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
9 Forecasting Tips to Improve Your Revenue Management Strategy
Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips to Improve Your Forecasting 1. Keep Accurate Records 2. Make Use of Historical Data 3.
10 Valuable Tips to Manage Your Hotel Career
Hotel careers can be rewarding, challenging, and varied. Yet, regardless of whether you are seeking an entry-level job to get your foot in the door, or hoping to take the next step up the career ladder, there are certain things you can do to maximize your chances of finding a job. In this post, you will find some valuable tips to help you on your way. Table of Contents: Hotel Careers: 10 Tips to Find a Job in a Hotel 1. Start Your Hotel Career With Proper Education & Training 2. Build an Amazing CV or Resume 3. Boost Your
A Steady Hand: How Revenue Management Solutions Can Help Hoteliers Navigate Economic Uncertainty
It’s a foreboding statement that surely hoteliers are getting at least a little tired of seeing, particularly with the economic shock of COVID-19 firmly in our rear-view mirrors. While it’ll take time for the dust to settle, an aggressive and often-shifting trade policy from the world’s largest economy has undoubtedly injected a substantial amount of uncertainty into the plans of hotels across the globe. 5 Revenue Management Tech-Driven Tips for Taming Uncertainty Before you start
Hotel Fees: A Comprehensive Guide to Understanding Accommodation Charges
Hotel fees are the various charges guests face when staying at an accommodation business, like a hotel or resort. They can range from the basic room rate and fees for using hotel amenities, to parking fees and taxes. For hotels, it is important to understand and make strategic use of hotel fees to maximize revenue from guests. At the same time, fees need to be managed carefully to maintain high levels of guest satisfaction. In
How to Attract Different Segments Through a Diverse Distribution Strategy
With so many ways to reach potential guests, developing an effective distribution strategy is more important than ever. Leisure demand is slowing down after years of exponential growth post-pandemic, while other segments, namely international, corporate, and group travel, are starting to pick up again. For hotels seeking to increase their
A/B Testing: The Secret to Success on Your Hotel Website
Digital marketers should never underestimate the power of testing. It is invaluable for understanding diverse audiences and determining what changes can result in the best online performance. The Importance of A/B Testing When it comes to a hotel website, each and every adjustment made to the booking engine, ads, CTAs,
Cruise Podcasts: Discover 11 Excellent Cruise Industry Podcasts
Cruise podcasts are audio-based, Internet-distributed, shows which focus on the cruise business. They're produced by people from a wide variety of walks of life, from professionals to enthusiasts or vacationers and everyone in between them. The podcasts are important because they can act as both education and entertainment for travel