One of the emerging trends within this area is smart hotel technology. In this article, you will learn more about what a smart hotel is, why it benefits owners and customers alike, and ways you can transform
A hospitality course can be a useful way to enhance your career prospects and open up new opportunities within the wider industry. Some courses will serve as ideal preparation for entry-level positions, while others will help to improve your chances of securing senior roles. Here, you will learn much more about hospitality courses, their benefits, and the various educators that
What aspects serve to define the hospitality industry? While many will provide common answers, such as accommodations and logistics, the single factor which underpins the entire concept involves customer satisfaction. Let us take a look at the different facets of the hospitality sector in great detail to appreciate its true scope. Table of Contents: What is the Hospitality Industry? An
The "smart hotel system" concept is now taking center stage regarding reputation, brand loyalty, and the average customer experience. This is why many properties leverage the benefits of a smart hotel room. Let's take a look at this concept in greater detail. What Amenities Does a Smart Hotel System Offer its Guests? The basic premise behind this type of service
As the hotel industry landscape changes, your hotel advertising strategies need to change with it. The right hotel ads strategy can distinguish between a successful and less efficient campaign. Your hotel ads strategy needs to target the right people at times when they're looking for a hotel like yours and offering what they want at the best possible price. What
Blue Origin is a space tourism company that intends to deliver sub-orbital space flights for paying customers in the near future. With billionaire backing and multiple successful test flights, it is also one of the most promising options for customers hoping to experience space travel in the years ahead. In this article, you will learn more about space tourism, Blue
One of the major issues facing the hotel industry is implementing the most effective methods to promote their premises. As clients now rely heavily upon the digital domain, it should be no surprise that the Internet is an indispensable tool. One of the most innovative options is to highlight the associated amenities with the help of a VR hotel tour.
Founded by Elon Musk, SpaceX is a space transportation, space tourism, and spacecraft manufacturing company based in the United States. It is one of the best-known companies proposing commercial space travel in the near future, and one of the few private enterprises to have achieved successful space flight. In this article, you will learn more about SpaceX, the company's proposals,
Orion Span is a space tourism company best known for its planned space hotel, the Aurora Space Station. It is one of several private companies aiming to provide commercial space travel in the near future. It has one of the most exciting propositions of all, offering the opportunity to enjoy an extended stay in space. In this article, you will
Those operating within the travel industry succeed or fail based on the experience they provide for customers. AI chatbots represent one of the most exciting new technologies that can help improve this experience. In this article, you will learn more about AI chatbot technology and how it can benefit travel companies. Table of Contents: What is an AI Chatbot? The
For hotel industry business leaders, a global distribution system (GDS) is one of the main distribution channels, allowing travel agents to sell hotel rooms to their clients on your behalf. This can potentially increase the total number of room bookings generated and improve financial results. Here, you will learn more about what a GDS system is and the various ways
A global distribution system, or GDS system, is one of the most important distribution channels for those in the hotel industry, allowing travel agencies to access live inventory information and rates, and to sell hotel rooms and other travel services to their customers. In this article, you will learn more about Sabre GDS and how it can benefit hotel owners
Virgin Galactic is one of the best-known space tourism companies in the world, and the business aims to offer commercial space travel in the foreseeable future. In this article, you will find out more information about the future of the Virgin space flight and the anticipated cost of boarding a Virgin Galactic spaceship. Table of Contents: What is Space Tourism?