Before embarking on a career in revenue management, reading a comprehensive revenue manager job description can be useful. After all, it is a position with many different responsibilities connected to it, and it is also important to get a sense of the required skills, qualities, and qualifications. In this article, you will find a description of what revenue management entails
As a revenue manager, analytics and automation probably aren’t new to you. But recent developments in tech, like predictive analytics, forward-looking data and live insights, take revenue management to a whole new level. Especially in the looming recovery phase, these capabilities can drastically increase your chances of success even with unpredictable markets. Leaving Historical Data Behind Before Covid-19, your historical
Technology is becoming more and more ingrained into the daily operations of today’s hoteliers, with hotel technology itself evolving in leaps and bounds. As hotel tech platforms and tools become more advanced and marketing-savvy, it becomes increasingly difficult for hoteliers to sift through the noise to find the best tools to meet their specific needs. In this article, you'll learn
In the wake of the COVID pandemic, it is fair to say that the hospitality and tourism industry has been hit hard. It has dealt with an unprecedented economic fallout as international travel became restricted, flights reduced, events cancelled or postponed, and attractions and entertainment venues closed for extended periods. This article addresses whether hotels should remain open or suspend
The global hospitality industry has had its fair share of large-scale disruptions since COVID-19 first struck, and the hotel sector faces an uncharted recovery period ahead. Hoteliers can gain ground by using agile, accurate, and holistic revenue forecasting. Modern Tools for Modern Challenges Are you using outdated technology at your hotel? Advanced, cloud-based solutions will help fulfil your security, connectivity,
The role of a revenue manager is one of the most important within hotels and similar organizations, assisting the business by optimizing financial performance. However, many people remain unclear about exactly what a revenue manager is, what tasks are connected to the job, the level of education required, and the salary. In this article, you can learn more about these
In 2020, revenue managers were forced to make a massive shift. Instead of leaning on in-house on-the-books (OTB) data, historical and compset information, you now need to focus on much broader data sets. But collecting and evaluating more data takes your team more time. In this article, you'll learn how hotels can use data for a successful post-covid recovery strategy.
Hotel front offices are often considered cost centers when they should be seen as profit centers. Artificial Intelligence (AI) can filter and solve customer requests and FAQs so that staff can focus only on high-value customer requests. Innovation is Not About Replacing Humans With Machines Complacency is the main obstacle to hotel front office modernization. Hoteliers tend to compare their
Business growth and revenue management are top priorities for most hotel owners, and these concepts rely heavily on optimizing demand for hotel rooms. One of the ways hotels can do this is through the Google Hotels platform. In this article, you can find details on how this works and the main benefits. Table of Contents: What is Google Hotels? How
While a familiar term in the hospitality industry, the broader perception of the word ‘upselling’ could use an improved reputation– and for a good reason. As consumers, we’re bombarded with offers and deals that distinctly fail in hiding their brazen disregard for the consumer. There’s nothing more off-putting than selling an item or service that is clearly in the seller’s
Hospitality revenue management teams have long been expected to manage demand. But for the hospitality industry's new climate in 2021 and beyond, revenue leaders will need to do more than manage demand—and now it’s up to hoteliers to find creative ways to align their marketing and revenue teams to generate new business. Break Down (or at Least Align) the Silos
Point-of-sale software ranks among the most important software solutions available to those in the hotel industry, and hotel owners and managers need to take steps to get the most from these packages. In this article, you can read about the six benefits of using POS software effectively. Table of Contents: What is Point of Sale Software? Why Use Point of
With the expected big recovery in the travel industry ahead, it's a perfect time to re-evaluate your marketing strategy and tactics. Many hotels are going through their harshest times ever, and there's little margin for error when it comes to being prepared for when demand returns. In this article, you can learn how to use the Hotel Marketing Canvas©, a
From a look and feel-perspective, all chatbots look similar. However, some will deliver excellent service to your guests; others will generate frustration. If you want to make the right choice for your hotel or group, look for these essential decision criteria. This article provides four tips to help you choose the right chatbot to achieve your hotel(s) strategic goals. 4
Most hotels use a combination of different distribution channels in order to sell their hotel rooms. However, while a wider spread can assist you in optimising demand, it can also complicate managing these different channels. This is why investing in a hotel channel manager is important and in this article, you will learn more about the value of these software
While hoteliers, in general, are becoming well-versed in the multiple benefits of digital upselling, it’s interesting to note how individual hotels find unique ways of using upselling to boost their business. In this article, Hotel Van der Valk explains what the benefit is of digital upselling and you can download the full performance report with all results. Digital Upselling Gives
When engaging with online travel agencies (OTAs) in this era of uncertainty, hoteliers must properly understand the value and costs associated with all distribution channels. Any relationship weighted in favour of an OTA to the detriment of a hotel’s bottom line needs to be reviewed, and steps should be taken to maximise your direct bookings. Capture More Direct Bookings For
Hoteliers are under unforeseen pressure to make magic happen in the new year and get their profitability back on track. Three words: “Total Profit Optimisation.” You’ve likely heard them spoken before in hushed whispers. It’s the ever-elusive and seemingly unattainable holy grail of hotel revenue leadership. Maximising Your Business Revenues by Total Profit Optimisation Total profit optimisation considers costs associated