Question for Our Revenue Management Expert Panel: How do you calculate demand and room price for unique events that are new to your area (e.g., major concerts, Olympic Games, World Cup, etc.) without having historical data to refer to? (Question by Massimiliano Terzulli)Â Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management
Quick question: are your hotel operations reactive or preventive? If the answer is reactive, you are losing time and money. And if you say preventive, our great tips will help you be even more efficient. In both cases, keep reading. Introducing technology may feel cold and unwelcoming, but remember that hotel tech is not about less hospitality but better hospitality.
A high occupancy rate is every hotelier's dream. And to reach that high occupancy rate, hotels are heavily reliant on a good strategy. In the past, you may have devised a seemingly perfect marketing strategy to attract as many bookings as possible. However, you may have also been disappointed that you weren't getting the desired results. Don't fall into the
What do hoteliers resist about revenue management? One common pushback is lowering prices below a certain psychological threshold. Yet, it's essential during low demand and pays off later. Some hoteliers believe: "I cannot sell below a certain figure because otherwise low-quality guests will arrive and lower the hotel's image; I prefer to stay empty and not sell." Yet, those who
Regardless of who you are, competition in the hospitality industry is increasingly fierce, and winning new customers is a major challenge even for experienced hoteliers. So, what makes the most significant difference in getting guests to stay at your hotel versus the one down the street? Is it price? Is it the chance to benefit from a personalized loyalty program?
Hotel restaurant management presents some unique challenges. As well as providing food, your hotel's restaurant is an intrinsic part of a guest's experience. An excellent restaurant can help make staying at your hotel memorable. If your hotel restaurant is open to the general public, it can also be an important additional revenue source. In this article, you'll discover valuable tips
ChatGPT hospitality applications are set to skyrocket in the near future. The sophisticated AI chatbot has found its way into various applications thanks to its ability to process questions and provide answers in natural language, similar to human communication. In this article, you'll learn more about ChatGPT and its utility in the hospitality industry. Table of Contents: What Is the
Your Expedia Partner Central login can be the gateway to boosting revenue on your hotel properties. Whether you're an independent owner with a single establishment or a chain of hotels, knowing how to use Expedia Partner Central effectively can dramatically improve your revenue by attracting more guests and encouraging purchases. In this article, you'll learn Expedia can work for you.
When chatbots first appeared, they soon became part of many industries, and hospitality was no exception. They became a great tool to help hotel staffs deal with their high workload and the repetitive questions they must reply to daily. To provide guests with quick and instant answers in a fast way, instead of leaving them waiting for 24 hours. And
Question for Our Hotel Marketing Expert Panel In your opinion, what are the top predictions for hotel marketing trends in 2023? Our Marketing Expert Panel Max Starkov - Adjunct Professor Hospitality Technology, New York University Jolien Alferink - Hotel Marketing Consultant, Orange Hotel Marketing Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou
We are increasingly living in a digital, on-demand world. As a result, the interrelated domains of web design and user experience (UX) are constantly expanding and growing – and 2023 is set to be another year of significant change. Travel experience demand is only increasing this year, so your guests' requirement for a quick, simple, tailored website experience is also
The advancement of AI and automation over the past few years has transformed the hospitality industry. New technology enabled gathering and evaluating vast amounts of data, quickly making informed decisions, and lifting the topline. Especially in the revenue management department, new AI-powered solutions offer the real-time market insights hoteliers need to optimize, adjust and even automate their pricing. One concern
A recent study by Boutique Hotelier (1) revealed that 42% of millennials plan to spend more on travel in 2023, presenting a significant opportunity for hotel brands. With this in mind, we've been keeping a close eye on the latest generation of travelers to understand what sets them apart from other guests and how savvy hoteliers can adapt their offerings
2022 brought unique challenges for lodging businesses as demand strengthened post-pandemic and ‘revenge travel’ soared. As labor shortages reached all-time highs and hotels struggled to fill roles, management was required to face a significant increase in demand with limited resources. The industry responded to these challenges and ended the year exceeding pre-pandemic RevPar. Hoteliers adopted technology to help fill the
Are you measuring housekeeping data? You should. Your guests or the activities drive the housekeeping services it takes to run the property. After all, a room must be cleaned because someone slept in it. So, to understand your property's operations, how costs are created, and how to improve, you need to dive deeper into the catalysts triggering your services. And
When hoteliers, hotel owners, or management seek the help of a revenue management consultant or outsourcing company, they often mention something like, "We've casually practiced revenue management in the past." As the consulting engagement kicks off, these hospitality professionals will say they understand the discipline even though they lack a structured approach. Yet, revenue management is all about structure. Pricing
Managing hotel restaurants may be challenging. Ultimately, one might say maintaining a hotel as a whole is likely enough effort in and of itself, not even to mention trying to figure out how to ensure the hotel restaurant operates to its fullest potential. However, in the long run, it pays to consider ways to boost F&B (food and beverage) sales
Data is the blood life – or oxygen – for businesses, but only if one knows how to make sense of it. The sheer volume and scale of data available to hoteliers today are immense, and operators are finding new ways of turning the overwhelming deluge of information from a curse into a blessing. The process involves rethinking their data