The Power of Lean Revenue Management; Sophisticated But Not Complex
The global pandemic has sped up a trend in revenue operations (RevOps) throughout the business world. Forrester recently published a study that found that many companies are moving towards more centralized RevOps. They’ve understood that revenue is more than an outcome and instead of a result of a business process where commercial teams come together to achieve their goals. Comprehensive RM Standards are Essential for Both Short & Long-Term Success The Forrester study clarifies that
Late Check-Out Hotel Strategies: A Comprehensive Guide for Hoteliers
Late check-out hotel strategies are based on allowing guests to extend their stay beyond the standard check-out time. Hotels will often charge guests extra for the option of checking out late. These strategies are important for the guest experience because they add an extra level of convenience. In addition, late check-out can be important for hotels because it provides an extra revenue stream and can boost positive feedback. In this article, you can read all
Late Check-In Hotel Guide: Key Strategies for Hoteliers
A late check-in hotel offers short-term accommodation, with the option for guests to arrive later than the standard check-in time. These hotels need to develop robust policies and strategies around the check-in process. Late check-ins are important because guests want flexibility. The option to check in at a time that suits them can make a positive first impression, while late check-ins can also serve as an extra revenue stream for hotels. In this article, you
5 Keys to Becoming a Great Hotel Marketing Leader
Being a leader is one thing; being a great leader is a whole new ball game. To stay at the forefront of innovation, creativity and ahead of your competitors, you need to learn the skills required to be a great leader when marketing your hotel. The Core Fundamentals of Why Your Hotel Exists If you take a close look at hotel marketing, there are a variety of tactics that you can implement to stay popular
Pricing Personalization & the Future of Hospitality
Pricing personalization allows hotels to move towards total profit optimization by combining the power of the guest profiles in your CRM with revenue management forecasting to deliver the right price to the right guest at the right time during the guest journey. Guests Have Increased Expectations for Personalization Personalization is an evolving topic within the hospitality industry, from technology and guest perspectives. Over the last few years, especially with the influx of online shopping, guests
Pricing Your Rooms in 2022 – Getting The Best Results in Times of Uncertainty
Cast your minds back to midnight on new years eve. You probably weren’t thinking about your room pricing. But if you had been, would you have felt confident about how demand will play out this year? How much would you bet on being right? If you are in charge of setting prices for a hotel, then a lot of money can depend on not getting it wrong. Usually, given the data from previous years, you
Which Matters Most for Winning Guests – Price or Loyalty?
Regardless of who you are, competition in the hospitality industry is increasingly fierce, and winning new customers is a major challenge even for experienced hoteliers. So, what makes the most significant difference in getting guests to stay at your hotel versus the one down the street? Is it the price? Is it the chance to benefit from a personalized loyalty program? The answer—perhaps somewhat unsurprisingly—is neither, or rather, both. It Isn't About Focusing Heavily on
Hotel Restaurant Management: Tips to Maximize Revenue for Your Hotel
Hotel restaurant management presents some unique challenges. As well as providing food, your hotel's restaurant is an intrinsic part of a guest's experience. An excellent restaurant can help make staying at your hotel memorable. If your hotel restaurant is open to the general public, it can also be an important
Why a Hotel Reservation System Is Important to Your Business
A hotel reservation system is one of the most essential technology investments for modern guest accommodation businesses. Using such a system, hotels and similar properties can maximize direct bookings, which are not subject to the same commission fees associated with bookings generated via third-party online travel agencies. In this article,
Hotel Reputation Management Software Guide
Online reviews are extremely important for those in the hotel industry, as they help shape your wider reputation. This is precisely why many hotel owners and marketing leaders are coming to appreciate the benefits of hotel reputation management software. In this article, you will learn more about how these solutions
Hotel Real-Time Data: The Secret to Smarter Pricing
Hotel demand can flip in an instant. A sudden storm, a sold-out concert, a strike, or a new flight route can reshape booking patterns faster than any static report can keep up. By the time you open yesterday’s numbers, the market has already shifted, and competitors have adjusted. Real-time data
Top 3 Hotel Rate Parity Issues and How to Fix Them
Are you a hotelier struggling to maintain rate parity in today's ever-changing hospitality industry? If so, you're not alone. Despite the challenges of the last few years, rate parity remains a significant issue for hotels, and it's only getting more complicated. Top 3 Hotel Rate Parity Issues As a result
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