Hotel Revenue Management

9 Forecasting Tips to Improve Your Revenue Management Strategy

Martijn Barten2024-06-04T21:55:23+02:00

Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips

9 Forecasting Tips to Improve Your Revenue Management StrategyMartijn Barten2024-06-04T21:55:23+02:00

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

Revfine.com2024-02-12T11:52:53+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?Revfine.com2024-02-12T11:52:53+01:00

The Importance of Benchmarking in Hotel Management

Revfine.com2024-02-12T11:57:51+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 ManagementRevfine.com2024-02-12T11:57:51+01:00

Key Features to Evaluate in a Booking Engine to Maximize Revenue

Revfine.com2024-02-12T11:58:08+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 RevenueRevfine.com2024-02-12T11:58:08+01:00

Potential Impact of ChatGPT and other LLMs on the Booking Process

Revfine.com2024-02-01T22:11:40+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 ProcessRevfine.com2024-02-01T22:11:40+01:00

How Does Hotel Overbooking Impact Your Revenue?

Revfine.com2024-01-28T17:37:27+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?Revfine.com2024-01-28T17:37:27+01:00

Supercharge Your Hotel’s Revenue Using Strategic Pricing

Revfine.com2024-01-28T17:37:48+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 PricingRevfine.com2024-01-28T17:37:48+01:00

Uncovering the Importance of Pickup and Pace in Revenue Management

Revfine.com2024-04-10T17:00:13+02:00

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 ManagementRevfine.com2024-04-10T17:00:13+02:00

Total Revenue Management: How Hotels Can Maximize Their Revenue

Martijn Barten2024-06-06T13:25:57+02:00

Total revenue management is broadly defined as managing each revenue source to the highest profitability. By incorporating multiple revenue points of sale like food and beverage, banqueting and conferencing facilities, spa, retail, leisure activities, and others with room revenue management, total revenue management assists hotels in achieving their goal of increasing revenue and profitability in a competitive market. Table of

Total Revenue Management: How Hotels Can Maximize Their RevenueMartijn Barten2024-06-06T13:25:57+02:00

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

Martijn Barten2024-06-07T13:13:34+02:00

Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality. In this article, you'll learn how this pricing strategy can work for you.

Open Pricing: Why Is It the Next Hotel Revenue Management StrategyMartijn Barten2024-06-07T13:13:34+02:00

Revenue Management Consulting; Benefits of Hiring a Consultant

Martijn Barten2024-06-07T12:06:24+02:00

It is becoming increasingly common for hotel owners and others in the hospitality industry to acquire revenue management consulting services to optimize prices, distribution, and occupancy rates and maximize financial results. These services will often be acquired from a revenue management consulting firm. In this article, you will learn about the benefits of enlisting a revenue management consultant for your

Revenue Management Consulting; Benefits of Hiring a ConsultantMartijn Barten2024-06-07T12:06:24+02:00

Revenue Management vs Yield Management

Martijn Barten2024-06-05T14:53:16+02:00

Within the hotel industry, revenue and yield management are two of the most useful tools available to managers, allowing them to maximize the money they make from guests. Although the two concepts are closely linked and share a lot of similarities, there are some important differences too. In this blog post, we explain the differences and compare the two strategies

Revenue Management vs Yield ManagementMartijn Barten2024-06-05T14:53:16+02:00

Revenue Management System (RMS): What Are the Advantages?

Martijn Barten2024-07-12T11:51:06+02:00

A revenue management system is a software solution that allows hospitality brands to carry out various revenue management activities. For instance, the software makes it easier to forecast changes in demand and optimize pricing. Revenue management systems provide hotels and similar businesses with a number of major advantages, including improved accuracy and efficiency. It's important for business leaders to understand

Revenue Management System (RMS): What Are the Advantages?Martijn Barten2024-07-12T11:51:06+02:00

What Is Hotel Revenue Management?

Martijn Barten2024-05-30T16:12:33+02:00

For those operating in the hotel industry, revenue management is a key concept, as it enables hotel owners to predict levels of demand and optimize things like distribution and pricing in order to maximize financial results. In this article, you will learn more about hotel revenue management, why it is so valuable to hotel owners, and the necessary conditions for

What Is Hotel Revenue Management?Martijn Barten2024-05-30T16:12:33+02:00

The Most Used Revenue Management KPIs for Hotels

Martijn Barten2024-06-05T14:41:53+02:00

A key performance indicator can provide revenue managers and hotel owners with valuable information about their business performance. This subsequently has the benefit of allowing them to implement a revenue management strategy so that they can maximize financial business results. In this post, we look at some of the most widely utilized revenue management KPIs and how they can help

The Most Used Revenue Management KPIs for HotelsMartijn Barten2024-06-05T14:41:53+02:00

12 Revenue Management Tips for Hotels

Martijn Barten2024-06-05T15:08:36+02:00

Revenue management within the hospitality industry involves predicting consumer demand to optimize sales, allowing businesses to sell at the right price to the right customer at the right time. In a hotel, this may mean turning away business now to do more profitable business tomorrow. When carried out correctly, revenue management can be extremely effective, helping companies significantly boost their

12 Revenue Management Tips for HotelsMartijn Barten2024-06-05T15:08:36+02:00

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

Revfine.com2025-02-23T11:54:02+01:00

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 HotelRevfine.com2025-02-23T11:54:02+01:00

4 Tips for a Smart Overbooking Approach

Revfine.com2023-12-29T16:31:28+01:00

While data certainly supports the practice under the right circumstances, overbooking is a subject that can easily put hotel staff on edge without careful implementation. No one is thrilled by the prospect of needing to relocate or “walk” a guest to another property because a statistically likely cancellation never materialized. 4 Useful Tips for a Smart Overbooking Approach Plenty can

4 Tips for a Smart Overbooking ApproachRevfine.com2023-12-29T16:31:28+01:00

Hotel Revenue Management

Optimizing revenue and growing your business

Revenue Management