Revenue Management Tips

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5 Ways Big Data Can Benefit the Travel Industry

Within the travel industry, big data is one of the most important concepts to get to grips with, because most other businesses are already utilising it and reaping the rewards. These rewards include the ability to make more informed decisions, learn about customers and competitors, improve the customer experience and increase revenue. In this article, you will learn more about big data, and how it can benefit companies in the tourism industry. Understanding Big Data First, it is important to establish what big data actually is. Essentially, it is a term used to refer to large data sets, that are too

5 Ways Big Data Can Benefit the Travel Industry2019-03-02T10:33:01+01:00

Outsourcing Revenue Management: 4 Ways it Benefits Hotels

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 find out more about revenue management and the benefits of outsourcing. What is Revenue Management? Revenue management is a practice based around using data and analytics to anticipate demand, optimise product availability and select the right pricing strategy, in order

Outsourcing Revenue Management: 4 Ways it Benefits Hotels2019-03-18T16:09:49+01:00

10 Pricing Strategies to Increase Your Hotel Revenue

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 hotels can adopt in their revenue management strategy in order to increase the amount of revenue they generate. 1. Pricing Strategy Based on Forecasting The single most important pricing strategy for hotels to master is the use of forecasting to

10 Pricing Strategies to Increase Your Hotel Revenue2019-03-15T16:36:57+01:00

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

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 with RMS software solutions. What is Revenue Management? Revenue management is a key concept within the hospitality industry, because hotels must contend with fixed costs, a perishable inventory and varying levels of demand. Typically, revenue management involves using analytics and

Revenue Management System (RMS): What Are the Advantages?2019-03-15T16:37:46+01:00

The Most Used Revenue Management KPI’s for Hotels

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 can help you. What are Revenue Management KPI’s? Within the hotel industry, revenue management is the practice of selling the right room, to the right guest, at the moment, for the right price, via the right distribution channel, with the

The Most Used Revenue Management KPI’s for Hotels2019-03-15T16:39:51+01:00

What does GOPPAR stand for?

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 purpose of revenue management. In this article we explain what GOPPAR stands for and why it is important. GOPPAR Explained GOPPAR is an acronym, which stands for gross operating profit per available room, and this is a commonly used key

What does GOPPAR stand for?2019-03-02T10:16:58+01:00
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