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Why Revenue Management Systems Will Never Replace Human Revenue Managers

2022-05-16T21:41:51+02:00

When the desktop computer came along, it needed human input. It's no different with an RMS (revenue management system.) Even an AI-enabled RMS can't think independently (and that's a good thing!) You've probably heard plenty about AI (artificial intelligence) chatbots that learn from biased human language and "deep fakes," which are the 21st c. version of Photoshop. These are just

Why Revenue Management Systems Will Never Replace Human Revenue Managers2022-05-16T21:41:51+02:00

Learn How to Maximize Your Premium Hotel Room Revenue

2022-05-16T21:42:26+02:00

Do you put your Premium Rooms on a pedestal? A more nuanced approach will yield more revenue. Suites are a peculiar thing within the hotel industry. They are, after all, just hotel rooms for rent. But some hoteliers are very attached to what their premium represents–the hotel's very best. In a way, these special rooms are protected. Some hotels may

Learn How to Maximize Your Premium Hotel Room Revenue2022-05-16T21:42:26+02:00

Staffing Considerations for a Revenue Team

2022-05-16T21:44:37+02:00

There is a recognized need for proactive revenue strategy and technology investment for many hotels. However, once the new technologies are integrated, there remains an open question: who’s going to keep this operation running smoothly and profitably as opening day approaches and beyond? Factors to Help You Identify the Best Staff Below you find some factors that will help you

Staffing Considerations for a Revenue Team2022-05-16T21:44:37+02:00

Pricing Personalization & the Future of Hospitality

2022-05-02T14:03:49+02:00

Pricing personalization allows hotels to move towards total profit optimization by combining the power of the guest profiles in your CRM with revenue management forecasting to deliver the right price to the right guest at the right time during the guest journey. Guests Have Increased Expectations for Personalization Personalization is an evolving topic within the hospitality industry, from technology and

Pricing Personalization & the Future of Hospitality2022-05-02T14:03:49+02:00

How to Maximize Hotel Revenue by Applying Open Pricing to Upselling

2022-05-02T11:07:47+02:00

You probably already know that adjusting your room rates based on demand fluctuations can boost your revenue. But have you ever thought of applying this approach to upselling? And what about taking things yet another step further and using the principles of open pricing on upselling as well? Keep reading to discover how these techniques can take your revenue strategy

How to Maximize Hotel Revenue by Applying Open Pricing to Upselling2022-05-02T11:07:47+02:00

Don’t Settle for Hotel Upselling “Light”

2022-04-15T19:44:00+02:00

Today's revenue managers are not stupid. They all know that occupancy is terrible, and while they can try to prop up the rate, it will be hard to reach 2019 revenue levels from reservation acquisitions alone. Their plan is to derive more revenue from their acquired guests now. So, things like room upgrade platforms, once considered a bonus, are now

Don’t Settle for Hotel Upselling “Light”2022-04-15T19:44:00+02:00

Technology & Automation; The Solution to Staffing Shortages in Hotels

2022-05-14T18:12:38+02:00

Getting guests to return after travel restrictions were lifted wasn't a challenge for most hotels. But winning back the staff who left the industry has proven difficult. As a result, understaffing has become one of the pandemic's toughest consequences for hotels. This creates new problems for an industry still recovering from months of closures. But while there's no one solution,

Technology & Automation; The Solution to Staffing Shortages in Hotels2022-05-14T18:12:38+02:00

Learn How Breakfast Service Can Be a Profit Center for Your Hotel

2022-05-14T18:12:49+02:00

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 center – setting, food, service, environment – impacts your hotel's

Learn How Breakfast Service Can Be a Profit Center for Your Hotel2022-05-14T18:12:49+02:00

Tips for Maximizing Revenue Potential Before Opening a New Hotel

2022-04-29T12:42:05+02:00

Opening a new hotel or resort property is thrilling and daunting. Wherever you are on your new hotel journey, it's never too soon to assess your revenue optimisation needs. Your new hotel's revenue management approach will play an impactful role at every stage of development, from staffing decisions to tech budgets to sales, marketing, and distribution tactics. Pre-Opening Considerations Given

