Today's hospitality and travel industry has access to more marketing tools than ever. While having a strong brand with a high social media presence may sound great, you need to focus more on interactivity to be one step ahead of your competitors. For example, virtual reality videos let users fully immerse themselves in the hotel’s or resort’s experience as though
Voice-controlled smart hubs and speakers, such as Amazon Echo, have become extremely popular as home technology products in recent years. However, their uses do not stop there and are increasingly used to deliver a superior customer experience in various industries. One of the most significant examples of this is within hotels, and the Alexa for Hospitality offering from Amazon will
Hotel Revenue Management is a crucial part of running a hotel. You can maximize revenue and minimize your outgoings by effectively balancing supply and demand. A Hotel Revenue Management Course can help you understand this important topic. Hotel Revenue Management Courses will give you the tools and strategies you need. Learn about course providers and what studying Hotel Revenue Management
When potential clients reach out to Revenue Management Software (RMS) companies, they often have the same question: “How much extra revenue will I make?”. To which the only honest answer is “We don’t know, exactly”. You may come across companies promising 30% or 50% more than you are receiving now. But, in reality, it depends on so many factors; for
Revenue management stands for “Selling the right product to the right client at the right moment at the right price via the right distribution channel with the best cost efficiency”. But what does revenue management really mean for the extraordinary hotelier? What should you take care of in order to increase the revenue for your property? Basics of Revenue Management
Revenue management is concerned with optimizing financial results and is especially popular in industries like hospitality, which must contend with high fixed costs and a perishable inventory. For example, hotels have a certain number of rooms and fixed costs, which must be met regardless of how many rooms are sold. In such industries, revenue management predicts demand and optimizes inventory
Revenue per occupied room, or RevPOR, is a KPI used within hotel management to assess financial performance. As a result, it can play a role in a revenue management strategy. Its main value to hotel owners is in giving them an idea of exactly how much revenue they make from the rooms they manage to sell. Table of Contents: What
For those in the travel industry, including hotel owners, a global distribution system (or GDS system) is one of the major distribution channels, connecting their inventories with travel agents, who can sell products on their behalf. In this article, you will learn more about Galileo GDS, one example of such a system. What is a GDS System? A global distribution
Average daily rate (ADR) is a KPI commonly used for revenue management within the hotel industry. As a metric, ADR's primary value is its ability to reveal the average rental income connected to occupied rooms each day, which is valuable for revenue management. It can give hotel owners an idea of their current operating performance, especially compared to other hotels
Revenue management is a data-driven approach to predicting customer behavior, to optimize product pricing and availability to maximize revenue. It is especially useful in the hotel industry, because hotels have limited rooms available and experience varying demand levels. Several key performance indicators, or KPIs, should be tracked when carrying out a revenue management strategy. KPIs are quantifiable measures that allow
What do you do when you want to find a hotel for your city break? Like many people, you probably start your search using a search engine like Google or Bing. According to Google, millions of hotel searches are carried out every day. People want to find information about facilities, rates, reviews, availability, and things to do in the area.
Revenue management in the hotel industry involves optimizing the price and availability of rooms and services based on analytics that predict consumer behavior to maximize revenue. It can be an extremely effective discipline, but specialist knowledge is required to make the most of it. For this reason, many hotel managers opt to use the skills and services of freelance revenue
While revenue management relates more to selling your product to the right person at the right time through the best distribution channels, online reviews are a rudimentary but equally important link that can't be ignored. A handful of poor reviews can have massive implications on your business, leading potential guests to look elsewhere for accommodation. A visible selection of positive
Regarding hotel marketing, your website is the most important distribution channel you'll ever have. Your hotel website isn't just where potential guests can browse information about your business. It's also where customers can make direct bookings and ensure you don't have to fork out commissions usually associated with third-party agencies. It might seem taxing at first glance, but just a
Net revenue per available room, or NRevPAR, is used by those within the hotel industry as part of a wider revenue management strategy, helping them to assess overall business performance. As a KPI, the NRevPAR metric is similar to RevPAR, but factors in distribution costs. Therefore, it is arguably a more accurate performance indicator. What is NRevPAR? The NRevPAR metric
The average revenue per account, or ARPA, is a KPI used in the hotel industry for revenue management. The metric tells hotel owners the amount of revenue generated, on average, per customer account. As a result, it is a good indicator of business performance. The metric is sometimes known as average revenue per user. What does ARPA stand for? ARPA,
Whether you're considering a management role at a boutique hotel or a large chain, a hotel management course can help. Perhaps you already work in the hospitality industry and dream of someday operating your own hotel. Maybe you're working in another sector together but think that hotel management might be the career change you're looking for. Have you ever considered
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.