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
Pushing Profit Beyond the Guest Room in 2021
Hoteliers are under unforeseen pressure to make magic happen in the new year and get their profitability back on track. Three words: “Total Profit Optimisation.” You’ve likely heard them spoken before in hushed whispers. It’s the ever-elusive and seemingly unattainable holy grail of hotel revenue leadership. Maximising Your Business Revenues by Total Profit Optimisation Total profit optimisation considers costs associated with acquiring and servicing every hotel reservation and the profit of each revenue stream associated
What are the Pros and Cons of Outsourcing Hotel Revenue Management?
Question for Our Revenue Management Expert Panel: What are the advantages and disadvantages to outsourcing revenue management? Is there a difference depending on hotel / property type? Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Dermot Hrlihy - Owner, Dynamic Hospitality Consulting Ricardo Sereno - Revenue Manager, Altis Hotels Dr. Betsy Stringam-Bender - Professor of Hotels & Resorts,
Should Hospitality Marketing be Managed In-House or Outsourced?
Question for Our Hotel Marketing Expert Panel Should hospitality marketing be managed in-house or outsourced to an external agency? With many hospitality brands operating with smaller teams, what marketing activities could be outsourced easily? Our Marketing Expert Panel Dustin Caromano - Director of Marketing and eCommerce, Première Advisory Group Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Max Starkov - Adjunct Professor Hospitality Technology, New York University
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 the 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
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
Balancing System and Manual Forecasts for Ideal Hotel Budgeting
Question for Our Revenue Management Expert Panel: What is the “ideal” budget process for hotels? Is it relying entirely on tech-based forecasting, or also maintaining manual forecasts to ensure accuracy? (Question proposed by Mariska van Heemskerk) Our Revenue Management Expert Panel Niko Krauseneck
Benefits of Hyper-Personalisation in Revenue Management
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) Our Revenue Management Expert Panel
Hygiene is the New Marketing Message for Hotels
With COVID-19 at the very forefront of most people's consciousness, it is vital for hotels and resorts to include hygiene information within their marketing content. After all, potential guests are now much more likely to make travel decisions with hygiene measures and other coronavirus safety concerns in mind. Read on
Embracing Hybrid Hospitality: A Blueprint for Boosting Hotel Revenue
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 sends a clear message: the status quo is no longer sufficient to meet the complex needs of modern
Hyatt Hotel Brands: Learn About All the Hyatt Brands
Hyatt hotel brands describe the various hotels, resorts, and other properties owned, operated, or licensed by Hyatt Hotels Corporation. Each of the brands brings some form of unique experience, service, and more to its guests. The importance of the Hyatt hotel brand is largely in how it demonstrates different business
What is the Role of Human Judgement in Revenue Management Decisions?
Question for Our Revenue Management Expert Panel: With so much technology available, how does human judgement factor into making revenue management decisions? Should the RMS ever be overruled by human judgement? (Question by Fabian Bartnick) Our Revenue Management Expert Panel Fabian Bartnick -