Account Analytics is much more than most Sales Managers are currently equipped with, usually in an Excel sheet or PMS report: Room Nights, ADR, and Revenue per account. Understand how deeper Account Analytics across Corporate and Agency accounts can help your hotel's commercial team analyze the entire segment of individual accounts and leverage the data for better commercial decisions. What
Today's hoteliers want to increase their online bookings and revise corporate rates to a profitable market rate. Revenue management is a proven path to get there. This small hotel partnered with a revenue team and succeeded in doubling its revenue in two years and breaking into Tripadvisor's Top 10. Here's how. Revenue Management Boosts Online Reputation and Revises Static Corporate
As a revenue manager, you're undoubtedly aware of the importance of gauging your hotel's performance to maintain a competitive edge in your market. Yet, how can you be certain that you're genuinely on par with, or preferably ahead of, your competitors? Enter benchmarking for hotel revenue management. Benchmarking for Hotel Revenue Management: 3 Cardinal Errors Benchmarking offers the essential context
Your hotel CRM isn’t only the hub for your guest-facing operations. It can also supercharge your hotel’s digital marketing by leveraging real-time guest data to shape your strategy. However, hotels cannot rely on their CRM’s guest profiles alone – they need to utilize that data to enhance and personalize their digital marketing campaigns. Maximizing Hotel Profitability with Integrated CRM and
This article explores the nuances of managing multiple hotel properties. It emphasizes the importance of creating a unified guest experience, utilizing advanced technology to enhance operational efficiency, and incorporating local cultures into service delivery. You find three topics that discuss increasing guest loyalty, optimizing revenue, and maintaining competitiveness in the hospitality industry. Introduction to the Dynamics of Managing Multiple Properties
When the desktop computer came along, it needed human input. It’s no different with an RMS (revenue management system.) Even an AI-enabled RMS can’t think independently (and that’s a good thing!) You’ve probably heard plenty about AI (artificial intelligence) chatbots that learn from biased human language and “deep fakes,” which are the 21st c. version of Photoshop. These are just
In this interview, we'll be talking with Uli Pillau. Pillau founded Apaleo, the world's first API-driven property management platform for the hotel industry, based upon an API-first architecture. This has created a full development hub for the industry as a whole. Can you tell us a bit about yourself? I'm a start-up entrepreneur
The year 2023 has brought about significant changes in the hotel industry, with revenue management practices and trends evolving rapidly. As these trends continue to take shape, their impact will undoubtedly shape strategies and operations well into 2024. This article provides valuable insights into the key factors influencing the financial landscape of the hotel industry, offering practical examples from hotels
In the fast-paced world of hospitality, hoteliers often find themselves juggling multiple responsibilities. One way to streamline marketing efforts and improve overall efficiency is by automating some of your touchpoints with guests. The good news is that this is not difficult to do. By setting up intelligent triggers that automate specific actions, hotel managers, front desk, or marketing teams can
Group business is an undeniably important piece of the revenue puzzle for hotels. However, not all group revenue is equally valuable or desirable. To achieve an ideal mix of group and transient business, hotels must undergo a detailed evaluation process—one that can be greatly aided with an advanced revenue management system. Ten Crucial Steps to Evaluating and Pricing Group Business
In a hotel, understanding the dynamics of room types and leveraging this understanding can significantly impact revenue, profit, and guest satisfaction. Room-type analytics is a vital component of any hospitality Business Intelligence platform and offers hotels a deeper insight into their inventory’s performance. Data-driven decisions based on Room-Type Analytics enhance profitability and guest experience. This article dives into Room-Type Analytics,
If you plan to roll out a new smart technology or artificial intelligence tool at your hotel, you need to design a thorough team onboarding process. Getting your hotel staff on board with a new solution is key to successful adoption and operational efficiency, but it can also positively impact employee morale and retention. Many hoteliers miss out on this
Navigating the complexities of hotel revenue management isn't easy. From demand forecasting and rate negotiations to inventory management and competitor analysis, there are plenty of challenges to keep revenue managers on their toes. But technology is changing the game. Today's revenue managers have powerful tools at their disposal that can help them streamline operations and focus on strategic optimization. The
Back in February, two of the biggest players in the inbox space — Gmail and Yahoo introduced stringent rules to safeguard users' inboxes from scammers and spammers. These rules signify a pivotal shift in the ever-evolving landscape of email marketing. To ensure your marketing emails reach their intended recipients, it's crucial to comprehend and adhere to these new requirements. New
Data fuels the commercial operation of a property and empowers hotel Revenue Managers to make informed decisions, outpace rivals, and ultimately boost profits. When discussing data, there's no resource more crucial than your Property Management System (PMS). How to Master Revenue Management with PMS Data: The 3 Strategies Your PMS is the core of your hotel's daily operations, monitoring everything
Recent studies reveal that prices perceived as unfair trigger discomfort in consumers, leading to reduced purchases, complaints, and negative reviews. Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1] This underscores the importance of finding the sweet spot for your hotel's room prices: the perfect balance between attracting (happy) guests and maximizing revenue. Build a Foundation for Effective Hotel Pricing
In this article, we interview Kristian Valk, the founder and CEO of Hotelchamp. Through Hotelchamp, Valk has combined multiple science-based methods to improve the guest experience and drive increased direct revenue for hoteliers. Can you tell us a bit about yourself? I was born and raised in the Netherlands, near Amsterdam. I'm the
A revenue management system (RMS) is a fantastic tool for attracting demand from high-value guests, driving efficient operations, improving revenue performance, and increasing profitability. Of course, the best tools in the world won't do your property much good if your staff isn't bought in on their proper usage and equipped with what's needed to get the most out of them.