Are Flexible Revenue Management Conditions Due to COVID Here to Stay?
Question for Our Revenue Management Expert Panel: Are the recent booking condition changes (e.g. increased flexibility around cancellation policies, check-in and check-out) a temporary solution or a more permanent change for the hospitality industry? Our Revenue Management Expert Panel Christoph Hütter - Revenue Strategy Consultant, Christoph Hütter Revenue Management Patrick Wimble - Managing Director, Lightbulb Consulting Theresa Prins - Founder, Revenue Resolutions Kevin Paateyl - Corporate Director of
Biggest Hotel Learnings in Guest Communication due to Covid
Question for Our Hotel Marketing Expert Panel What has been your biggest learning in guest communication over the past 12 months? Our Marketing Expert Panel Colleen Buckley - Hospitality Marketing Executive Reshan Jayamanne - Digital Marketing & Sales Strategist, Bnb Optimized Nicolas Lajambe - Head of Ecommerce, Freehand Hotels & Generator Hostels Teri Freisen - Director Brand Management, Accor for Mövenpick Hotels & Resorts Jolien Alferink - Hotel
Intelligent Pricing Automation: Learning from Satellite Navigation
In the mid-90s, when satellite navigation (sat-nav) started to get popular, the navigation systems based their route recommendation on static data. The result: drivers often didn’t trust the sat nav because the recommended route was not the optimal one. Well, things have changed in the sat-nav landscape. In this article, sat-nav is used as a metaphor for revenue management: going from dated to advanced navigation systems by leveraging various data sources. The Satellite Navigation as
Adapting Hotel Digital Strategy for Mobile Traffic
Question for Our Hotel Marketing Expert Panel With mobile traffic stats continuing to rise, how have you adapted your hotel's digital strategy in response to that?  Our Marketing Expert Panel Colleen Buckley - Hospitality Marketing Executive Reshan Jayamanne - Digital Marketing & Sales Strategist, Bnb Optimized Nicolas Lajambe - Head of Ecommerce, Freehand Hotels & Generator Hostels Jolien Alferink - Hotel Marketing Consultant, Orange Hotel Marketing Amy Draheim
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 the conductor. The Strategic Framework Behind Profitable Hotel Revenue Management Hoteliers can take multiple paths to profitable revenue management within this framework. It includes: Data Technology Competitive Analysis Brand Reputation Channel Management Starting and Dynamic Rates These elements of revenue management may surprise some hoteliers since there’s a common misconception
9 Forecasting Tips to Improve Your Revenue Management Strategy
Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips to Improve Your Forecasting 1. Keep Accurate Records 2. Make Use of Historical Data 3.
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 ever, as consumers now expect to book a hotel room easily, from anywhere in the world, at the touch of a few buttons. So, what
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?
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
ChatGPT Hospitality Guide: How ChatGPT Can Help the Hospitality Industry
ChatGPT hospitality applications are set to skyrocket in the near future. The sophisticated AI chatbot has found its way into various applications thanks to its ability to process questions and provide answers in natural language, similar to human communication. In this article, you'll learn more about ChatGPT and its utility