What skills should hotels look for when recruiting Revenue Managers?
Question for Our Revenue Management Expert Panel: What top skills and characteristics should hotels look for when recruiting in Revenue Management leadership? Our Revenue Management Expert Panel Paulo Aragao - Revenue Management Professional Chaya Kowal - Director of Revenue Management, Potato Head Family Patrick Wimble - Managing Director, Lightbulb Consulting Theresa Prins - Founder, Revenue Resolutions Heiko Rieder - Vice President Revenue Management and Reservations, Penta Hotels Pablo
5 Reasons Why Implementing RMS in High Season Makes Absolute Sense
Check-in lines, a full luggage store, and you running around, juggling hotel admin work, staff, customer service, marketing, and prices. Welcome to the high season. Amidst this chaos, implementing a new technology solution like a Revenue Management System (RMS) might be the last thing on your to-do list. However, here are five reasons why doing so during this time could be your best strategic move. 5 Reasons for RMS Implementation in High Season Below, you'll
Why is Rate Parity Vital for Hotels? & Tips to Win the Parity Game
Hotels want the best price for their room. Therefore, the same price is set throughout all digital distribution channels. But what if a distribution channel uses lower prices? In this article, you can learn about rate parity and how hotels can prevent distribution channels from undercutting the direct price. What is Rate Parity? In simple words, rate parity is a sales strategy that allows hotels to set an equal price throughout all digital distribution channels.
Five Rate Mistakes in Revenue Management and How You Can Solve Them
Ask any hotel staffer not directly involved in revenue management about the daily tasks of a revenue manager, and they'll likely suggest it's all about 'setting' or 'raising rates.' While these activities are indeed crucial, they often eclipse the comprehensive analysis that underpins each pricing decision. Five Rate Mistakes in Revenue Management and How You Can Solve Them As a revenue manager, focusing entirely on pricing can inadvertently lead your hotel off course, resulting in
Do Small Hotels Need a RMS? How to Overcome the 6 Challenges?
As a hotelier, you have a lot on your plate. From taking care of your staff and guests to managing your online presence, bills and housekeeping - it’s no easy task. But even so, it is imperative you do not overlook one of the most important things to manage: your hotel revenue. In this article, you will learn what the advantages are of a revenue management system (RMS) for smaller hotels and how it helps
Top RMS Reports Every Hotel Revenue Manager Needs to Know
Revenue managers have no shortage of data at their fingertips. To visualize that data in an understandable and actionable way, here are some top RMS reports that every revenue manager should be familiar with. RMS Reports Every Hotel Revenue Manager Needs to Know Below you'll find top revenue management reports that every revenue manager should be familiar with to visualize data understandably. Pace Report The pace report reveals how well your pricing strategies are working:
Hotel RMS Evolution: From Ledgers to Spreadsheets to Cloud-Based Systems
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 management systems have transformed how hotels manage their pricing, availability, and distribution – an operational
5 Ways to Increase Revenue With a Hospitality CRM
If there is something that people working in marketing in hospitality is talking about is the power of a CRM system. But why has it become so important? Today, the challenges of hotel marketing are increasing consistently. People demand more personalization, better reach, multi-channel approaches, etc. And if you are not
How To Increase Hotel Revenue With Easy Pre-Authorizations
While hoteliers know credit card pre-authorization, many don't incorporate it into their reservation policies. Or, if they do, they leave it up to OTAs. Either way, ignoring the impact of well-managed pre-authorizations on your hotel's revenue is a mistake. Flexibility for Guests and Guarantees for Hoteliers Pre-authorizations are a temporary
How Can a Chatbot Increase Your Direct Bookings?
Hotels often prioritize direct bookings because they result in wider profit margins and greater overall control. Therefore, many hotel owners are keen to explore new ways to encourage guests to book directly, and chatbots are emerging as one of the best options. In this article, you will find out how
Increase Your Direct Bookings With Google Hotel Ads
Millions of travelers around the world use Google on a daily basis to search for places to stay during their holidays. Whether it’s for inspiration or information, every brand wants to show up for interested travelers. Google Hotel Ads displays the availability and prices of a property, whether it’s a
Integrating Sustainability Practices into Hotel Marketing Strategies
Question for Our Hotel Marketing Expert Panel How can sustainability practices be integrated into hotel marketing strategies to appeal to the growing eco-conscious consumer base? What are the common challenges? (Question by Michael J. Goldrich)Â Our Marketing Expert Panel Michael J. Goldrich -
In-stay Upselling: Why You Should Use It and How to Maximize Deals
In addition to pre-stay upselling, in-stay upselling allows hoteliers to unlock another dimension that leads to enhanced revenue and guest satisfaction. In-stay upselling reminds guests of services they might have missed when booking their room and allows them to book these deals throughout their stay. What Are the Benefits of