12 Revenue Management Tips for Hotels
Revenue management within the hospitality industry involves predicting consumer demand to optimize sales, allowing businesses to sell at the right price to the right customer at the right time. In a hotel, this may mean turning away business now to do more profitable business tomorrow. When carried out correctly, revenue management can be extremely effective, helping companies significantly boost their profit margins. Here, we provide 12 revenue management tips for hotels. Table of Contents: 1. Create a Revenue Management Culture 2. Keep Consistent, Relevant Records 3. Monitor Rival Hotels and Resorts 4. Offer Incentives for Direct Booking 4. Be Aware
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
Tourism Jobs: The Best Tourism Industry Job Boards for Your Career
Tourism jobs can be varied, challenging, and rewarding, and provide excellent long-term prospects, so they are highly sought after. However, finding the best jobs can involve using job boards that specialize in this area. Read on to learn about the best websites to find a tourism job. Table of Contents:
Tourism Careers: Tips to Find a Job in the Tourism Industry
There is a wide range of different tourism careers to consider, with individual positions ranging from entry-level jobs, to senior management roles. However, it is also a competitive industry, so it is worth taking as many steps as you can to improve your prospects. In this article, you will find
Tourism Manager Job Description & Tips to Boost Your Career
Before entering into a job as a tourism manager, it is important to understand the role, the main responsibilities, and the types of employers who hire tourism managers. In this post, you will find all of this information and access important tips that can help you boost your career. Table