Hotel Revenue Management System Adoption: Tips for a Smooth Transition
A revenue management system (RMS) is a fantastic tool for attracting demand from high-value guests, driving efficient operations, improving revenue performance, and increasing profitability. Of course, the best tools in the world won't do your property much good if your staff isn't bought in on their proper usage and equipped with what's needed to get the most out of them. Tips for Successful RMS Implementation and Adoption Introducing a change to an established routine will
12 Tips for Hotels to Optimize Revenue in Low Demand Periods
For hotel owners, low season and other periods of low demand represent a major challenge, as fewer rooms being booked means less money coming in, and that can have serious cash flow repercussions. This is why it is so important to optimize revenue and ensure you are able to bring in as much money as possible from the guests you are able to attract. Here, you will find 12 tips to help you achieve this
Tips to Take Advantage of Changing Booking Behavior Before Your Competition
While the Omicron variant slowed market recovery in 2021, STR's data reveals a strong positive trend for the hospitality industry for 2022 and beyond. In this article, you'll learn how to stay ahead of the competition by understanding the three data pillars of a forward-looking revenue strategy. Global Occupancy Increased It shows that the net propensity to travel has increased to 32% in February 2022 for domestic and international trips. This is a big leap
How Can Revenue Management Ensure Collaboration Amongst Hotel Teams?
Question for Our Revenue Management Expert Panel: Successful Total Revenue Management strategies rely on great communication between all hotel departments. What tips can you offer to Revenue Management teams to help ensure a collaborative effort? Our Revenue Management Expert Panel Patrick Wimble - Managing Director, Lightbulb Consulting Theresa Prins - Founder, Revenue Resolutions Chaya Kowal - Director of Revenue Management, Potato Head Family Paulo Aragao - Revenue Management
8 Tips to Improve OTA Conversion Rates
In the highly competitive world of online hospitality, mastering the art of OTA listings is not just an advantage—it's a necessity. With most travelers making their accommodation decisions based on OTA rankings and reviews, understanding how to climb these ranks and convert interest into bookings is the key to success. Your OTA listing can distinguish between a filled room and one that remains empty. 8 Essential Tips to Help You Improve OTA Conversion Rates But
How can Hotels Overcome Challenges around Rate Parity?
Question for Our Revenue Management Expert Panel: Rate parity continues to pose challenges for hotel revenue managers. What are the top recommendations to resolve rate parity issues? (Question proposed by Tamie Matthews) Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant, TSA Solutions Nikolas Hall - Owner, H. Hall Consulting Krunal Shah - Cluster Director of Revenue, Dorsett Hospitality International Fabian Bartnick - Founder, Infinito Tanya Hadwick
Hotel Revenue Management System Adoption: Tips for a Smooth Transition
A revenue management system (RMS) is a fantastic tool for attracting demand from high-value guests, driving efficient operations, improving revenue performance, and increasing profitability. Of course, the best tools in the world won't do your property much good if your staff isn't bought in on their proper usage and equipped with what's needed to get the most out of them. Tips for Successful RMS Implementation and Adoption Introducing a change to an established routine will
Is it Realistic to Focus on Profitability over Revenue?
Question for Our Revenue Management Expert Panel: Is it realistic to focus on profitability over revenue? How should revenue management teams manage stakeholder expectations? Where might challenges arise? (Question by Diego Fernandez Perez De Ponga) Our Revenue Management Expert Panel Diego Fernández
Should Sales Teams Receive Revenue Management Training?
Question for Our Revenue Management Expert Panel: Should Directors of Sales be trained in Revenue Management? How would it affect their understanding of Revenue Management complexities, their results & strategy? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO,
Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel
The hospitality sector has long underestimated the influence of short-term rental accommodation on their operations, viewing it as a specialized lodging type that wouldn't impact conventional hotel reservations. However, the swift expansion of short-term rentals, spearheaded by organizations like Airbnb and VRBO, has made an undeniable mark on the hotel
SEO vs CRO: What Gives Hotels a Higher ROI?
How much should you invest in Search Engine Optimization (SEO) or Search Engine Marketing (SEM) for your hotel to increase your sales by 5%? If you have a limited budget, what is the smartest way to use it? Can Conversion Rate Optimization (CRO) be a better solution? In this article
The Limits of Rules-Based Revenue Management Technology
There are automated revenue management decision-making systems, and then there are revenue management support tools that rely on a rules-based approach to setting and changing prices. While perhaps an efficient method for some proficient users, rules-based technology requires consistent manual intervention and will undoubtedly struggle as market conditions shift and
Unlocking Insights and Revenue Potential with Room-Type Analytics
In a hotel, understanding the dynamics of room types and leveraging this understanding can significantly impact revenue, profit, and guest satisfaction. Room-type analytics is a vital component of any hospitality Business Intelligence platform and offers hotels a deeper insight into their inventory’s performance. Data-driven decisions based on Room-Type Analytics enhance