Tips for Maximizing Revenue Potential Before Opening a New Hotel
Opening a new hotel or resort property is thrilling and daunting. Wherever you are on your new hotel journey, it's never too soon to assess your revenue optimisation needs. Your new hotel's revenue management approach will play an impactful role at every stage of development, from staffing decisions to tech budgets to sales, marketing, and distribution tactics. Pre-Opening Considerations Given the rapid change in modern market conditions, hotels and resorts should develop a comprehensive commercial
How Often Should Hotels Update Their Pricing?
Question for Our Revenue Management Expert Panel: Are Revenue Managers updating prices too frequently or not often enough? Both pose risks, especially for last minute sales. When is the best time to update prices? (Question proposed by Nikhil Roy)Â Our Revenue Management Expert Panel Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Chaya Kowal - Director of Revenue Management, Potato Head Family Krunal Shah - Cluster
Why NFT Technology is the Next Marketing Trend in the Hospitality Industry
Non-fungible tokens, or NFTs, are emerging as one of the most significant marketing trends, and NFT hospitality offerings are also growing as businesses come to recognize their full potential. In this article, you can learn about NFTs, their advantages, their marketing potential, and their specific uses within hospitality. Table of Contents: What is a Non-Fungible Token (NFT)? NFT Hospitality Offerings and the Metaverse Why NFTs Are Great Marketing Tools for the Hospitality Industry What Are
Hotel Groups: Top 10 Luxurious Hotel Groups to Work For
Some hotel groups are geared towards the higher end of the market. They focus on offering premium luxury accommodations and services to the more discerning traveler. A certain amount of cache comes with working for a high-end hotel group, as well as better compensation and benefits. Here are some of the most luxurious hotel groups you can work for today. Table of Contents: What is the Hotel Industry? What is a Hotel Group? How to
Profitable Forecasting: How to Boost Hotel Profitability with Revenue Management
Well-run and profitable hotels are like a symphony where talented performers play their parts within the framework of the score. Their skilled cooperation creates the business foundation for the hotel to meet or exceed its business goals. Revenue management principles provide such a framework, with the revenue manager serving as the conductor. The Strategic Framework Behind Profitable Hotel Revenue Management Hoteliers can take multiple paths to profitable revenue management within this framework. It includes: Data Technology Competitive Analysis Brand Reputation Channel Management Starting and Dynamic Rates These elements of revenue management may surprise some hoteliers since there’s a common misconception
An Overview of Metrics Every Revenue Manager Should Track
Navigating the complexities of hotel revenue management isn't easy. From demand forecasting and rate negotiations to inventory management and competitor analysis, there are plenty of challenges to keep revenue managers on their toes. But technology is changing the game. Today's revenue managers have powerful tools at their disposal that can help them streamline operations and focus on strategic optimization. The one-dimensional metrics that were used for decades are being replaced by more sophisticated measures that,
New Sending Requirements for Email Marketing for Hotels, and What Happens if They Don’t?
Back in February, two of the biggest players in the inbox space — Gmail and Yahoo introduced stringent rules to safeguard users' inboxes from scammers and spammers. These rules signify a pivotal shift in the ever-evolving landscape of email marketing. To ensure your marketing emails reach their intended recipients, it's crucial to comprehend and adhere to these new requirements. New Sender Requirements for Gmail and Yahoo If you are unfamiliar, check out this blog post,
5 Strategies to Increase TrevPAR at Your Hotel
From ADR to RevPAR and GOPPAR, lodging operators must track many metrics to assess business performance and make strategic decisions. One of the most powerful but overlooked measures of success for hotels today is TRevPAR, or total revenue per available room. Here we discuss what TRevPAR is and how to
5 Common Challenges for Cluster Revenue Managers and How to Master Them
The idea of clustering revenue management positions has become more customary recently. When it’s done well, it lets you reduce costs, boost efficiency, and increase revenue. But clustering isn’t always easy. Time constraints and the ability to access reliable, real-time data can make it difficult. 5 Common Challenges for Cluster
AAA Travel Agency Overview, Services & Benefits for Hoteliers
The American Automobile Association travel agency, or the AAA travel agency for short, is a travel agency that offers exclusive discounts on travel products to members, along with a full range of travel agency services. Hoteliers can look to become an official hotel partner, gaining prestige and earning exposure to