15 Revenue Management Strategies to Grow Your Hotel Business
For hotel owners looking to grow their business, a robust revenue management strategy is of the utmost importance, helping to optimize business results. However, under the broader revenue management umbrella, many smaller strategies can help to facilitate growth. In this article, find 12 revenue management strategies that hotel industry employees can employ to achieve this ultimate objective. Table of Contents What Is Revenue Management? 15 Revenue Management Strategies 1. Analyze the Market 2. Pricing Optimization
An Analyze of How Hoteliers Handled Revenue Management During the Pandemic
Using past data to predict future revenue during a pandemic might seem counterintuitive to many hoteliers. After all, hotel revenue management is always a complex science. How can you predict anything during a pandemic? In this article, you’ll learn how fellow hoteliers dealt with the Corona pandemic. Three Different Paths During the Pandemic As a hotelier, you’ve faced an unusual past year, and you’ve had to make difficult choices. As revenue optimization experts, we’ve seen
How Can Revenue Management Collaborate with Sales & Marketing Teams?
Question for Our Revenue Management Expert Panel: For best collaboration, should Revenue Management fall under Sales & Marketing – or vice versa? Should they be separate departments on the same level of the hotel hierarchy? Or one single department? Our Revenue Management Expert Panel Chaya Kowal - Director of Revenue Management, Potato Head Family Theresa Prins - Founder, Revenue Resolutions Paulo Aragao - Revenue Management Professional Nikhil Roy
Revenue Management Podcasts; Top 10 Podcasts for Hotel Managers
Revenue management podcasts can be a goldmine of information. They're increasingly popular with professionals across various industries, especially the hotel industry. Podcasts on revenue management topics are the ideal way to stay informed about the latest developments and discover new strategies. In this article, you'll discover some of the best podcasts. Table of Contents: What Is the Hotel Industry? What Is a Revenue Management Podcast? Why Is It Beneficial to Follow Hotel Revenue Management Podcasts?
5 Signs Hotels Need a New Digital Marketing Partner
Partnering with a strong digital marketing agency can propel your property to new heights. But when that partner fails to innovate, falls short on reporting, or cannot adapt, the relationship can become an obstacle to growth. Here, you find five signs that it’s time to consider a new digital marketing partner, and how to find a synergetic fit. 5 Crucial Signs Hotels Need a New Digital Marketing Partner Your hotel’s digital marketing success hinges on
8 Signals Your Hotel Pricing Needs Adjustment
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 What's the right price for a business traveler might be the complete opposite of the
Is it Realistic to Focus on Profitability over Revenue?
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 Group Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Massimiliano Terzulli - Revenue
Lodging Industry Guide: All You Need to Know!
The lodging industry is focused on the provision of temporary overnight accommodation for guests. It includes a wide range of businesses, such as hotels, motels, hostels, inns, campsites and guest houses. The lodging industry is important because it provides guests with a place to stay while traveling. It facilitates both
Five Ways Lodging Businesses can Prepare for 2023
2022 brought unique challenges for lodging businesses as demand strengthened post-pandemic and ‘revenge travel’ soared. As labor shortages reached all-time highs and hotels struggled to fill roles, management was required to face a significant increase in demand with limited resources. The industry responded to these challenges and ended the year
How do Reputation Scores and Revenue Management Influence each other?
Question for Our Revenue Management Expert Panel: What are the links between hotel reputation scores and revenue management? How do they influence each other? (Question proposed by Pablo Torres)Â Our Revenue Management Expert Panel Pablo Torres - Director Of Sales Marketing, Alannia
Top Tips for Leveraging Tiktok to Attract and Engage with Guests
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
6 Lessons from Leading Brands for Elevating Hotel Booking Strategies
While OTAs have dominated the digital travel booking space in recent years, their influence is quietly dwindling as travelers seek more authentic experiences. In parallel, hoteliers now have access to more tools and resources for digital optimization. In fact, hotels of all sizes can significantly boost online bookings by taking
The Power of Lean Revenue Management; Sophisticated But Not Complex
The global pandemic has sped up a trend in revenue operations (RevOps) throughout the business world. Forrester recently published a study that found that many companies are moving towards more centralized RevOps. They’ve understood that revenue is more than an outcome and instead of a result of a business process