Five Rate Mistakes in Revenue Management and How You Can Solve Them
Ask any hotel staffer not directly involved in revenue management about the daily tasks of a revenue manager, and they'll likely suggest it's all about 'setting' or 'raising rates.' While these activities are indeed crucial, they often eclipse the comprehensive analysis that underpins each pricing decision. Five Rate Mistakes in Revenue Management and How You Can Solve Them As a revenue manager, focusing entirely on pricing can inadvertently lead your hotel off course, resulting in
Pushing Profit Beyond the Guest Room in 2021
Hoteliers are under unforeseen pressure to make magic happen in the new year and get their profitability back on track. Three words: “Total Profit Optimisation.” You’ve likely heard them spoken before in hushed whispers. It’s the ever-elusive and seemingly unattainable holy grail of hotel revenue leadership. Maximising Your Business Revenues by Total Profit Optimisation Total profit optimisation considers costs associated with acquiring and servicing every hotel reservation and the profit of each revenue stream associated
What are the Pros and Cons of Outsourcing Hotel Revenue Management?
Question for Our Revenue Management Expert Panel: What are the advantages and disadvantages to outsourcing revenue management? Is there a difference depending on hotel / property type? Our Revenue Management Expert Panel Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Dermot Hrlihy - Owner, Dynamic Hospitality Consulting Ricardo Sereno - Revenue Manager, Altis Hotels Dr. Betsy Stringam-Bender - Professor of Hotels & Resorts,
Should Hospitality Marketing be Managed In-House or Outsourced?
Question for Our Hotel Marketing Expert Panel Should hospitality marketing be managed in-house or outsourced to an external agency? With many hospitality brands operating with smaller teams, what marketing activities could be outsourced easily? Our Marketing Expert Panel Dustin Caromano - Director of Marketing and eCommerce, Première Advisory Group Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Max Starkov - Adjunct Professor Hospitality Technology, New York University
Hotel RMS Evolution: From Ledgers to Spreadsheets to Cloud-Based Systems
While the evolution of all hotel operational technologies has been a fascinating study, the evolution of hotel revenue management systems (RMS) has been particularly interesting, as it has gone through so many distinct and completely different phrases in a relatively short time (approximately the last ten years). RMS Transformation - From Ledgers to AI Cloud Systems Through this evolution, revenue management systems have transformed how hotels manage their pricing, availability, and distribution – an operational
Overcoming New Tech Pains: RMS Change-Management Tips
Whether ditching a subpar revenue management system (RMS) provider for something better or implementing automated revenue tech for the first time—change is hard. But not changing could be disastrous for hotel businesses hoping to remain competitive and run efficiently and profitably in the new industry landscape of 2021 and beyond. Keep reading for tips on navigating the tech change for your hotel and overcoming the pain and obstacles of implementing a new RMS. Navigating Change
The Risks of Ignoring Revenue Management’s Budget Advice
Question for Our Revenue Management Expert Panel: What happens if hotel owners do not listen to revenue managers during budget preparations? What advice would you give to an RM team when asked to justify their budget? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Hirmer
The Most Important Online Distribution Channels for Hotels
The distribution channels that hotels use and invest in can have a significant bearing on their revenue management strategy, and their overall success. These days, many hotels receive more internet bookings than offline travel agents. Meanwhile, more recent advances in smartphone technology have made online distribution channels more important than
Potential Impact of ChatGPT and other LLMs on the Booking Process
Question for Our Revenue Management Expert Panel: How might the use of ChatGPT and other Large Language Models (LLM) affect the booking process? What impact might they have on revenue management? (Question by Massimiliano Terzulli) Our Revenue Management Expert Panel Massimiliano Terzulli -
IHG Hotel Brands: List of InterContinental Hotels Group Brands
IHG Hotel Brands (InterContinental Hotels Group) encompass various hospitality options within over one hundred different countries. Because of its significance, as you learn about IHG you learn about the larger hotel ecosystem as a whole. Understanding the IHG hotel brand is especially important because of its wide reach. The full
Identity Crisis in the European MICE Market
Hotels operating in the MICE market have traditionally been obsessed with processes and churning out proposals. But for hoteliers to Find and Grow the MICE segment, first you need to understand data and market trends to define your identity in this sector. Ultimately, knowing the market demand and your clients
Benefits of Hyper-Personalisation in Revenue Management
Question for Our Revenue Management Expert Panel: What are the benefits of hyper-personalisation in revenue management? What do hotels need to do in order to achieve hyper-personalisation, and are their efforts worth it? (Question by Nikolas Hall) Our Revenue Management Expert Panel
Hygiene is the New Marketing Message for Hotels
With COVID-19 at the very forefront of most people's consciousness, it is vital for hotels and resorts to include hygiene information within their marketing content. After all, potential guests are now much more likely to make travel decisions with hygiene measures and other coronavirus safety concerns in mind. Read on