Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty
Cast your minds back to midnight on new years eve. You probably weren’t thinking about your room pricing. But if you had been, would you have felt confident about how demand will play out this year? How much would you bet on being right? If you are in charge of setting prices for a hotel, then a lot of money can depend on not getting it wrong. Usually, given the data from previous years, you
Which Matters Most for Winning Guests – Price or Loyalty?
Regardless of who you are, competition in the hospitality industry is increasingly fierce, and winning new customers is a major challenge even for experienced hoteliers. So, what makes the most significant difference in getting guests to stay at your hotel versus the one down the street? Is it price? Is it the chance to benefit from a personalized loyalty program? The answer—perhaps somewhat unsurprisingly—is neither, or rather, both. It Isn't About Focusing Heavily on Either
Which Software Integration Should a PMS Have?
Property management software, or PMS software, is widely utilized within the hospitality industry, helping owners to manage many of their daily operations from a single location. However, it is also important for your PMS system to offer integration with other software solutions, which may be more specialized. In this article, you will learn more about the most important integration options your hotel software should have. What is PMS Software? A property management system, or PMS
The Hospitality Industry’s Digital Evolution – PMS and RMS: The Dynamic Duo Driving Hotel Success in a Digital World
The hospitality sector is evolving rapidly. The digital age has brought new challenges and opportunities for hoteliers, making it essential to adopt advanced systems to optimize operations and enhance guest experiences. Two critical components of a hotel’s technology ecosystem are the Property Management System (PMS) and the Revenue Management System (RMS). Together, they help hotels stay competitive and adapt to modern travelers' expectations, maximizing efficiency and profitability. The Evolution of Hotel Technology Over the past
The Development of Revenue Management in the Hospitality Industry
In recent years, the hospitality industry has navigated unique challenges. As we forge ahead into 2023 and 2024, the landscape of revenue management within this sector is undergoing transformative changes. These changes, crucial for adapting to new market conditions, enhancing efficiency, and aligning with customer preferences, notably accelerate technological integration. Revenue Management Trends in the Hospitality Industry This article delves into the emerging trends in revenue management for the next two years, emphasizing the growing
The Hard Truth About Revenue Management Right Now (+5 Do’s and Don’ts)
Let’s be blunt. COVID-19 is a global disaster, and this pandemic has brought the hotel industry to its knees—full stop. But the time has come to rise from the ashes and show the world what you are made of. You are innovative, agile, and your hotel fulfills the most amazing experiences for guests around the globe. In this article, you can find tips to be smart and strategic with your hotel’s revenue. Don’t Forget About
Revenue Management Consulting; Benefits of Hiring a Consultant
It is becoming increasingly common for hotel owners and others in the hospitality industry to acquire revenue management consulting services to optimize prices, distribution, and occupancy rates and maximize financial results. These services will often be acquired from a revenue management consulting firm. In this article, you will learn about the benefits of enlisting a revenue management consultant for your hotel. Table of Contents: What Is a Consultant? What Are the Benefits of Hiring a
How Hotel Automation Increases Early Check-in & Late Checkout Revenue
When you hear the word automation, it may conjure up images of a future where artificial intelligence and robots take over jobs. The reality, however, is much more nuanced. The notion of automation generally remains ossified in this physical, machine-replace-labour frame and is perceived as another step toward automation-led obsolescence.
How Has Artificial Intelligence Impacted Revenue Management Roles and Systems So Far?
Question for Our Revenue Management Expert Panel: Some roles are shrinking due to Artificial Intelligence. How have revenue management roles and systems been affected to date? (Question by Oleksii Kapichin) Our Revenue Management Expert Panel Niko Krauseneck - Founder, RevenueRebel Tamie Matthews -
Using Financial Data to Take Your Hotel’s Profit Game to the Next Level
In hospitality, revenue is only half the story: profitability is what truly matters. And to maximize profitability, finance analytics is the game-changer. Understanding the flow of revenue, cost structures, and operational efficiencies allows hoteliers to make smarter, data-driven decisions. With fixed costs dominating the industry, tracking the right financial metrics
How do Hotel Review Scores impact Pricing Strategies?
Question for Our Revenue Management Expert Panel: Great hotel reviews have a powerful influence on guests when deciding to book. How does a hotel’s review score impact its pricing strategy? (Question proposed by Massimiliano Terzulli) Our Revenue Management Expert Panel Theresa Prins -
Learn How Breakfast Service Can Be a Profit Center for Your Hotel
OTAs show "breakfast included" as a primary search filter for hotel guests. It's not surprising that guests want to maximize their time and energy by enjoying breakfast within the hotel. It's one less decision they need to make. In this article, you'll see how thinking of breakfast as a profit
How an RMS Sets You Up for Success in Low Season
For seasonal properties, the low season isn’t just downtime—it’s the perfect opportunity to prepare for future success. Implementing a Revenue Management Solution (RMS) during this period allows you to maximize revenue and hit the ground running when guests start booking again. Here’s how. What Is an RMS and Why Does