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Revenue Management

Is it Realistic to Focus on Profitability over Revenue?

2024-02-27T16:21:41+01:00

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 Pérez De Ponga - Director of Revenue Management, Palladium Hotel

Is it Realistic to Focus on Profitability over Revenue?2024-02-27T16:21:41+01:00

8 Tips to Improve OTA Conversion Rates

2024-02-26T17:26:47+01:00

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

8 Tips to Improve OTA Conversion Rates2024-02-26T17:26:47+01:00

Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel

2024-02-26T17:27:07+01:00

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 industry. The Importance of Short-Term Rental Bookings There's a growing

Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel2024-02-26T17:27:07+01:00

Guest Expectations in 2024: 8 Trends You Should Be Aware of

2024-02-26T17:27:28+01:00

As time passes and technology keeps evolving, we enter into a new era of guest expectations. It's no longer enough to simply meet their needs, and the challenge now lies in exceeding them. In this dynamic landscape, where every guest is an insightful traveler armed with high expectations, how can you ensure your property fulfills those expectations and stands out?

Guest Expectations in 2024: 8 Trends You Should Be Aware of2024-02-26T17:27:28+01:00

How Do You Take Your Hotel’s Data Game to the Next Level?

2024-02-12T11:52:53+01:00

So, you are interested in hospitality data? In the current world of hospitality, data has become the cornerstone of strategic and tactical decision-making. This article explores how data and data tools can help transform operations across the hotel, improve communication and efficiency, and drive revenue and profit growth. Uncover the first steps to integrating analytics into your hotel's day-to-day for

How Do You Take Your Hotel’s Data Game to the Next Level?2024-02-12T11:52:53+01:00

How an Italian Hotel Doubled Revenue by Cracking Tripadvisor’s Top 10

2024-02-12T11:57:06+01:00

Today's hoteliers want to increase their online bookings and revise corporate rates to a profitable market rate. Revenue management is a proven path to get there. This small hotel partnered with a revenue team and succeeded in doubling its revenue in two years and breaking into Tripadvisor's Top 10. Here's how. Revenue Management Boosts Online Reputation and Revises Static Corporate

How an Italian Hotel Doubled Revenue by Cracking Tripadvisor’s Top 102024-02-12T11:57:06+01:00

Boosting Occupancy: 7 Options for Hoteliers

2024-02-12T11:57:30+01:00

"Heads in beds." While occupancy is not the only thing influencing the revenue success of a hotel, it's hard to say you're maximizing revenue if your occupancy levels are low. 7 Ways to Effectively Boost the Occupancy Today, guests typically have a wealth of options for determining precisely in which beds their heads will be resting. Hotel room supply is

Boosting Occupancy: 7 Options for Hoteliers2024-02-12T11:57:30+01:00

The Importance of Benchmarking in Hotel Management

2024-02-12T11:57:51+01:00

In the dynamic world of hotel management, every day is different. It can feel difficult to find the time to take stock of your property's performance, which can be a problem in such a competitive industry where staying ahead of the game is crucial. When navigating the industry's complexities, benchmarking is the unsung hero for hoteliers. Let's dive into the

The Importance of Benchmarking in Hotel Management2024-02-12T11:57:51+01:00

Key Features to Evaluate in a Booking Engine to Maximize Revenue

2024-02-12T11:58:08+01:00

As the hospitality sector undergoes swift transformations, prioritizing convenience and tailored experiences for all travelers, the pivotal role played by Internet Booking Engines (IBEs) becomes undeniably vital. These digital tools have revolutionized hotels' operations, helping them achieve the dual goals of maximizing occupancy and revenue. 11 Most Important Booking Engine Features The hotel's success heavily relies on its online presence

Key Features to Evaluate in a Booking Engine to Maximize Revenue2024-02-12T11:58:08+01:00

Potential Impact of ChatGPT and other LLMs on the Booking Process

2024-02-01T22:11:40+01:00

Question for Our Revenue Management Expert Panel: How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management? (Question by Massimiliano Terzulli) Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Oleksii Kapichin -

Potential Impact of ChatGPT and other LLMs on the Booking Process2024-02-01T22:11:40+01:00

