20 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.
Top Tips to Keep Hotel Revenue Management Teams Trained and Updated
Question for Our Revenue Management Expert Panel: What are the most impactful ways to ensure a hotel's Revenue Management team stays up to date with industry trends and best practices? (Question proposed by Diego Fernández Pérez De Ponga) Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant Kathryn Baker - COO, TCRM (Total Customized Revenue Management) Niko Krauseneck - Founder, RevenueRebel Massimiliano Terzulli - Revenue Management Consultant,
The Insights & Misconceptions of Social Selling in Hospitality
Question for Our Hotel Marketing Expert Panel What is the impact of social selling in hospitality? What are the best practices for success? Are there any misconceptions about it and if so, why? (Question proposed by Cory Falter)Â Our Marketing Expert Panel Cory Falter - Partner, Lure Agency Moriya Rockman - Chief of Marketing, Smiling House Luxury Global Max Starkov - Adjunct Professor Hospitality Technology, New York University
The Basics of Revenue Management Explained!
Revenue management is concerned with optimizing financial results and is especially popular in industries like hospitality, which must contend with high fixed costs and a perishable inventory. For example, hotels have a certain number of rooms and fixed costs, which must be met regardless of how many rooms are sold. In such industries, revenue management predicts demand and optimizes inventory and price availability. When utilized correctly, this will ultimately result in higher revenue. Table of
Is Room Standardisation Helping or Harming Hotel Profitability?
Question for Our Revenue Management Expert Panel: Is standardising room categories boosting bookings but diluting hotel individuality, or limiting a property’s ability to stand out and stay profitable? (Question by Nikolas Hall) Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Pablo Torres - Hotel Consultant Mariska van Heemskerk - Owner, Revenue Management Works Niko Krauseneck - Founder, RevenueRebel Heiko Rieder - Senior Vice President Commercial & Distribution, Step Partners Europe Chaya Kowal - Director of Revenue
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Adopting the right hospitality marketing strategy can be crucial for your business's long-term success, helping you attract customers, optimize revenue, and build recognition and trust. Achieving this requires you to keep up with the latest hospitality marketing trends. In this article, you can learn more about hospitality trends for
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For hotel owners looking to grow their business, a robust revenue management strategy is of the utmost importance, helping to optimize business results. However, under the broader revenue management umbrella, many smaller strategies can help to facilitate growth. In this article, you'll find 23 revenue management strategies that hotel industry