Hotel Revenue Management Strategies & Tips

An Overview of Metrics Every Revenue Manager Should Track

Revfine.com2024-04-08T16:28:00+02:00

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

An Overview of Metrics Every Revenue Manager Should TrackRevfine.com2024-04-08T16:28:00+02:00

3 Key Strategies for Mastering Revenue Management with PMS Data

Revfine.com2024-04-10T16:57:06+02:00

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

3 Key Strategies for Mastering Revenue Management with PMS DataRevfine.com2024-04-10T16:57:06+02:00

8 Signals Your Hotel Pricing Needs Adjustment

Revfine.com2024-04-08T16:30:08+02:00

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

8 Signals Your Hotel Pricing Needs AdjustmentRevfine.com2024-04-08T16:30:08+02:00

Hotel Revenue Management System Adoption: Tips for a Smooth Transition

Revfine.com2024-03-25T10:52:49+01:00

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.

Hotel Revenue Management System Adoption: Tips for a Smooth TransitionRevfine.com2024-03-25T10:52:49+01:00

Master Pick-up Analytics: Learn Why & How They Elevate Your Hotel

Revfine.com2024-03-25T10:53:19+01:00

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

Master Pick-up Analytics: Learn Why & How They Elevate Your HotelRevfine.com2024-03-25T10:53:19+01:00

How to Measure The Profitability of Your Hotel Business

Revfine.com2024-03-25T10:54:55+01:00

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

How to Measure The Profitability of Your Hotel BusinessRevfine.com2024-03-25T10:54:55+01:00

The Risks of Ignoring Revenue Management’s Budget Advice

Suzanne2024-06-13T12:23:10+02:00

Question for Our Revenue Management Expert Panel: What happens if hotel owners do not listen to revenue managers during budget preparations? What advice would you give to an RM team when asked to justify their budget? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick -

The Risks of Ignoring Revenue Management’s Budget AdviceSuzanne2024-06-13T12:23:10+02:00

Is it Realistic to Focus on Profitability over Revenue?

Suzanne2024-02-27T16:21:41+01:00

Question for Our Revenue Management Expert Panel: Is it realistic to focus on profitability over revenue? How should revenue management teams manage stakeholder expectations? Where might challenges arise? (Question by Diego Fernandez Perez De Ponga) Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel

Is it Realistic to Focus on Profitability over Revenue?Suzanne2024-02-27T16:21:41+01:00

8 Tips to Improve OTA Conversion Rates

Revfine.com2024-02-26T17:26:47+01:00

In the highly competitive world of online hospitality, mastering the art of OTA listings is not just an advantage—it's a necessity. With most travelers making their accommodation decisions based on OTA rankings and reviews, understanding how to climb these ranks and convert interest into bookings is the key to success. Your OTA listing can distinguish between a filled room and

8 Tips to Improve OTA Conversion RatesRevfine.com2024-02-26T17:26:47+01:00

Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel

Revfine.com2024-04-10T16:59:43+02:00

The hospitality sector has long underestimated the influence of short-term rental accommodation on their operations, viewing it as a specialized lodging type that wouldn't impact conventional hotel reservations. However, the swift expansion of short-term rentals, spearheaded by organizations like Airbnb and VRBO, has made an undeniable mark on the hotel industry. The Importance of Short-Term Rental Bookings There's a growing

Short-Term Rental Data: A New Technique to Forecast Demand at Your HotelRevfine.com2024-04-10T16:59:43+02:00

9 Forecasting Tips to Improve Your Revenue Management Strategy

Martijn Barten2024-06-04T21:55:23+02:00

Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips

9 Forecasting Tips to Improve Your Revenue Management StrategyMartijn Barten2024-06-04T21:55:23+02:00

How Do You Take Your Hotel’s Data Game to the Next Level?

Revfine.com2024-02-12T11:52:53+01:00

So, you are interested in hospitality data? In the current world of hospitality, data has become the cornerstone of strategic and tactical decision-making. This article explores how data and data tools can help transform operations across the hotel, improve communication and efficiency, and drive revenue and profit growth. Uncover the first steps to integrating analytics into your hotel's day-to-day for

How Do You Take Your Hotel’s Data Game to the Next Level?Revfine.com2024-02-12T11:52:53+01:00

Boosting Occupancy: 7 Options for Hoteliers

Revfine.com2024-02-12T11:57:30+01:00

"Heads in beds." While occupancy is not the only thing influencing the revenue success of a hotel, it's hard to say you're maximizing revenue if your occupancy levels are low. 7 Ways to Effectively Boost the Occupancy Today, guests typically have a wealth of options for determining precisely in which beds their heads will be resting. Hotel room supply is

Boosting Occupancy: 7 Options for HoteliersRevfine.com2024-02-12T11:57:30+01:00

Key Features to Evaluate in a Booking Engine to Maximize Revenue

Revfine.com2024-02-12T11:58:08+01:00

As the hospitality sector undergoes swift transformations, prioritizing convenience and tailored experiences for all travelers, the pivotal role played by Internet Booking Engines (IBEs) becomes undeniably vital. These digital tools have revolutionized hotels' operations, helping them achieve the dual goals of maximizing occupancy and revenue. 11 Most Important Booking Engine Features The hotel's success heavily relies on its online presence

Key Features to Evaluate in a Booking Engine to Maximize RevenueRevfine.com2024-02-12T11:58:08+01:00

Potential Impact of ChatGPT and other LLMs on the Booking Process

Revfine.com2024-02-01T22:11:40+01:00

Question for Our Revenue Management Expert Panel: How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management? (Question by Massimiliano Terzulli) Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Oleksii Kapichin -

Potential Impact of ChatGPT and other LLMs on the Booking ProcessRevfine.com2024-02-01T22:11:40+01:00

How Does Hotel Overbooking Impact Your Revenue?

Revfine.com2024-01-28T17:37:27+01:00

Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons

How Does Hotel Overbooking Impact Your Revenue?Revfine.com2024-01-28T17:37:27+01:00

Uncovering the Importance of Pickup and Pace in Revenue Management

Revfine.com2024-04-10T17:00:13+02:00

As a revenue manager, one of your essential daily inquiries is, "What was yesterday's pickup?" It's a question that sets the tone for your day and helps you make informed decisions about selling the right room, to the right guest, at the right time, at the right price. Setting the correct room price is undoubtedly the cornerstone of revenue management,

Uncovering the Importance of Pickup and Pace in Revenue ManagementRevfine.com2024-04-10T17:00:13+02:00

Open Pricing: Why Is It the Next Hotel Revenue Management Strategy

Martijn Barten2024-06-07T13:13:34+02:00

Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality. In this article, you'll learn how this pricing strategy can work for you.

Open Pricing: Why Is It the Next Hotel Revenue Management StrategyMartijn Barten2024-06-07T13:13:34+02:00

Hotel Revenue Management

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