5 Essential Tips to Choose the right Property Management System
For those in the hospitality industry trying to run a successful hotel, a robust revenue management strategy is of the utmost importance, and a property management system (PMS) can assist greatly. In this article, you will find the uses of a property management system and read five tips to help you select the right one. Table of Contents: What Is a Property Management System? Why Is a Property Management System Important? 5 Tips On How
What is Yield Management?
Yield management is a pricing strategy commonly utilized by businesses in hospitality, air travel, and other tourism-related fields to generate maximum revenue from perishable inventory (e.g., hotel rooms or airline seats). Here, we answer the question 'What is yield management?' and explain why it is useful for hospitality hotel owners and others. Defining Yield Management In simple terms, yield management is a strategy based on selling to the right customer at the right time for
What does GOPPAR stand for?
A key performance indicator, or KPI, is a quantifiable business performance measurement. KPIs are essential for implementing a successful revenue management strategy, as it allows businesses to identify areas of success and failure, as well as trends related to demand and customer behavior. GOPPAR is one of the most important KPIs hotels use for revenue management. This article explains what GOPPAR stands for and why it is important. GOPPAR Explained GOPPAR is an acronym for
Hotel Distribution Channel Manager: What Are the Advantages?
For those in the hospitality industry, a key part of any revenue management strategy revolves around distribution channel management. After all, while direct bookings are usually preferable, maximizing bookings and revenue requires assistance from third-party distribution agents. In this article, you will find extensive information regarding distribution channel management in the hotel industry and the role a distribution channel manager can play. Table of Contents: What is Distribution Channel Management? What is a Hotel Distribution
Is Room Standardisation Helping or Harming Hotel Profitability?
Question for Our Revenue Management Expert Panel: Is standardising room categories boosting bookings but diluting hotel individuality, or limiting a property’s ability to stand out and stay profitable? (Question by Nikolas Hall) Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Pablo Torres - Hotel Consultant Mariska van Heemskerk - Owner, Revenue Management Works Niko Krauseneck - Founder, RevenueRebel Heiko Rieder - Senior Vice President Commercial & Distribution, Step Partners Europe Chaya Kowal - Director of Revenue
Unleashing Data for Personalized Hotel Stays
Hotels are moving from traditional transactional models to relationship-focused approaches, driven by guests’ desire for personalized experiences and seamless interactions. Unleashing data for personalized hotel stays has become the key to unlocking these enhanced guest experiences. Modern technology, especially mobile and cloud-based solutions, facilitates this transformation. Hotel owners, managers, and operators understand that guests’ expectations constantly evolve. Building lasting relationships rather than merely completing transactions is vital to meet these expectations. Understanding Changing Guest Expectations
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
Late Check-Out Hotel Strategies: A Comprehensive Guide for Hoteliers
Late check-out hotel strategies are based on allowing guests to extend their stay beyond the standard check-out time. Hotels will often charge guests extra for the option of checking out late. These strategies are important for the guest experience because they add an extra level of convenience. In addition, late
Interview with Founder and CEO Vassilis Syropoulos of Juyo Analytics
In this article, we're interviewing Vassilis Syropoulos. Vassilis is the founder and CEO of Juyo Analytics. He founded the company to provide a consolidated analytics solution for the hospitality industry. One which makes it easy to work with complex data using an easy-to-understand interface.
How to Craft Your Hotel Website’s Navigation into a Digital Lobby
It should come as no surprise that your hotel's website, in fact, serves as a virtual lobby for your business. The question is—are you treating it as such? The Importance of Your Digital Lobby In a similar way to how your property’s lobby sets the tone for a new guest’s