How Does Hotel Overbooking Impact Your Revenue?
Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons When managed correctly and with a few tactics, you can make your overbooking strategy more
Supercharge Your Hotel’s Revenue Using Strategic Pricing
In the hospitality industry, strategic revenue management allows hotels to achieve consistent profitability, no matter how the market changes. In revenue management, your goal is to fill rooms and maximize profitability on each booking in peak and off-peak seasons. Strategic Pricing to Increase Your Hotel's Revenue This article will teach you proven tactics to supercharge your revenue using strategic revenue management tactics. 1. The Case for Increasing Your Rates Unlike what most hoteliers think, setting
Smart Hotel Room; What Are the Benefits for Hotel Owners and Guests
Smart room technology is a key trend for hotel owners to be aware of, and the desire to create a smart hotel is growing for a number of reasons. In this article, you will learn more about a smart room, why smart hotel technology is so important, and how smart hotel rooms can benefit hotel owners and guests alike. Table of Contents: What is a Smart Hotel Room? Why is Smart Room Technology Becoming Important?
5 Ways For Hotels to Minimize Booking Engine Drop-Off
Your hotel's website might be buzzing with traffic due to all the hard work and resources you're putting into attracting visitors. But is your website as efficient as you wish it was? Imagine a potential guest, excited and ready to book, but something doesn't click, and they leave without completing the reservation. That's booking engine abandonment– a frustrating scenario where your rooms remain unsold, and your investment in traffic generation doesn't quite hit the mark.
Ancillary Revenue Guide: Optimize Revenue for Your Hotel
Ancillary revenue describes earnings that originate from the sale of products or services besides your primary offering. In the case of hotels, this means products and services beyond the sale of hotel rooms. For hotels, ancillary revenue is important because it provides additional income. When ancillary services are of a high standard, a hotel can extract more revenue from each individual hotel guest. In this article, you can learn all about ancillary revenue and learn how to optimize revenue. Table of Contents: What Is Revenue Management in Hotels What Is Ancillary Revenue? Why Is Ancillary Revenue Important? Benefits of Ancillary
Strategies and Top Tips for Calculating Group Rates
Question for Our Revenue Management Expert Panel: What are the best practices when calculating group rates? Should hotels have a different strategy per group category, e.g., tour operators, weddings, corporate, etc.? (Question by Oleksii Kapichin) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Hirmer Hospitality and Travel Charme
Boost Hotel Revenue with CRM and Digital Marketing Integration
Your hotel CRM isn’t only the hub for your guest-facing operations. It can also supercharge your hotel’s digital marketing by leveraging real-time guest data to shape your strategy. However, hotels cannot rely on their CRM’s guest profiles alone – they need to utilize that data to enhance and personalize their digital marketing campaigns. Maximizing Hotel Profitability with Integrated CRM and Digital Marketing With over 90%* of hotel searches conducted on Google, hotels need a powerful
What is Yield Management?
Yield management is a pricing strategy commonly utilized by businesses in hospitality, air travel, and other tourism-related fields to generate maximum revenue from perishable inventory (e.g., hotel rooms or airline seats). Here, we answer the question 'What is yield management?' and explain why it is useful for hospitality hotel owners
What does GOPPAR stand for?
A key performance indicator, or KPI, is a quantifiable business performance measurement. KPIs are essential for implementing a successful revenue management strategy, as it allows businesses to identify areas of success and failure, as well as trends related to demand and customer behavior. GOPPAR is one of the most important
Hotel Distribution Channel Manager: What Are the Advantages?
For those in the hospitality industry, a key part of any revenue management strategy revolves around distribution channel management. After all, while direct bookings are usually preferable, maximizing bookings and revenue requires assistance from third-party distribution agents. In this article, you will find extensive information regarding distribution channel management in