Should Hotels Apply Strict or Flexible Cancellation Policies?
Question for Our Revenue Management Expert Panel: What are the benefits and risks of applying strict cancellation policies versus flexible? How does the competition influence a hotel's cancellation policy? (Question proposed by Niko Krauseneck)Â Our Revenue Management Expert Panel Niko Krauseneck - Founder, RevenueRebel Massimiliano Terzulli - Revenue Management Consultant, Franco Grasso Revenue Team Pallavi Gaonkar - Director of Revenue, Ayada Maldives Kathryn Baker - COO, TCRM (Total
Streamlining F&B Operations: Revenue Management Strategies for Success
In today's competitive landscape, optimizing revenue and maximizing profitability is crucial for success in the food and beverage (F&B) industry. F&B establishments need to implement effective revenue management strategies to achieve these goals. Streamlining F&B Operations Businesses can streamline their operations and enhance their financial performance by adopting a systematic approach to pricing, inventory management, and customer segmentation. In this article, you will discover the key revenue management techniques and strategies and their impact on
Strategies to Optimize Your Holiday Park’s Revenue Next Summer
Was your summer a revenue bonanza, or more of a busy bust? The summer busy season is undoubtedly a critical stretch for holiday park owners. For many, it's the time to bolster your budgets and make up for the slower months. While plenty of work must be done to ensure your next summer's guests have an excellent experience, it's also important to consider your approach to revenue management before this flurry of activity begins. Where
Small but Mighty: 3 Strategies to Increase Your Hotel’s Website Conversion
You've spent precious time and resources building the best hotel website, yet you're not seeing much of an improvement in converting those lookers into bookers? Your benchmarking insights show that your hotel's website conversion is underperforming compared to the market, but you're unsure how to act on it? In this article, you'll find 3 effective strategies to increase your hotel's website conversion and outperform the competition. 3 Quick-win Solutions That are Proven to Convert The
Hotel Revenue Management System Adoption: Tips for a Smooth Transition
A revenue management system (RMS) is a fantastic tool for attracting demand from high-value guests, driving efficient operations, improving revenue performance, and increasing profitability. Of course, the best tools in the world won't do your property much good if your staff isn't bought in on their proper usage and equipped with what's needed to get the most out of them. Tips for Successful RMS Implementation and Adoption Introducing a change to an established routine will
Tips for Reconsidering Your OTA & Direct Booking Strategy in 2021
When engaging with online travel agencies (OTAs) in this era of uncertainty, hoteliers must properly understand the value and costs associated with all distribution channels. Any relationship weighted in favour of an OTA to the detriment of a hotel’s bottom line needs to be reviewed, and steps should be taken to maximise your direct bookings. Capture More Direct Bookings For many hoteliers, OTAs are an accepted distribution strategy due to their marketing power and high
7 Tips For an Impeccable Online Reputation for Hotels
Global digitalization, the growth of OTAs, and the influence of social media have made businesses in the travel industry heavily reliant on their online reputation—and hotels are not an exception. This article will teach you seven methods that should become vital to your online reputation management strategy. Why You Should Care About Your Online Reputation Unlike most online consumers, travel planners don’t have the opportunity to test out your hotel before purchasing. And with the
Tips for Maximizing Revenue Potential Before Opening a New Hotel
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
Embracing Revenue Management Technologies in 2024: A Guide for Progressive Hoteliers
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
Don’t Open Your New Hotel Without a Revenue Management System
Hotel owners, developers, asset managers, and other stakeholders charged with successfully launching a new hotel property—in a marketplace that may already be quite competitive—know they’ll need more than attractive features and amenities that entice and cultivate a loyal customer base. As the industry adapts to a post-pandemic world, the team
Revenue Management System (RMS): What Are the Advantages?
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
23 Revenue Management Strategies to Grow Your Hotel Business
For hotel owners looking to grow their business, a robust revenue management strategy is of the utmost importance, helping to optimize business results. However, under the broader revenue management umbrella, many smaller strategies can help to facilitate growth. In this article, you'll find 23 revenue management strategies that hotel industry
An Analyze of How Hoteliers Handled Revenue Management During the Pandemic
Using past data to predict future revenue during a pandemic might seem counterintuitive to many hoteliers. After all, hotel revenue management is always a complex science. How can you predict anything during a pandemic? In this article, you’ll learn how fellow hoteliers dealt with the Corona pandemic. Three Different Paths