Revenue Management Guide: Calculating Costs & Quality Analysis
As a hotelier, you know many factors go into your room rates. Three of those factors are your costs, current demand, and your hotel’s online visibility. Revenue management is the science of assessing these and other factors and raising your profitability year after year. This article offers a guide to analyzing your costs and improving your analysis with the goal to boost your hotel's profitability. Quick Menu: What Kinds of Hotel Costs Do You Take
4 Website Personalization Tips for Luxury Hotels to Increase Direct Bookings
Brand identity significantly influences guests, with an even more significant impact in luxury hospitality, where brand image standards are higher. As a luxury brand, it's crucial to seduce potential guests and entice them to book on your hotel website by providing each visitor with a personalized online experience, with your brand's personality shining through at all times. 4 Ways How Luxury Brands Convert Guests from Lookers to Direct Bookers By accompanying your visitors and transmitting
How To Leverage Data Across 4 Key Hotel Departments
There is no shortage of data in the hospitality industry. From travelers browsing your website to entering information on OTAs and post-stay surveys, hoteliers collect immense amounts of hotel data daily. For this data to be useful, it must be organized and filtered, so it's decipherable and helps guide decision-making. Decisions Based on Business Intelligence Using data analytics, hoteliers can examine vital business intelligence information collected from sources, like their reservation system or Google Analytics,
Break Siloes and Foster Synergies to Optimize Hotel Profits
Hotels looking to optimize profits must break the silo mentality. They must align their teams and synchronize their knowledge. In this article, you'll learn how to break siloes and foster synergies to optimize hotel profits. Steps to Creating a Connected Commercial Organization The movement toward commercial revenue is a good start. Many hotels have brought sales, marketing, revenue management, and distribution under a single commercial revenue leader. But it's not a single person's job. It
Steps for Success: Evaluating and Pricing Group Business
Group business is an undeniably important piece of the revenue puzzle for hotels. However, not all group revenue is equally valuable or desirable. To achieve an ideal mix of group and transient business, hotels must undergo a detailed evaluation process—one that can be greatly aided with an advanced revenue management system. Ten Crucial Steps to Evaluating and Pricing Group Business In this article, you’ll find key steps and considerations for evaluating group business opportunities. 1. Identify the Market Segment Qualifying group business starts with identifying the market segment into which it falls. While your hotel may serve different types of
Open Pricing: Why Is It the Next Hotel Revenue Management Strategy
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. Table of Contents: What is the Open Pricing Model in Hotel Revenue Management? Best-Available-Rate (BAR)
Cruise Industry: All You Need to Know About Cruises!
The cruise industry provides unique experiences for customers, blending elements of transportation, hospitality, and entertainment. However, within the cruise industry, there are a variety of cruise line classifications and a number of different cruise types. In this article, you will be able to find out everything you need to know about cruises. Table of Contents: What is the Cruise Industry? What is a Cruise Line? 6 Biggest Companies Within the Cruise Industry Carnival Corporation &
Top Tactics to Drive Direct Bookings at Your Hotel
The last few years have seen major shifts within the hospitality industry. Along with the uneven demand and staffing challenges caused by the pandemic, there was one significant upside – a shift in confidence that saw guests book directly through the hotel vs. relying on OTA websites to find the
3 Steps to Implement Customer Data into Your Hotel Marketing Strategy
Being able to adapt quickly to market demands is a skill many hotel marketers should make an effort to master. And in this digital age, it never hurts to be more data-driven in your overall business strategy. One way to do this is by utilizing customer data in your marketing.
What Advice Would You Offer to Hotels Choosing Their Tech-Stack?
Question for Our Revenue Management Expert Panel: What advice would you offer to hotels choosing their tech-stack? For example, best practices, features, potential pitfalls, and how to "future-proof". Our Revenue Management Expert Panel Dermot Herlihy - Commercial Director, DUKES LONDON Mariska van Heemskerk -