Five Rate Mistakes in Revenue Management and How You Can Solve Them
Ask any hotel staffer not directly involved in revenue management about the daily tasks of a revenue manager, and they'll likely suggest it's all about 'setting' or 'raising rates.' While these activities are indeed crucial, they often eclipse the comprehensive analysis that underpins each pricing decision. Five Rate Mistakes in Revenue Management and How You Can Solve Them As a revenue manager, focusing entirely on pricing can inadvertently lead your hotel off course, resulting in
Pushing Profit Beyond the Guest Room in 2021
Hoteliers are under unforeseen pressure to make magic happen in the new year and get their profitability back on track. Three words: “Total Profit Optimisation.” You’ve likely heard them spoken before in hushed whispers. It’s the ever-elusive and seemingly unattainable holy grail of hotel revenue leadership. Maximising Your Business Revenues by Total Profit Optimisation Total profit optimisation considers costs associated with acquiring and servicing every hotel reservation and the profit of each revenue stream associated
What are the Pros and Cons of Outsourcing Hotel Revenue Management?
Question for Our Revenue Management Expert Panel: What are the advantages and disadvantages to outsourcing revenue management? Is there a difference depending on hotel / property type? Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Dermot Hrlihy - Owner, Dynamic Hospitality Consulting Ricardo Sereno - Revenue Manager, Altis Hotels Dr. Betsy Stringam-Bender - Professor of Hotels & Resorts,
14 Pricing Strategies to Increase Your Hotel Revenue
Maximizing revenue is a top priority for hotel operators, and achieving this goal often requires the right pricing strategy at the right time. Making room rate adjustments based on demand, customer segmentation, and other factors can be the key to overall business success. In this article, we offer insight into 14 pricing strategies that hotels can adopt in their revenue management strategy to increase the amount of revenue they generate. Table of Contents: What Is
23 Revenue Management Strategies to Grow Your Hotel Business
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 employees can employ to achieve this ultimate objective. Table of Contents What Is Revenue Management? 23 Revenue Management Strategies 1. Analyze the Market 2. Pricing
Revenue Strategy for Resorts and All-Inclusives: Exploring the Challenges and Opportunities
Wouldn’t it be nice if effective revenue management for resorts and all-inclusive properties were as relaxing as the guest experiences they offer? While commercial success at these complex properties will likely never be akin to sipping mojitos poolside (one can dream, though), today’s advanced revenue management technology can simplify and streamline the elements needed to make it happen. Key Challenges for Resort Revenue Management Before getting into the weeds of how this is accomplished, it
An Analyze of How Hoteliers Handled Revenue Management During the Pandemic
Using past data to predict future revenue during a pandemic might seem counterintuitive to many hoteliers. After all, hotel revenue management is always a complex science. How can you predict anything during a pandemic? In this article, you’ll learn how fellow hoteliers dealt with the Corona pandemic. Three Different Paths During the Pandemic As a hotelier, you’ve faced an unusual past year, and you’ve had to make difficult choices. As revenue optimization experts, we’ve seen
How the Right Hotel Data Can Transform Your Property
Hospitality is awash with data. From pricing analysis to targeted marketing, from occupancy rates to guest engagement, every hotelier knows that metrics are important – but how do you sort the interesting from the invaluable? What to Do with the Hotel Data? The sheer amount of data can be daunting,
A Steady Hand: How Revenue Management Solutions Can Help Hoteliers Navigate Economic Uncertainty
It’s a foreboding statement that surely hoteliers are getting at least a little tired of seeing - particularly with the economic shock of COVID-19 firmly in our rear-view mirrors. While it’ll take time for the dust to settle, an aggressive and often-shifting trade policy from the world’s largest economy has
How Revenue Leaders Can Generate New Business
Hospitality revenue management teams have long been expected to manage demand. But for the hospitality industry's new climate in 2021 and beyond, revenue leaders will need to do more than manage demand—and now it’s up to hoteliers to find creative ways to align their marketing and revenue teams to generate
How Hotels Can Tackle Inflation and Boost Profitability
After a strong end to 2022 - with European hotel performance reaching 2019 levels - January 2023 saw energy costs peak in many countries. Coupled with a fall in demand, the increased expenses of hotel operations led to a fall in. Although there is evidence of recovery into Spring/Summer, hoteliers
How Hotels Can Combine Revenue Management and CRO?
One of the best and most common definitions of Revenue Management is “Selling the Right Room to the Right Client at the Right Moment at the Right Price in the Right Distribution Channel with the best commission efficiency”. Both Revenue Management and Conversion Rate Optimization (CRO) are data-driven, but they
Beyond Bookings: How Hotel Marketing Drives Revenue Beyond the Reservation
Today, marketing is no longer an optional extra for any business, and the hospitality industry is no exception. While some might view marketing as simply crafting social media posts and eye-catching visuals, the truth is that there are many other aspects to marketing, and all of them are crucial for