Revenue Management Trends: Latest Developments of 2024

2024-03-04T14:35:47+01:00

Revenue Management Trends Revenue Management trends refer to the evolving strategies and technologies used in optimizing income and profit in various industries, especially hospitality. These trends are critical as they involve adapting to market changes, utilizing data analytics for informed decision-making, and embracing digital transformation. They enable businesses to forecast demand, set dynamic pricing, and manage inventory efficiently. Staying current

Revenue Management Trends: Latest Developments of 20242024-03-04T14:35:47+01:00

How Does Hotel Overbooking Impact Your Revenue?

2024-01-28T17:37:27+01:00

Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons

How Does Hotel Overbooking Impact Your Revenue?2024-01-28T17:37:27+01:00

Supercharge Your Hotel’s Revenue Using Strategic Pricing

2024-01-28T17:37:48+01:00

In the hospitality industry, strategic revenue management allows hotels to achieve consistent profitability, no matter how the market changes. In revenue management, your goal is to fill rooms and maximize profitability on each booking in peak and off-peak seasons. Strategic Pricing to Increase Your Hotel's Revenue This article will teach you proven tactics to supercharge your revenue using strategic revenue

Supercharge Your Hotel’s Revenue Using Strategic Pricing2024-01-28T17:37:48+01:00

Embracing Revenue Management Technologies in 2024: A Guide for Progressive Hoteliers

2024-01-28T17:37:12+01:00

As we navigate through 2024, the hospitality sector is undergoing a transformative phase, heavily influenced by the integration of cutting-edge technologies and innovative strategies. These changes are pivotal in not only enhancing guest experiences but also in driving revenue maximization. One noteworthy trend is the increasing adoption of revenue management technologies in the hotel industry, a movement gaining momentum in

Embracing Revenue Management Technologies in 2024: A Guide for Progressive Hoteliers2024-01-28T17:37:12+01:00

Uncovering the Importance of Pickup and Pace in Revenue Management

2024-01-15T09:19:51+01:00

As a revenue manager, one of your essential daily inquiries is, "What was yesterday's pickup?" It's a question that sets the tone for your day and helps you make informed decisions about selling the right room, to the right guest, at the right time, at the right price. Setting the correct room price is undoubtedly the cornerstone of revenue management,

Uncovering the Importance of Pickup and Pace in Revenue Management2024-01-15T09:19:51+01:00

Total Revenue Management: How Hotels Can Maximize Their Revenue

2024-02-28T17:50:56+01:00

Total Revenue Management Total Revenue Management is a comprehensive approach to maximizing revenue across all business segments, not just room sales in a hospitality context. It involves strategically managing and optimizing all revenue streams, including food and beverage, meetings, and other services. This approach is crucial for enhancing overall profitability, better understanding customer value, and making informed business decisions that

Total Revenue Management: How Hotels Can Maximize Their Revenue2024-02-28T17:50:56+01:00

Open Pricing: Why Is It the Next Hotel Revenue Management Strategy

2024-03-07T16:57:06+01:00

Open Pricing In hotel revenue management, open pricing allows flexible pricing strategies based on demand, competition, and customer segments. It's important as it maximizes revenue by adjusting rates in real-time, ensuring competitive pricing and optimized occupancy rates. This approach adapts to market conditions, enhancing profitability. Key Takeaways Open Pricing: Enables dynamic rate adjustments based on real-time market demand, not just

Open Pricing: Why Is It the Next Hotel Revenue Management Strategy2024-03-07T16:57:06+01:00

Revenue Management Consulting; Benefits of Hiring a Consultant

2024-02-28T17:43:35+01:00

Revenue Management Consulting Revenue management consulting involves expert advice and strategies to optimize a business's revenue, particularly in industries like hospitality and travel. Consultants analyze data, market trends, and business processes to improve pricing strategies, demand forecasting, and overall revenue generation. This service is crucial for businesses seeking to enhance profitability, stay competitive in dynamic markets, and make informed, data-driven

Revenue Management Consulting; Benefits of Hiring a Consultant2024-02-28T17:43:35+01:00
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