Upselling is a great way to boost both your guests’ experience and your revenue through paid upgrades and ancillary services. In this article you will learn how you can calculate additional revenue, made by upselling. Additionally you find a handy tool to help you to estimate the potential. Success Factors for Upselling A recently published benchmarking report shows that elements like
The importance of upselling within the hotel industry has increased over recent years. No wonder, because a good upselling strategy can significantly boost a hotels revenue. But is upselling beneficial for every type of hotel? Is it worth for your hotel? In this article you find a comparison of the upsell performance per type of hotel, based on recent benchmark
Revenue management is an important concept for those in the hotel industry, and a revenue management system (RMS system) can go a long way towards ensuring you are making informed decisions, based on evidence and data. In this article, you will find out more about RMS software, and the most important features to look out for. What is Revenue Management?
Revenue management is extremely important within the hotel industry, because it allows owners to optimise the way they do business, in order to improve financial results. However, it also requires specific skills and knowledge, which means that it can be more effective to outsource revenue management to a third party that specialises in this area. In this article, you will
Yield management is a pricing strategy, which is commonly utilised by businesses in hospitality, air travel and other tourism related fields, in order to generate maximum revenue from a perishable inventory (e.g. hotel rooms, or airline seats). Here, we answer the question 'what is yield management?' and provide an explanation for why it is so useful for hotel owners and
For those operating in the hotel industry, maximising revenue is a top priority, and achieving this goal often requires the right pricing strategy, at the right time. In fact, 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 10 pricing strategies that
For those in the hospitality industry trying to run a successful hotel, a robust revenue management strategy is of the utmost importance and a property management system (PMS) can assist greatly. In this article, you find the uses of a property management system and read five tips to help you select the right one. What is a Property Management System?
For those working in the hotel industry and looking to maximise business results, a revenue management strategy can be invaluable, and a high-quality Revenue Management System (RMS) can help to ensure success. In this article, you find more detailed information about the importance of revenue management within hospitality settings, as well as some of the main features and advantages associated
A key performance indicator can provide revenue managers and hotel owners with valuable information about the performance of their business. This subsequently has the benefit of allowing them to implement a revenue management strategy, so that they can maximise financial business results. In this post, we look at some of the most widely utilised revenue management KPI’s and how they
A key performance indicator, or KPI, is a quantifiable measurement of business performance. The use of KPIs is 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 behaviour. GOPPAR is one of the most important KPI used by hotels for the