What Is Hotel Revenue Management?
For those operating in the hotel industry, revenue management is a key concept, as it enables hotel owners to predict levels of demand and optimize things like distribution and pricing in order to maximize financial results. In this article, you will learn more about hotel revenue management, why it is so valuable to hotel owners, and the necessary conditions for implementing a hotel revenue management strategy. Table of Contents: What is Hotel Revenue Management? Necessary Conditions for Hotel Revenue Management The Importance of Hotel Revenue Management What is the Difference Between Revenue Management and Yield Management Open Pricing: The Next
What to Include in Your Hotel’s Brand Guidelines?
When potential guests interact with your hotel's brand for the first time, they develop an impression within seven seconds or less. Your brand identity is the personality that defines your hotel in your guest's eyes. This includes your visual design, unique selling point, brand values, value propositions, and how your brand interacts with customers. Crafting a solid brand identity builds trust with your customers. Like in human relationships, customer-to-brand relationships take time to make with
Tourism Trends: The Latest Opportunities for The Tourism Industry of 2024
New trends and innovations continually disrupt industries, and the tourism industry is no exception. Keeping pace with these emerging tourism trends can help businesses stay competitive and cater to customers' needs. Some of these trends have been a direct or indirect result of the COVID-19 pandemic. Read on to learn more about the key trends within tourism for 2024. Table of Contents: Keeping up with the Latest Tourism Trends: Why It Matters to Your
RMS System: An Overview of the Most Important Features
Revenue management is an important concept for those in the hotel industry. A revenue management system (RMS system) can go a long way towards ensuring you make informed decisions, based on evidence and data. In this article, you will learn more about RMS software, and the most important features to
Which Software Integration Should a PMS Have?
Property management software, or PMS software, is widely utilized within the hospitality industry, helping owners to manage many of their daily operations from a single location. However, it is also important for your PMS system to offer integration with other software solutions, which may be more specialized. In this article,
Can Front-Desk and Pre-Stay Upselling Coexist?
Hotels can apply upselling at four main moments in the guest journey: when the guest books, pre-stay, during check-in and during the guest’s stay. Offering extras via the hotel website’s booking engine is an approach many hoteliers are comfortable with, even though it slows the booking process and lowers conversion