How to Measure The Profitability of Your Hotel Business
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 for accurately analyzing financial statements. Every business owner should know what these parameters represent and
How to Maximize Hotel Revenue by Applying Open Pricing to Upselling
You probably already know that adjusting your room rates based on demand fluctuations can boost your revenue. But have you ever thought of applying this approach to upselling? And what about taking things yet another step further and using the principles of open pricing on upselling as well? Keep reading to discover how these techniques can take your revenue strategy and top line to the next level. The Role of Upselling in Revenue Management Upselling
How Can Hotels use Micro-segmentation to its Full Potential?
Question for Our Revenue Management Expert Panel: How can hotels use micro-segmentation to its full potential? At what point does it become too "micro" to be valuable and what tips can you share for achieving success? (Question by Pablo Torres) Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Connor Vanderholm - CEO, Topline Heiko Rieder -
Mastering the Art of Multi-Property Management
This article explores the nuances of managing multiple hotel properties. It emphasizes the importance of creating a unified guest experience, utilizing advanced technology to enhance operational efficiency, and incorporating local cultures into service delivery. You find three topics that discuss increasing guest loyalty, optimizing revenue, and maintaining competitiveness in the hospitality industry. Introduction to the Dynamics of Managing Multiple Properties In the hospitality realm, managing multiple properties is more than just expanding venue numbers—it's a
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
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
How can Hotels Balance their use of OTAs Vs Direct Booking Channels?
Question for Our Hotel Marketing Expert Panel What advice can you offer hotels on finding the right balance between OTAs Vs Direct Booking channels? Are there any occasions where hotels should not use OTAs? Our Marketing Expert Panel Adele Gutman - Culture
Hotel STAR Report: Clear Introduction for Hoteliers
Hotel STAR Report The Hotel STAR Report is a critical performance benchmarking tool in the hospitality industry, providing detailed revenue and occupancy data compared to competitors. It is important because it helps hoteliers make informed pricing, marketing, and operational decisions by understanding their market position and identifying trends. Ultimately, it
The Hotel Star Rating System: Types, Benefits, Significance, Examples
The hotel star rating system is one of the main ways hotels are assessed and rated. This is important because potential customers may look at the star ratings of a hotel before deciding whether to book a room there. Here, you can learn about the types of hotel star ratings,
How to Hire the Best Hotel Staff for Your Hotel?
It is impossible to run a successful hotel without hiring the right hotel staff. After all, success in the industry relies hugely on customer service, and many additional tasks and duties need to be carried out. For instance, most hotels need marketers, receptionists, HR staff, accountants, cleaners, IT support workers,
Hotel Software: The Most Important Software Solutions for Hotels
Hotel software helps hotels streamline their processes resulting in increased revenue, cost reductions, and improved guest experiences. But which hotel software solutions does a hotel need? In this article, you will learn about the most useful hotel management software systems that will help ease your day-to-day operations. What is Hotel
Hotel Schools: Global List of Hotel Management Schools
Hotel schools provide a range of training on every topic you can think of about the hotel industry. At a hotel school, you might find courses covering everything from general management to accountancy. Hotel schools are vital to developing your career to its full potential. You'll learn about the top