RevPAR versus GOPPAR
Revenue per available room, or RevPAR, and gross operating profit per available room, or GOPPAR, are two of the most vital KPIs available to hotel managers. Both form an important part of any effective revenue management strategy. Both metrics concern themselves with occupancy rates, but they detail very different things, as one is centered around money being brought in, while the other is based on overall profit. How Do You Calculate RevPAR and GOPPAR? The
RevPAR versus RevPOR
Revenue per available room, or RevPAR, and revenue per occupied room, or RevPOR, are two KPIs used within the hotel industry, especially for revenue management purposes. Although the two metrics have similar names, what they measure is quite different, meaning neither KPI is necessarily more useful than the other. How Do You Calculate RevPAR and RevPOR? The formulas for working out the revenue management metrics RevPAR and RevPOR are as follows: RevPAR = Rooms Revenue
4 Reasons Why Resorts Outsource Revenue Management
For resorts, hotels, and other hospitality companies, revenue management is vital, allowing financial results to be optimized. However, many outsource revenue management to a third party rather than handling it internally, because it requires specialist knowledge and tools. In this article, you will learn more about revenue management strategies and some of the key reasons why they are often outsourced. Defining Revenue Management Revenue management is a strategy that maximizes financial results through data and
8 Ways to Improve Customer Experience in the Hospitality Industry
For hotels and other businesses operating in hospitality management, customer experience has developed into one of the single most important battlegrounds, and those who excel in this area are likely to gain a significant competitive advantage over rivals. With that in mind, this article will provide you with eight of the most effective ways to improve the experience you are providing for your customers. 8 Ways to Improve Your Customer Experience Find the eight ways
Hospitality Marketing Agency: Your Guide to Achieving Strategic Growth
A hospitality marketing agency works with businesses in hospitality, including hotels, restaurants and cafes, assisting with marketing. Agencies have expert staff, who can help you to optimize branding and deliver targeted campaigns. Working with hospitality marketing consultants enables you to identify areas of weakness in your existing strategy. It will also allow you to tailor marketing messages to achieve your goals and deliver strategic growth. In this article, you can discover the services offered by hospitality marketing agencies, the benefits of hiring them, how to select the right agency for your needs and how to assess your return on investment.
The Most Used Revenue Management KPIs for Hotels
A key performance indicator can provide revenue managers and hotel owners with valuable information about their business performance. This subsequently has the benefit of allowing them to implement a revenue management strategy so that they can maximize financial business results. In this post, we look at some of the most widely utilized revenue management KPIs and how they can help you. Table of Contents: What Are Revenue Management KPIs? Most Used Revenue Revenue Management KPIs
How Can a Hotel Marketing Company Boost Your Hotel’s Revenue?
In the highly competitive hotel industry, optimizing revenue means attracting plenty of attention and generating the right levels of interest from customers. Marketing plays a key role here, and while many hotels handle this internally, others opt to outsource their marketing efforts to a dedicated hotel marketing company. This article will teach you more about hotel marketing and how a marketing company can boost your revenue. Table of Contents: What Is Hotel Marketing? Why Is
How can Hotels Overcome Challenges around Rate Parity?
Question for Our Revenue Management Expert Panel: Rate parity continues to pose challenges for hotel revenue managers. What are the top recommendations to resolve rate parity issues? (Question proposed by Tamie Matthews) Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant, TSA
Hospitality Definition; Clear Explanation of the Concept of Hospitality
Creating a comprehensive hospitality definition is important because the sector is broad and diverse, including many different types of businesses and organizations. This article provides a clear and detailed explanation of what hospitality is, what the word itself means, and how it is applied in the modern world. Table of
Pricing Personalization & the Future of Hospitality
Pricing personalization allows hotels to move towards total profit optimization by combining the power of the guest profiles in your CRM with revenue management forecasting to deliver the right price to the right guest at the right time during the guest journey. Guests Have Increased Expectations for Personalization Personalization is