Revenue Management in 2021 – Basing Every Decision On Data
In 2020, revenue managers were forced to make a massive shift. Instead of leaning on in-house on-the-books (OTB) data, historical and compset information, you now need to focus on much broader data sets. But collecting and evaluating more data takes your team more time. In this article, you'll learn how hotels can use data for a successful post-covid recovery strategy. Data Gives You a Deciding Edge If your hotel is among the 87% of properties
Revenue Management Automation; Does it Answer All Your Questions?
Over the past year, many discussions about revenue management have come up. This raised the debate around the relevance and importance of historical data. And, of course, the corona crisis tested revenue professionals’ trust in automated tools like Revenue Management Systems (RMS). The latter brought many hotels great results despite the pandemic. This article describes how revenue managers can make the most of automation in revenue management to drive business during recovery. How Automation in
The Vital Role of Revenue Management and Brand Reputation
It’s an antiquated idea that revenue management works independently from sales and marketing. Each department impacts the other and influences the hotel’s overall profitability. Every business goal contributes to the bottom line. When the revenue-generating departments work together on shared goals, they can contribute to a fatter bottom line. In today’s world, hotel bookings start with getting found online. Without being found, the hotel won’t get the bookings. Once found, ratings and reviews encourage prospective
Revenue Management After COVID-19 – “Innovating Through Uncertainty”
Never before has a single event affected the global economy to the extent that the ongoing COVID-19 pandemic has. Revenue managers, owners, and operators have been thrown into disarray within the hotel industry, and all are facing a less predictable future. In this article, you will learn more about revenue management strategies' role in the post-COVID economy and some of the key trends resulting from the pandemic. Revenue Management and Adapting to Changing Times Due to
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.
5 Revenue Management Tips for Beach, City, Mountain, or Countryside Hotels
As a hotelier, you know your hotel faces unique revenue management challenges. Your location, primary types of travelers, and the season of the year all play into profitable pricing strategies. This article addresses specific ways to improve your revenue and profitability, regardless of location or seasonality. Revenue Management Tips for Beach, City, Mountain, or Countryside Hotels Some of these tips are essential to savvy revenue management practices regardless of location or seasonality. For instance, the
Tips for Maximizing Revenue Potential Before Opening a New Hotel
Opening a new hotel or resort property is thrilling and daunting. Wherever you are on your new hotel journey, it's never too soon to assess your revenue optimisation needs. Your new hotel's revenue management approach will play an impactful role at every stage of development, from staffing decisions to tech budgets to sales, marketing, and distribution tactics. Pre-Opening Considerations Given the rapid change in modern market conditions, hotels and resorts should develop a comprehensive commercial
Interview with CEO Alexander Edström of Atomize
In this article, we'll be interviewing Alexander Edström of Atomize. In his position as CEO, Alexander has led the development of lean revenue management software for hoteliers on the cutting edge. It is based on the latest innovations in price automation - offering technology that relieves the pain
Boost Your Hotel Profits With An Interim Revenue Manager
Revenue management is more of a philosophy than a set-in-stone strategy. Regarding the hotel and hospitality industry, revenue management is all about selling the right room to the right guest at the best possible time, and always at the best price. Moreover, a good revenue manager will be able to
Intelligent Pricing Automation: Learning from Satellite Navigation
In the mid-90s, when satellite navigation (sat-nav) starting to get popular, the navigation systems based their route recommendation on static data. The result: drivers often didn’t trust the sat nav because the recommended route was not the optimal one. Well, things have changed in the sat-nav landscape. In this article,
5 Strategies to Increase TrevPAR at Your Hotel
From ADR to RevPAR and GOPPAR, lodging operators must track many metrics to assess business performance and make strategic decisions. One of the most powerful but overlooked measures of success for hotels today is TRevPAR, or total revenue per available room. Here we discuss what TRevPAR is and how to
5 Ways to Increase Revenue With a Hospitality CRM
If there is something that people working in marketing in hospitality is talking about is the power of a CRM system. But why has it become so important? Today, the challenges of hotel marketing are increasing consistently. People demand more personalization, better reach, multi-channel approaches, etc. And if you are not
How To Increase Hotel Revenue With Easy Pre-Authorizations
While hoteliers know credit card pre-authorization, many don't incorporate it into their reservation policies. Or, if they do, they leave it up to OTAs. Either way, ignoring the impact of well-managed pre-authorizations on your hotel's revenue is a mistake. Flexibility for Guests and Guarantees for Hoteliers Pre-authorizations are a temporary