The Development of Revenue Management in the Hospitality Industry
In recent years, the hospitality industry has navigated unique challenges. As we forge ahead into 2023 and 2024, the landscape of revenue management within this sector is undergoing transformative changes. These changes, crucial for adapting to new market conditions, enhancing efficiency, and aligning with customer preferences, notably accelerate technological integration. Revenue Management Trends in the Hospitality Industry This article delves into the emerging trends in revenue management for the next two years, emphasizing the growing
The Hard Truth About Revenue Management Right Now (+5 Do’s and Don’ts)
Let’s be blunt. COVID-19 is a global disaster, and this pandemic has brought the hotel industry to its knees—full stop. But the time has come to rise from the ashes and show the world what you are made of. You are innovative, agile, and your hotel fulfills the most amazing experiences for guests around the globe. In this article, you can find tips to be smart and strategic with your hotel’s revenue. Don’t Forget About
Revenue Management Consulting; Benefits of Hiring a Consultant
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 hotel. Table of Contents: What Is a Consultant? Why Hotels Need to Hire a Revenue
How can Revenue Managers Collaborate on Decisions?
Question for Our Revenue Management Expert Panel: Are Revenue Managers overloaded with strategy and result decisions? How can Revenue Managers collaborate and share responsibilities with other teams? (Question proposed by Daniel Feitosa)Â Our Revenue Management Expert Panel Daniel Feitosa - Revenue Management Specialist Sandra Gannon - Commercial Consultant, Revenue Puzzle Patrick Wimble - Managing Director, Lightbulb Consulting Pablo Torres - Director Of Sales Marketing, Alannia Resorts Nikolas Hall
Short-Term Rental Data: A New Technique to Forecast Demand at Your Hotel
The hospitality sector has long underestimated the influence of short-term rental accommodation on their operations, viewing it as a specialized lodging type that wouldn't impact conventional hotel reservations. However, the swift expansion of short-term rentals, spearheaded by organizations like Airbnb and VRBO, has made an undeniable mark on the hotel industry. The Importance of Short-Term Rental Bookings There's a growing intersection between the hotel and short-term rental sectors, with consumers weighing up both alternatives based
SEO vs CRO: What Gives Hotels a Higher ROI?
How much should you invest in Search Engine Optimization (SEO) or Search Engine Marketing (SEM) for your hotel to increase your sales by 5%? If you have a limited budget, what is the smartest way to use it? Can Conversion Rate Optimization (CRO) be a better solution? In this article you will learn the meaning of SEO and CRO, and what you should focus on. How To Best Spend Your Limited Resources Today, available resources
5 SEO Tips for Hotels to Improve your Ranking in Google
What do you do when you want to find a hotel for your city break? Like many people, you probably start your search using a search engine like Google or Bing. According to Google, millions of hotel searches are carried out every day. People want to find information about facilities, rates, reviews, availability, and things to do in the area. Search engines deliver results pages, but not many people click past the first page. So,
3 Key Strategies for Mastering Revenue Management with PMS Data
Data fuels the commercial operation of a property and empowers hotel Revenue Managers to make informed decisions, outpace rivals, and ultimately boost profits. When discussing data, there's no resource more crucial than your Property Management System (PMS). How to Master Revenue Management with PMS Data: The 3 Strategies Your PMS
3 Key Questions for Evaluating RMS Options Before Budget Season
Hotel budgeting season is right around the corner, and many hoteliers are getting ready to roll up their sleeves and start making tough financial decisions as they look to align investment priorities with next year’s budget projections. This is often a challenging and time-consuming process, but it’s also an opportunity
4 Key Metrics for Your Hotel’s Direct Channel Success
Data analytics is, of course, helpful to better understand your hotel’s direct channel performance, but what’s most useful is being able to compare your results to the market to identify potential growth drivers. The Benefits of Hotel Benchmarking Hotel benchmarking enables you not only to access competitive insights but to
Key Features to Evaluate in a Booking Engine to Maximize Revenue
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
Key Considerations for Choosing the Right RMS During Budget Season
As budget season approaches, selecting the right Revenue Management System (RMS) is one of the most critical decisions a hotelier can make. Whether you manage an independent hotel, an urban property, or oversee multiple hotels, a well-suited RMS can optimize pricing strategies, enhance profitability, and simplify your operational processes. The
Key Card Types: A Complete Guide to Modern Access Systems
Key card systems incorporate various technologies to provide a more secure form of access control to both the hospitality and business sectors. The card's digital authentication provides extra security and ease of use. A card will not just replace locks, but improve a location's security and privacy. In this article,