How do Hotel Review Scores impact Pricing Strategies?
Question for Our Revenue Management Expert Panel: Great hotel reviews have a powerful influence on guests when deciding to book. How does a hotel’s review score impact its pricing strategy? (Question proposed by Massimiliano Terzulli) Our Revenue Management Expert Panel Theresa Prins - Founder, Revenue Resolutions Sandra Gannon - Commercial Consultant, Revenue Puzzle Nikhil Roy - Revenue & Pricing Manager, Key Hospitality B.V. Krunal Shah - Cluster Director
The Limits of Rules-Based Revenue Management Technology
There are automated revenue management decision-making systems, and then there are revenue management support tools that rely on a rules-based approach to setting and changing prices. While perhaps an efficient method for some proficient users, rules-based technology requires consistent manual intervention and will undoubtedly struggle as market conditions shift and staffing changeover occurs. Keep reading to understand the limitations of a rules-based system and the undeniable benefits of full RMS automation. Greater Automation Equals Greater
Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty
Cast your minds back to midnight on new years eve. You probably weren’t thinking about your room pricing. But if you had been, would you have felt confident about how demand will play out this year? How much would you bet on being right? If you are in charge of setting prices for a hotel, then a lot of money can depend on not getting it wrong. Usually, given the data from previous years, you
What Digital Marketing Tools Will be Essential for Hotels in 2022?
Question for Our Hotel Marketing Expert Panel What digital marketing tools (e.g., software, platforms, etc.) will be essential for hotels in 2022? Our Marketing Expert Panel Adele Gutman - Culture and Guest Experience Expert, Hospitality Reputation Marketing Podcast Luminata Mardale - Director Of Marketing And Business Development, Vienna House Thomas Dieben - Founder, Becurious Tim Kolman - Commercial Strategy Expert, three&six Jolien Alferink - Hotel Marketing Consultant, Orange
Restaurant Revenue Management Strategies for Successful Managers
Getting your restaurant revenue management strategy right can be critical for your business's success. In this article, you'll learn everything you need to know about revenue management: what it is, what it can do for your business, and how to craft and implement the perfect strategy. You'll also discover key tactics and ways to apply them to your restaurant. Table of Contents: What Is the Restaurant Industry? What Is Revenue Management? Why Is Restaurant Revenue Management Important? Revenue Management System (RMS) 4 Popular Restaurant Revenue Management Strategies Demand Forecasting Dynamic Pricing Table Turnover Optimization Menu Engineering Choosing a Target Market
Travel Industry Podcasts; 15 Excellent Podcasts for Industry Professionals
Travel industry podcasts are growing in popularity all the time and now represent one of the easiest and most enjoyable ways to learn about the industry, access actionable insights, and become aware of emerging trends. In this article, you can explore some of the very best podcasts aimed at travel professionals. Table of Contents: What Is the Travel Industry? What Is a Travel Industry Podcast? 15 Excellent Travel Industry Podcasts For Industry Professionals 1. The
Evaluating the Cost Of Acquisition in Hotel Marketing Strategies
Question for Our Hotel Marketing Expert Panel How can the “cost of acquisition” be calculated? Should it be our main focus? Should it be added to direct marketing costs in comparison to OTA distribution costs? (Question from Matthias Dybing) Our Marketing Expert Panel Thom de Graaf - Online Marketing Specialist, Orange Hotel Marketing Adele Gutman - Culture and Guest Experience Expert, Hospitality Reputation Marketing Podcast Stephanie Smith
Revenue Management is About Much More Than Pricing
When hoteliers, hotel owners, or management seek the help of a revenue management consultant or outsourcing company, they often mention something like, "We've casually practiced revenue management in the past." As the consulting engagement kicks off, these hospitality professionals will say they understand the discipline even though they lack a
15 Strategies to Boost Hotel Food and Beverage Revenue
Managing hotel restaurants may be challenging. Ultimately, one might say maintaining a hotel as a whole is likely enough effort in and of itself, not even to mention trying to figure out how to ensure the hotel restaurant operates to its fullest potential. However, in the long run, it pays
Where is the Data? How Hotels are Changing Targets for Data Collection
Data is the blood life – or oxygen – for businesses, but only if one knows how to make sense of it. The sheer volume and scale of data available to hoteliers today are immense, and operators are finding new ways of turning the overwhelming deluge of information from a