Profitable Forecasting: How to Boost Hotel Profitability with Revenue Management
Well-run and profitable hotels are like a symphony where talented performers play their parts within the framework of the score. Their skilled cooperation creates the business foundation for the hotel to meet or exceed its business goals. Revenue management principles provide such a framework, with the revenue manager serving as the conductor. The Strategic Framework Behind Profitable Hotel Revenue Management Hoteliers can take multiple paths to profitable revenue management within this framework. It includes: Data
Hotel Profit Management Redefining Performance for the Future
For years, revenue management was the commercial heartbeat of hotels: optimizing room rates, forecasting demand, and filling beds efficiently. But the landscape has shifted. Relying solely on RevPAR is like saying you watched a movie after watching the trailer; you may know what it is about, but you miss the full plot. To thrive in a world of rising costs and demanding owner expectations, hotels must embrace total profit management. Profitability is the scoreboard that
Hotel Press Release: Tips to Write a Successful News Release
Well-written press releases are a key communication channel in the hotel industry. Whether you want to announce company news, events, or the appointment of a new CEO, a hotel press release provides a unique opportunity to communicate this to the world. But not every press release will have the same impact. In this article, you will learn more about press releases, when they should be distributed, how they can benefit you, and the steps you
Hotel Marketing Checklist and Tips for Pre-Opening Success
Question for Our Hotel Marketing Expert Panel To ensure a successful launch, what key actions should be on a hotel’s marketing checklist in the months leading up to a new opening? (Question proposed by Kamila Zawadzka.) Our Marketing Expert Panel Kamila Zawadzka - Marketing Lead, The Orange Studio Michael J. Goldrich - Founder & Chief Advisor, Vivander Moriya Rockman - Chief of Marketing, Smiling House Luxury Global Max
How to Use Food and Beverage F&B Data to Increase Hotel Revenue
Food and beverage (F&B) data is considered a gold mine in the hospitality industry. From the moment your guests make an online reservation, to the time they leave your restaurant, your POS system or an advanced reservation platform generates valuable guest data. In this article, you'll learn how to use F&B data to improve guest experience, ultimately increasing hotel revenue. But first, let's look at what exactly F&B data is and why it's vital for
How To Upsell Throughout the Traveler Journey (+5 Best Practices)
Upsells are a simple, straightforward way to drive more revenue, increase engagement, and build customer loyalty. Implementing the right upsell strategy can improve the guest experience and your bottom line. Lodging businesses that leverage the power of upsells can increase guest satisfaction by allowing guests to customize their stay, build customer loyalty through personalized experiences, and mitigate external risks with additional revenue sources. 5 Best Practices To Upsell Throughout the Traveler Journey Below you'll learn
How to Trigger Dopamine to Maximize Your Hotel’s Direct Revenue
If you're a hotelier struggling to improve your website conversion rates, you're not alone. Maximizing hotel revenue through direct bookings is crucial, and a little something known as “dopamine” could be the key. In this article, we'll explore the connection between dopamine and positive online experiences and how personalization can help you create a memorable guest experience that boosts conversion rates and revenue. What Is Dopamine? But before diving in, let’s understand what dopamine is.
10 Best Hotel Booking Apps to Maximize Revenue and Visibility
Hotel booking apps have become a necessity in today's digitally driven market. The apps pose some unique challenges for hoteliers. However, the advantages dwarf these initial speed bumps. Apps make it easier for potential guests to find you and lock in their reservations. Likewise, visibility within the digital ecosystem gives
Quantifying the Benefit of Using Revenue Management Software
When potential clients reach out to Revenue Management Software (RMS) companies, they often have the same question: “How much extra revenue will I make?”. To which the only honest answer is “We don’t know, exactly”. You may come across companies promising 30% or 50% more than you are receiving now.
The Benefits of Offering Multiple Payment Methods at Your Hotel
The world of hotel payments is everchanging. New payment methods are constantly being introduced into the market, from cash and bank transfers to credit cards and digital wallets. To satisfy guest expectations and encourage direct bookings, lodging operators must stay on top of emerging trends and offer the latest payment
The Importance of Benchmarking in Hotel Management
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
Basics of Revenue Management for Smaller Hotels
Revenue management stands for “Selling the right product to the right client at the right moment at the right price via the right distribution channel with the best cost efficiency”. But what does revenue management really mean for the extraordinary hotelier? What should you take care of in order to
B2B Hotel Marketing Tips and Strategies for Building Loyalty
Question for Our Hotel Marketing Expert Panel Growing a loyal customer base and retaining customers is essential for hotels, but how is it best achieved for the B2B market? How do B2B and B2C strategies differ? What are your top tips for success?