Considerations When Setting Stay Extension Pricing
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 revenue' amidst record-low occupancy rates. So, if new bookings are hard to come by, then
How to Solve Staffing Shortages in the Hospitality Industry with Technology
Staffing shortages within the hospitality industry can hurt the quality of a business and the experience that customers or guests receive. However, the consequences of staffing issues can be greatly reduced through intelligent investment in technology. In this article, you can learn more about how technology can be deployed to solve staffing shortages or reduce the impact of lower staff numbers. Table of Contents: COVID-19 and Staff Shortages in the Hospitality Industry Reducing & Solving
Staffing Considerations for a Revenue Team
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 identify the best personnel and staffing approach to get your revenue operation started on the
Spa Software: How to Choose the Best Software for Your Spa?
Spa software is used within spas, beauty salons and similar businesses to manage day-to-day operations. The software typically allows you to manage bookings and finances, create employee schedules, and oversee inventory information. The importance of spa software lies in its ability to help staff manage important information. This includes data related to customer bookings and information relevant to spa employees. In this article, you can learn more about spa management software and why it is
10 Tips in Building a Business Case for an RMS
When you're trying to get your team on board to purchase a revenue management system (RMS), there are a few key things you'll need to keep in mind. Of course, you already know the benefits of utilizing an RMS. Your company will earn more revenue, become more efficient, free up time, and make better-informed decisions. You're already on board. Now it's time to get the rest of your team on board, too. How do you
Tipping Hotel Housekeeping; What is the Standard?
Tipping hotel housekeeping staff involves leaving a small amount of money for the individual employees who clean your hotel room. It is a great way to show appreciation and can help staff who often have a low base wage. Understanding the standard for tipping housekeeping staff is important because it is an area of anxiety for guests. Many guests want to leave a tip, but fear leaving too little or too much. In this article,
Time To Value: A Key Metric to Help You Identify The Best Tech for Your Hotel
Technology is becoming more and more ingrained into the daily operations of today’s hoteliers, with hotel technology itself evolving in leaps and bounds. As hotel tech platforms and tools become more advanced and marketing-savvy, it becomes increasingly difficult for hoteliers to sift through the noise to find the best tools to meet their specific needs. In this article, you'll learn how the Time to Value metric can help hoteliers to decide which technology or software
Revenue Management Guide: Calculating Costs & Quality Analysis
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
Revenue Management in 2021 – Basing Every Decision On Data
In 2020, revenue managers were forced to make a massive shift. Instead of leaning on in-house on-the-books (OTB) data, historical and compset information, you now need to focus on much broader data sets. But collecting and evaluating more data takes your team more time. In this article, you'll learn how
Revenue Management Automation; Does it Answer All Your Questions?
Over the past year, many discussions about revenue management have come up. This raised the debate around the relevance and importance of historical data. And, of course, the corona crisis tested revenue professionals’ trust in automated tools like Revenue Management Systems (RMS). The latter brought many hotels great results despite
The Vital Role of Revenue Management and Brand Reputation
It’s an antiquated idea that revenue management works independently from sales and marketing. Each department impacts the other and influences the hotel’s overall profitability. Every business goal contributes to the bottom line. When the revenue-generating departments work together on shared goals, they can contribute to a fatter bottom line. In
Revenue Management After COVID-19 – “Innovating Through Uncertainty”
Never before has a single event affected the global economy to the extent that the ongoing COVID-19 pandemic has. Revenue managers, owners, and operators have been thrown into disarray within the hotel industry, and all are facing a less predictable future. In this article, you will learn more about revenue
The Basics of Revenue Management Explained!
Revenue management is concerned with optimizing financial results and is especially popular in industries like hospitality, which must contend with high fixed costs and a perishable inventory. For example, hotels have a certain number of rooms and fixed costs, which must be met regardless of how many rooms are sold.