A revenue management strategy is a common practice among hotels. What’s less common is having an ancillary revenue strategy, though. Nevertheless, it’s beneficial for hotels to have one. It’s one of the first steps to unlocking a new, powerful revenue stream and improving the hotel’s positioning and branding while enhancing the guest experience. Here’s a closer look at the other
In the ever-evolving landscape of the hospitality industry, it can feel hard to stay ahead of the curve – or even in the middle of it. However, changing habits, attitudes, and trends send a clear message: the status quo is no longer sufficient to meet the complex needs of modern guests. The solution? Embrace a flexible tech stack and adopt
Question for Our Revenue Management Expert Panel: What are the most beneficial use cases and practical applications of AI in hotel revenue management? Where do you think the opportunities and pitfalls may lie? (Question by Alenka McMahon) Our Revenue Management Expert Panel Alenka McMahon - Managing Director, Hotel Revenue Services Limited Tanya Hadwick
Revenue management is extremely important within the hotel industry because it allows owners to optimize how they do business, to improve financial results. However, it also requires specific skills and knowledge, which means that it can be more effective to outsource revenue management to a third party that specializes in this area. In this article, you will learn more about
While the evolution of all hotel operational technologies has been a fascinating study, the evolution of hotel revenue management systems (RMS) has been particularly interesting, as it has gone through so many distinct and completely different phrases in a relatively short time (approximately the last ten years). RMS Transformation - From Ledgers to AI Cloud Systems Through this evolution, revenue
In recent years, the hospitality industry has navigated unique challenges. As we forge ahead into 2023 and 2024, the landscape of revenue management within this sector is undergoing transformative changes. These changes, crucial for adapting to new market conditions, enhancing efficiency, and aligning with customer preferences, notably accelerate technological integration. Revenue Management Trends in the Hospitality Industry This article delves
Question for Our Revenue Management Expert Panel: What are the benefits of hyper-personalisation in revenue management? What do hotels need to do in order to achieve hyper-personalisation, and are their efforts worth it? (Question by Nikolas Hall)Â Â Our Revenue Management Expert Panel Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts
In this interview, we speak with Dr. Ravi Mehrotra, the president and co-founder of IDeaS. As the son of an electrical engineer and avid chess player, he became interested in technology and how it can be applied to modeling real-world scenarios to help improve decision-making ability. With his friend Sanjay Nagalia, he co-founded IDeas, one of today's leading
For some, advancements in automation bring a profound sense of dread. Worrying about the big-picture societal challenges that may come with the widespread adoption of new, advanced generative AI tools is understandable. But instead of fretting about whatever dystopian worst-case scenario automation may bring, it's time to take a step back for perspective and think of how automation may apply
Your hotel can do everything right, but if your customers aren’t happy, that can lead to a loss of revenue. Why? Unhappy customers leave negative reviews, and that affects future bookings. The Importance of a Positive Hotel Reputation Recently, while browsing some online property reviews, one stood out. "... we were disappointed by the lack of clarity of the reception
The world of hotel payments is everchanging. New payment methods are constantly being introduced into the market, from cash and bank transfers to credit cards and digital wallets. To satisfy guest expectations and encourage direct bookings, lodging operators must stay on top of emerging trends and offer the latest payment methods. The Importance of a Seamless Payment Experience In addition
Question for Our Revenue Management Expert Panel: What advice can you offer to hotels implementing a B2B revenue management strategy? How does the strategy differ compared to a B2C audience and what are your top tips for success? Our Revenue Management Expert Panel Krunal Shah - Director of Revenue Management, The Biltmore Mayfair,
Hospitality is awash with data. From pricing analysis to targeted marketing, from occupancy rates to guest engagement, every hotelier knows that metrics are important – but how do you sort the interesting from the invaluable? What to Do with the Hotel Data? The sheer amount of data can be daunting, because it typically requires several platforms to access and interpret
An effective, data-driven room pricing strategy is the cornerstone of hotel distribution management, with the ultimate goal of finding the ideal price per room that ensures you can maximize revenue without losing guests to competing properties. 9 Effective Strategies for Rate Pricing While overall rate optimization is the main objective, there are various ways to get there. In this article,
Deciding what kinds of accommodation to offer your guests can be complex. In this article, you'll learn about the different types of hotel rooms, how they're categorized, and what types of guests they may attract. You'll learn about room categories based on use, number of occupants, and purpose, as well as pricing strategies for every room type. Table of Contents:
Revenue management systems (RMS) are a new way of working for the vast majority of hotels – in fact, for most, this kind of software was not even an option before. But times are changing. Property management systems (PMS) are becoming more user-friendly, and such systems can help you simplify your life, save you time, and result in more revenue.
Was your summer a revenue bonanza, or more of a busy bust? The summer busy season is undoubtedly a critical stretch for holiday park owners. For many, it's the time to bolster your budgets and make up for the slower months. While plenty of work must be done to ensure your next summer's guests have an excellent experience, it's also
Question for Our Revenue Management Expert Panel: What Forward-Looking Data Should Hotels Use to Understand Guest Behavior and Upcoming Trends? Our Revenue Management Expert Panel Nikolas Hall - Principal Owner, N. Hall Consulting Chaya Kowal- Cluster Director Of Revenue Management, Potato Head Family Damiano Zennaro - Founder, DZ Consulting Heiko Rieder - Vice