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
Question for Our Hotel Marketing Expert Panel How can hotels leverage Tiktok (boasting 1.7 billion active users in 2023) to engage with and attract guests? In your opinion, which strategies can they apply, and what are the best practices? Our Marketing Expert Panel Luminita Mardale - Director Of Marketing And Business Development, Vienna
Getting your restaurant revenue management strategy right can be critical for your business's success. In this article, you'll learn everything you need to know about revenue management: what it is, what it can do for your business, and how to craft and implement the perfect strategy. You'll also discover key tactics and ways to apply them to your restaurant. Table
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
5 star hotel organizational chart design is an exciting part of the industry as a whole for a number of reasons. It's essentially a design methodology that can keep hotels focused on five star ratings. It's an important subject because charts take much of the subjectivity out of the rating system. People often stress over how various elements might feel,
The importance of having the right hotel marketing strategies is difficult to overstate, as it is a key part of launching a hotel, optimizing the number of bookings you generate, building brand awareness, and managing your reputation. In this article, you will learn more about some of the essential strategies to adopt at all times. Table of Contents: 15
Hotel organizational structure is the hierarchy through which decisions and actions are made within hotels. It can be thought of as a continual flow of communication within a strict hierarchal system that ensures message coherency. Hotel organization is an important element of the hospitality system in large part due to the industry's complexity. A hotel needs to accommodate the needs
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
Occupancy rate is a KPI used by those within the hotel industry to assess a hotel's performance. As a metric, it is concerned with the percentage of a hotel occupied, and can be used alongside other KPIs, such as ADR (average daily rate) and RevPAR (revenue per available room), as part of a revenue management strategy. Table of Contents: What
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.
Pick-up analytics are essential for hotels to forecast demand, optimize pricing strategies, manage inventory, marketing, and improve revenue management. In this article, we will dive into the world of Pick-up Analytics. You will learn what Pick-up Analytics is and how to use it to help your hotel optimize performance. What is Pick-up Analytics? In short, it is important to analyze
Profitability is a business's ability to generate earnings from its operations over a given period. Various methods, known as profitability ratios, gauge a business's overall profitability. This article explains the different profitability ratios and explains how revenue management can positively impact profitability. Insight in Profitability Ratios Profitability ratios provide insight into how a business is performing and are key tools
When exploring the landscape of digital marketing for hotels, we see many new emerging trends, such as AI, Automation, social media, influencer marketing, and more. Many may wonder, "Is email marketing still relevant for hotels?" And the answer is an assured yes. Why Email Marketing for Your Property? Even with all the new tech tools and marketing options available, email