Tips for Maximizing Revenue Potential Before Opening a New Hotel2022-04-29T12:42:05+02:00

2022 Top Upselling Deals and Trends in Hospitality

2022-04-12T13:20:42+02:00

Without a doubt, the last couple of years have brought countless challenges for hoteliers. But despite that, many creative and forward-thinking teams were able to steer their properties through these challenging times. For many of them, upselling played a major role in their success. The 2022 Hospitality Market Report summarises their results. Read on to let the latest recovery and

2022 Top Upselling Deals and Trends in Hospitality2022-04-12T13:20:42+02:00

How Optimized Housekeeping Operations Save Costs & Drive Hotel Revenue

2022-05-14T18:16:40+02:00

Given the challenges the international hospitality industry faced in recent years, total hotel revenue optimization (THRO) is essential today. This probably brings up ideas like optimizing revenue generation in rooms, F&B, and the spa for you and most other hoteliers. But what about housekeeping? While this department was historically seen as a cost center, it has plenty of untapped revenue

How Optimized Housekeeping Operations Save Costs & Drive Hotel Revenue2022-05-14T18:16:40+02:00

Revenue Science Essentials: The 3 Pillars of Dynamic Pricing

2022-03-05T12:49:54+01:00

When applying revenue science to your hotel or resort’s dynamic pricing tactics, there are three areas ripe for optimization: demand, capacity, and price sensitivity. Taking the time to review the basics and reassess how each of these factors into your revenue strategy is critical to positioning your hospitality business for maximum revenue performance and growth. For the Right Price… One

Revenue Science Essentials: The 3 Pillars of Dynamic Pricing2022-03-05T12:49:54+01:00

How Does Your 2021 Hotel Performance Affect Your 2022 Forecast?

2022-02-18T18:51:27+01:00

As a hotelier, you know Occupancy and Revpar (revenue per available room) data are fundamental to your bottom line. Such data helps you interpret and compare the profitability of your property from year to year. As a revenue manager, you can make educated predictions. This article will review the benchmarks of the past two years and will use 2019 data

How Does Your 2021 Hotel Performance Affect Your 2022 Forecast?2022-02-18T18:51:27+01:00

Considerations When Setting Stay Extension Pricing

2022-02-18T18:52:52+01:00

Most revenue managers are well aware of the latest industry trend of monetizing the requests for early check-ins and late departures. Why is this activity now trending? Before the pandemic, generally, favorable market conditions made normalized stay extension offers operational challenges simply not worth the effort. However, owners and asset managers are now pressing the commercial teams to find 'recovery

Considerations When Setting Stay Extension Pricing2022-02-18T18:52:52+01:00

Hotel Dynamic Pricing Guide; An Essential Overview of All Price Tags

2022-02-18T18:53:28+01:00

Revenue management underpins six different main types of hotel room pricing. Called dynamic pricing or "price tags," this article illustrates these various pricing approaches. As you adopt revenue management for your hotel, you'll want to understand these concepts so you can interpret the phases of your property's pricing path accordingly to maximize revenues or minimize damages. Quick menu: Hotel Dynamic

Hotel Dynamic Pricing Guide; An Essential Overview of All Price Tags2022-02-18T18:53:28+01:00

The Limits of Rules-Based Revenue Management Technology

2022-02-18T18:56:33+01:00

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 staffing changeover occurs. Keep reading to understand the limitations of

The Limits of Rules-Based Revenue Management Technology2022-02-18T18:56:33+01:00

Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty

2022-02-18T18:56:49+01:00

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

Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty2022-02-18T18:56:49+01:00

Revenue Management Guide: Calculating Costs & Quality Analysis

2022-02-18T19:43:24+01:00

As a hotelier, you know many factors go into your room rates. Three of those factors are your costs, current demand, and your hotel’s online visibility. Revenue management is the science of assessing these and other factors and raising your profitability year after year. This article offers a guide to analyzing your costs and improving your analysis with the goal

Revenue Management Guide: Calculating Costs & Quality Analysis2022-02-18T19:43:24+01:00